Much Ado about Nothing? The Surprising Persistence of Nascent Entrepreneurs through Macroeconomic Crisis
研究发现宏观经济危机并未显著改变新生创业者的行为，但高科技创业者更可能退出，而进展较深的创业者反而更坚持，为理解危机对创业活动的影响提供了新视角。
We hypothesize that a major macroeconomic crisis triggers four alternative responses among nascent entrepreneurs: disengagement, delay, compensation, and adaptation. We also suggest that commitment and ambition (or “high potential”) moderate these responses. Our most important finding is the relative absence of behavioral crisis responses. However, crises may make high–tech founders become more likely to disengage, whereas the opposite holds for founders far into the process. Our study sheds light on the mechanisms behind aggregate effects of crises on the number and type of start–ups in an economy, and can guide future research on the effect of crises on nascent entrepreneurship.