Papers Containing Keywords(s): 'venture'
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Viewing papers 61 through 70 of 73
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Working PaperThe Industry R&D Survey: Patent Database Link Project
November 2006
Working Paper Number:
CES-06-28
This paper details the construction of a firm-year panel dataset combining the NBER Patent Dataset with the Industry R&D Survey conducted by the Census Bureau and National Science Foundation. The developed platform offers an unprecedented view of the R&D-to-patenting innovation process and a close analysis of the strengths and limitations of the Industry R&D Survey. The files are linked through a name-matching algorithm customized for uniting the firm names to which patents are assigned with the firm names in Census Bureau's SSEL business registry. Through the Census Bureau's file structure, this R&D platform can be linked to the operating performances of each firm's establishments, further facilitating innovation-to-productivity studies.View Full Paper PDF
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Working PaperQuality Sorting and Networking: Evidence from the Advertising Agency Industry
October 2005
Working Paper Number:
CES-05-16
This paper provides a model of knowledge sharing and networking among single unit advertising agencies and investigates the implications of this model in the presence of heterogeneity in agencies' quality. In a stylized screening model, we show that, under a modest set of assumptions, the separation outcome is a Pareto-undominated Nash equilibrium. That is, high quality agencies locate themselves in a high wage and rent area to sift out low quality agencies and guarantee their network quality. We identify a necessary condition for the separating equilibrium to exist and to reject the pooling equilibrium even in the presence of agglomeration economies from networking. We derive the maximum profit of an agency and show the condition has a directly testable implication in the empirical specification of the agency's profit function. We use a sample of movers'existing agencies that relocate among urban areas'in order to extract a predetermined measure of their quality prior to relocation. We estimate the parameters of the profit function, using the Census confidential establishment-level data, and show that the necessary condition for separation is met and that there is strong separation and sorting on quality among agencies in their location decisions.View Full Paper PDF
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Working PaperFamilies, Human Capital, and Small Business: Evidence from the Characteristics of Business Owners Survey
June 2005
Working Paper Number:
CES-05-07
An important finding in the rapidly growing literature on self-employment is that the probability of self-employment is substantially higher among the children of business owners than among the children of non-business owners. Using data from the confidential and restricted-access Characteristics of Business Owners (CBO) Survey, we provide some suggestive evidence on the causes of intergenerational links in business ownership and the related issue of how having a family business background affects small business outcomes. Estimates from the CBO indicate that more than half of all business owners had a self-employed family member prior to starting their business. Conditional on having a self-employed family member, less than 50 percent of small business owners worked in that family member's business suggesting that it is unlikely that intergenerational links in self-employment are solely due to the acquisition of general and specific business capital and that instead similarities across family members in entrepreneurial preferences may explain part of the relationship. In contrast, estimates from regression models conditioning on business ownership indicate that having a self-employed family member plays only a minor role in determining small business outcomes, whereas the business human capital acquired from prior work experience in a family member's business appears to be very important for business success. Estimates from the CBO also indicate that only 1.6 percent of all small businesses are inherited suggesting that the role of business inheritances in determining intergenerational links in self-employment is limited at best.View Full Paper PDF
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Working PaperAnalysis of Young Small Firms That Have Closed: Delineating Successful from Unsuccessful Closures
October 2002
Working Paper Number:
CES-02-24
This study of small businesses created between 1989 and 1992, and then closed down between 1993 and 1996, reveals that owners often described their firms as 'successful' when the disclosure decision was made. . Theoretical explanations consistent with this pattern are explored in this study. One view describes successful closures as rational outcomes of learning processes undertaken by entrepreneurs opening firms amidst considerable uncertainty. Another approach sees the seeming paradox of successful closure in terms of alternative opportunities: if something better comes along, the entrepreneur may close down. Empirically, successful closure owners are found to be moving on to more attractive alternatives.View Full Paper PDF
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Working PaperBusiness Success: Factors Leading to Surviving and Closing Successfully
January 2001
Working Paper Number:
CES-01-01
This paper focuses on the startup factors that lead to new firms remaining open, and if they close, the factors leading to whether the owner considered the firm successful at closure. Two independent logit models were developed for closure and success characteristics using the Bureau of the Census' Characteristics of Business Owners (CBO). Business Information Tracking Series (BITS, formerly the LEEM), also from the Bureau of the Census, was used to evaluate business survival rates as the CBO had non-response bias with respect to closure. About half of new employer firms survive at least four years (an estimated one-third of non-employer firms survive this period), and of the firms that closed, owners of about a third felt the firm was successful at closure. Major factors leading to remaining open are having ample capital, having employees, having a good education, and starting for personal reasons (freedom for family life, or wanting to become one's own boss). If the firm closed, major factors leading to owners perceiving the business successful at closure are having no start-up capital or ample capital, having previous ownership experience, and avoiding the retail trade industry. Owners of firms with and without employees had similar rates of believing closed businesses were successful at closure. Owners who were young or started without capital had a higher likelihood of closure but when they closed, they were more likely to consider the firm successful. Gender, race and being older play a small, if any, role in survivability or in owners' perception that the closed firm was successful. Retail trade was the only variable that led to businesses being more likely to close, and more likely to be deemed unsuccessful by the owner at closure.View Full Paper PDF
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Working PaperThe Winner's Curse of Human Capital
February 1999
Working Paper Number:
CES-99-05
We extend a model developed by Evans) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self employment. Empirical analysis reveals that entrepreneurs with greater levels of human capital and entrepreneurial abilities have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. Start-ups are generally financially constrained when measured by the impact on start-up capital of predicted household income. Greater levels of human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Paradoxically, then, those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment, and vice versa.View Full Paper PDF
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Working PaperMICROENTERPRISE AS AN EXIT ROUTE FROM POVERTY:* RECOMMENDATIONS FOR PROGRAMS AND POLICY MAKERS
November 1998
Working Paper Number:
CES-98-17
The objective of this study is to shed light on whether and how microenterprise programs can be used as an economic development strategy to enable low-income people to achieve self-sufficiency through self-employment. Our findings provide little support for the notion that hard work and a small loan are sufficient ingredients for business success. Viable small firms are usually headed by well-educated owners and/or those possessing specific skills that serve as a basis for successful business creation and operation. Potential entrepreneurs lacking assets, skills, and support networks are unlikely to support themselves through self-employment earnings alone. As a poverty alleviation strategy, microenterprise is not a panacea. Nevertheless, programs targeting the poor who do have skills, resources, and support networks can be useful vehicles for helping some to escape poverty.View Full Paper PDF
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Working PaperExiting Self-Employment: An Analysis of Asian Immigrant-Owned Small Businesses
November 1998
Working Paper Number:
CES-98-13
Part of the uniqueness of the immigrant Asian business community in the U.S. lies in the fact that many among the highly educated pursue self-employment in small-scale, low-yielding retail and personal service fields. This study analyzes owner departure for a nationwide sample of small businesses owned by Asian Indian and Filipino immigrants and a comparison group of Asian nonimmigrant firm owners. Controlling for firm and owner traits, highly educated Asian immigrant owners are more likely than others to exit self-employment over the 1987-1991 period; exit from traditional fields (retail and personal services) is pronounced. These exit patterns do not typify the comparison group. Findings are consistent with the hypothesis that self-employment is often a form of underemployment among Asian immigrants.View Full Paper PDF
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Working PaperLongitudinal Establishment And Enterprise Microdata (LEEM) Documentation
May 1998
Working Paper Number:
CES-98-09
This paper introduces and documents the new Longitudinal Enterprise and Establishment Microdata (LEEM) database, which has been constructed by Census' Economic Planning and Coordination Division under contract to the Office of Advocacy of the U.S. Small Business Administration. The LEEM links three years (1990, 1994, and 1995) of basic data for each private sector establishment with payroll in any of those years, along with data on the firm to which the establishment belongs each year. The LEEM data will facilitate both broader and more detailed analysis of patterns of job creation and destruction in the U.S., as well as research on the structure and dynamics of U.S. businesses. This paper provides documentation of the construction of LEEM data, summary data on most variables in the database, comparisons of the annual data with that of the nearly identical County Business Patterns, and distributions of establishments and their employment by the size of their firms. This is followed by a simple analysis of changes over time in the attributes of surviving establishments, and a brief discussion of turnover (business births and deaths) in the population and gross changes in employment associated with both establishment turnover and with surviving establishments. It concludes with a summary of the strengths and weaknesses of the LEEM.View Full Paper PDF
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Working PaperFinancing Small Business Creation: The Case of Chinese and Korean Immigrant Entrepreneurs
September 1996
Working Paper Number:
CES-96-09
Prevailing scholarly literature misrepresents the realities of how immigrant Korean and Chinese entrepreneurs finance entry into small business. Supportive peer and community subgroups are not major sources of startup capital; the majority of all loan funds are raised by borrowing from financial institutions. The major single funding source is equity capital, which derives almost entirely from family household wealth holdings. Controlling for firm and owner traits, comparison groups of nonminority and Asian American nonimmigrant self-employed borrowers are shown to have greater access to loan sources than Korean and Chinese immigrants. High equity capital investment offsets this disadvantage. Absent rotating credit associations, and other minor debt sources, the average Korean/Chinese startup possesses substantially more financial capital than its nonminority counterparts.View Full Paper PDF
