Entrepreneurial Human Capital and Firm Dynamics
利用葡萄牙企业和工人的行政面板数据，发现受教育程度更高的创业者创办的企业在进入时规模更大、生命周期增长更快，技术采用是主要机制，并估计了创业型人力资本对企业动态的影响，提高了对跨国收入差异的解释力。
Abstract This article shows that entrepreneurial human capital is a key driver of firm dynamics using administrative panel data on the universe of firms and workers in Portugal. Firms started by more educated entrepreneurs are larger at entry and exhibit higher life cycle growth. Consistent with an effect on growth, the thickness of the right tail of the size distribution increases with entrepreneur schooling. The evidence points to several underlying mechanisms, with technology adoption playing the most important part. I develop and estimate a model of firm dynamics that can parsimoniously account for these findings and use it to draw aggregate implications. Accounting for the effect of entrepreneurial human capital on firm dynamics can substantially increase aggregate returns to schooling and the fraction of cross-country income differences explained by human and physical capital.