What Determines Entrepreneurial Outcomes in Emerging Markets? The Role of Initial Conditions
利用印度普查数据，研究发现金融发展程度越高，企业进入率越高且初始规模越小，但进入后大小企业的增长率差异不大，金融准入对初创规模和进入率的影响大于对早期成长的影响。
We study how institutions influence start-up characteristics of firms and how these characteristics predict entrants’ growth trajectories over the early firm life cycle. Using census data from India, we find that greater financial development is associated with higher entry rates and smaller-sized entrants. Following entry, however, large and small entrants grow at the same rates across states with different institutions or industries with differing reliance on external finance. The impact of access to finance is greater on start-up size and entry rates than on the subsequent growth of firms during the early life cycle.Received April 30, 2015; editorial decision August 5, 2016 by Editor Andrew Karolyi.