Save for a rainy day? How regional household savings constrain entrepreneurship after a natural disaster
研究发现地震后高储蓄地区创业减少，低储蓄地区创业增加，且差异随时间扩大，揭示了储蓄作为损失厌恶驱动因素对创业的约束作用。
Abstract Why do some entrepreneurial ecosystems successfully adjust amid adversity while others languish? By integrating prospect theory into the entrepreneurial ecosystem literature and using a quasi-natural experimental design with a difference-in-difference-in-differences model, our theory and findings reveal that earthquakes reduce entrepreneurship in regions with high household savings, but increase entrepreneurship in regions with low savings, and these between-area differences increase over time. Reconceptualizing the meaning of savings from a resource into a key driver of loss aversion, we thus identify the surprising constraining influence of financial capital in times of adversity, yielding important implications for entrepreneurship research and policymakers.