Home Sweet Home: Entrepreneurs' Location Choices and the Performance of Their Ventures
研究发现，创业者更倾向于在长期居住的“家乡”地区创办企业，且这些企业存活更久、利润和现金流更高，其效果与行业经验相当。
Entrepreneurs, even more than employees, tend to locate in regions in which they have deep roots (“home” regions). Here, we examine the performance implications of these choices. Whereas one might expect entrepreneurs to perform better in these regions because of their richer endowments of regionally embedded social capital, they might also perform worse if their location choices rather reflect a preference for spending time with family and friends. We examine this question using comprehensive data on Danish start-ups. Ventures perform better—survive longer and generate greater annual profits and cash flows—when located in regions in which their founders have lived longer. This effect appears substantial, similar in size to the value of prior experience in the industry (i.e., to being a spin-off). This paper was accepted by Gérard P. Cachon, organizations.