The Direct Effect of Corporate Law on Entrepreneurship
研究了1946至1983年间美国各州采用《标准商业公司法》对创业的影响，发现该法使新公司数量平均增加26%，其中一半来自其他企业类型的替代，另一半为净新增企业，且对女性和黑人等群体影响更大。
Abstract From 1946 to 1983, US states modernized their corporate law by adopting the Model Business Corporation Act (MBCA), a compendium of legal best practices. Better corporate law increased entrepreneurship. After the adoption of the MBCA, the number of new local corporations increased by 26% on average, half of which was substitution from other firm types, and the rest was net-new firms. States that only partially adopted saw no benefit, and the largest increases were concentrated in regions with ex ante lower quality law. At the individual level, people in states adopting the MBCA also report higher self-employment levels, but not higher wage employment or labor force participation. Consistent with the MBCA increasing efficiency and decreasing regulatory capture, the effect was larger for women, black, and those located outside the central city.