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Becker, Sascha O. and Hvide, Hans K. (2022) Entrepreneur death and startup performance. Review of Finance, 26 (1). pp. 163-185. doi:10.1093/rof/rfab015 ISSN 1572-3097.
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Official URL: https://doi.org/10.1093/rof/rfab015
Abstract
How large is entrepreneurs’ personal importance to startups? We use the death of nearly 1,500 entrepreneurs as a source of exogenous variation, and find large and sustained negative effects on growth and profitability. For small startups, the effects go mainly via firm survival, while for larger startups the effects are mainly on firm growth. For larger startups, the mean effect on sales is about 60 percent. The effects appear to be driven by entrepreneur specialness rather than leadership transition; the effects of death of entrepreneur-managers is economically and statistically stronger than the death of managers that are not entrepreneurs.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Credit -- Econometric models, Entrepreneurship, Corporations -- Finance | ||||||||
| Journal or Publication Title: | Review of Finance | ||||||||
| Publisher: | Oxford University Press | ||||||||
| ISSN: | 1572-3097 | ||||||||
| Official Date: | February 2022 | ||||||||
| Dates: |
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| Volume: | 26 | ||||||||
| Number: | 1 | ||||||||
| Page Range: | pp. 163-185 | ||||||||
| DOI: | 10.1093/rof/rfab015 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||
| Date of first compliant deposit: | 14 January 2021 | ||||||||
| Date of first compliant Open Access: | 24 May 2021 | ||||||||
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