Families and Entrepreneurship

家庭与创业

• 批准号: 2343439
• 负责人: Alessandra Voena
• 金额: $ 42.54万
• 依托单位: Stanford University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2024
• 资助国家: 美国
• 起止时间: 2024-03-15 至 2027-02-28
• 项目状态: 未结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=2343439&HistoricalAwards=false
• 关键词: Families; Entrepreneurship

New businesses are important engines of economic growth. They bring innovative ideas, products, and services to the marketplace. There is a large literature in economics that studies what factors or situations facilitate or prevent entrepreneurship. Since new businesses often require non-negligible starting capital, a key concern is that lack of resources or inability to borrow may prevent some potentially ground-breaking enterprises from emerging. In many countries or industries, venture capital is either missing or tends to overlook projects by women and minorities. From an equity perspective, these may be particularly acute issues for individuals rich in talent but poor in funds. This research investigates whether bequests or gifts from parents to their adult children mitigate formal credit constraints and facilitate business creation. It also studies whether family-financed firms last longer and are more profitable than those created through other means. Answers to these questions can be used to understand to what extent altruism across generations can act as a substitute for poorly functioning credit markets and the importance of the problem of “missing entrepreneurs.”This research is made possible by the availability of rich administrative data on intergenerational transfers, socio-demographic information about donors and recipients, and rich measures of business performance, including the date the new business started. The data offer the opportunity not only to test how important parental transfers are for explaining new business creation, but also to test whether family-funded companies are more or less efficient than those created through more traditional channels. In particular, the research investigates whether parental transfers reflect better (soft) information than that available to formal credit markets as opposed to being a pure consumption good; it also investigates whether such transfers, by imposing a more family-led structure on the newly created business, may end up having a negative impact on its performance. The findings from the empirical analysis are used as inputs into a theoretical model that makes explicit the linkages between altruism across generations, credit market imperfections, and occupational choices. The research uses the model as a laboratory for studying the effect of various economic policies, such as changes in estate taxation, expansion and/or restructuring of governmental loan guarantee programs, and government coverage of old-age risks. The latter are an example of the important trade-offs faced by altruistic parents – often torn between saving for leaving bequests to their children and saving for covering their own long-term health care costs.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

新企业是经济增长的重要引擎，它们为市场带来了创新的想法、产品和服务，有大量的经济学文献研究了哪些因素或情况促进或阻碍了创业精神，因为新企业通常需要不可忽视的启动资金。一个关键的担忧是，缺乏资源或无法借贷可能会阻碍一些潜在的突破性企业的出现，在许多国家或行业，风险资本要么缺失，要么往往忽视女性和少数族裔的项目。对于才华横溢的个人来说，这些可能是特别尖锐的问题这项研究调查了父母给成年子女的遗赠或礼物是否可以减轻正式的信贷限制并促进企业创建。它还研究了家庭资助的企业是否比通过其他方式创建的企业更持久、更有利可图。这些问题可以用来了解代际利他主义在多大程度上可以替代运作不良的信贷市场，以及“失踪企业家”问题的重要性。这项研究是通过提供丰富的代际转移管理数据而得以实现的。 , 社会人口统计信息关于捐赠者和接受者的信息，以及丰富的业务绩效衡量标准，包括新业务开始的日期，这些数据不仅可以测试父母的转移对于解释新业务的重要性，还可以测试家族资助的公司是否重要。特别是，该研究调查了父母转移是否比正规信贷市场更能反映作为纯粹消费品的（软）信息；对新成立的公司实行更加以家族为主导的结构实证分析的结果可能会被用作理论模型的输入，该模型明确了代际利他主义、信贷市场不完善和职业选择之间的联系。该模型作为研究各种经济政策影响的实验室，例如遗产税的变化、政府贷款担保计划的扩大和/或重组以及政府对老龄风险的覆盖，后者是重要的贸易风险的一个例子。无私的父母经常面临的弊端在为孩子留下遗产和为自己的长期医疗保健费用储蓄之间左右为难。该奖项反映了 NSF 的法定使命，并通过使用基金会的智力价值和更广泛的影响审查标准进行评估，被认为值得支持。