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Bankruptcy Law and Entrepreneurship
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David M. Primo
Published/Copyright:
March 16, 2011
Abstract
We explore the link between bankruptcy laws and entrepreneurship in the U.S states. Using two measures of entrepreneurship capturing alternative conceptions of this phenomenon, we find that bankruptcy laws more favorable to debtors lead to increased levels of self-employment in some cases, though the effect is non-monotonic in the level of assets protected by the law. Counter to the conventional wisdom, however, more generous laws are linked to lower levels of “innovative” entrepreneurship. The paper concludes by suggesting why developing more refined measures of entrepreneurship is necessary to better understand the impact of public policies on this most vital of human activities.
Published Online: 2011-03-16
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Articles in the same Issue
- Introduction
- Expanding Our Perspectives on Entrepreneurship Research
- Editors' Corner
- The Industrial Structure of Production: A Research Agenda for Innovation in an Entrepreneurial Economy
- Heroes, Villains, and Fools: Institutional Entrepreneurship, NOT Institutional Entrepreneurs
- Seeing Opportunities in Entrepreneurship Research: Recent Data Improvements and Continuing Limitations
- Competitive Research Article
- The Entrepreneurial Ladder in Transition and Non-Transition Economies
- Bankruptcy Law and Entrepreneurship
- Unpacking the Effects of Corporate Venture Capital Investor Ties on the Reduction of Price Discounting among IPO Firms
