How do bankruptcy laws affect entrepreneurship development around the world?

作者：Lee Seung Hyun; Yamakawa Yasuhiro^*; Peng Mike W; Barney Jay B

来源：Journal of Business Venturing, 2011, 26(5): 505-520.

DOI：10.1016/j.jbusvent.2010.05.001

• Bankruptcy laws
• Entrepreneurship
• Institutions
• Institution-based view

How do bankruptcy laws as formal institutions affect entrepreneurship development around the world? Do entrepreneur-friendly bankruptcy laws encourage more entrepreneurship development at a societal level? We posit that if bankrupt entrepreneurs are excessively punished for failure, they may give up potentially high-return but inherently high-risk opportunities to start new businesses. Amassing a cross-country database from 29 countries spanning 19 years (1990-2008), we find that lenient, entrepreneur-friendly bankruptcy laws are significantly correlated with the level of entrepreneurship development as measured by the rate of new firm entry.

• 出版日期2011-9