Cyclical Fluctuations, Financial Shocks, and the Entry of Fast-Growing Entrepreneurial Startups
利用覆盖多年多国的百万级创业调查数据，识别低增长与高增长潜力的初创企业，发现负面金融冲击对高增长潜力初创企业的进入抑制更强，尤其在GDP增长低迷时，这一新渠道显著降低就业增长，有助于解释金融危机后的缓慢复苏。
Abstract We analyze a multiyear, multicountry entrepreneurship survey with more than one million observations to identify startups with low and high growth potential. We confirm the validity of these ex ante measures with ex post firm-level information on employment growth. We find that negative aggregate financial shocks reduce all startup types, but their effect is significantly stronger for startups with high growth potential, especially when GDP growth is low. Our results uncover a new composition of entry channel that significantly reduces employment growth and is potentially important for explaining slow recoveries after financial crises.