Serial entrepreneurs and the macroeconomy
利用葡萄牙行政数据，发现连续创业者创办的企业在就业创造、生产率增长和商业活力方面贡献突出，且更可能成为高增长企业，其优势源于创业者教育、能力、管理经验和低负债。
Abstract Entrepreneurship is crucial for job creation and economic growth. But not all entrepreneurs are alike. For instance, firms of serial entrepreneurs — owners of multiple businesses — have been documented to outperform other businesses. In this paper, we provide novel evidence showing that firms of serial entrepreneurs are also important for macroeconomic outcomes. Using unique administrative data from Portugal, we document that serial entrepreneur firms (i) disproportionately contribute to aggregate job creation and productivity growth, (ii) help shape aggregate business dynamism, and (iii) are more likely to be high-growth (“gazelles”). This superior performance is largely driven by entrepreneurs’ education, ability, past managerial experience, and lower indebtedness of their firms. We discuss the implications of our findings for macroeconomic models — which typically ignore serial entrepreneurs.