Do firm owners'' individual characteristics moderate the relationship between firm age and owners' earnings 25 February 2015

We investigate whether individual characteristics of the entrepreneur moderate the relation between firm age and performance as measured by the entrepreneur’s earnings. Using longitudinal data for 14,443 entrepreneurs in the EU-15 countries, we find that the positive relation between firm age and entrepreneurial earnings is stronger for entrepreneurs with higher human and financial capital levels and for entrepreneurs with an opportunity start-up motive. Hence, entrepreneurs with these characteristics are able to faster increase their earnings over the course of their firm’s life cycle. Our results demonstrate the importance of accounting for individual level characteristics of the entrepreneur when studying the relation between firm age and performance.
Auteur(s): A. Millán MSc, dr. A. J. van Stel, dr. C. Roman, dr. J.M. Millán

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