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This paper challenges the conventional belief that entrepreneurship is an unstable career path. Using longitudinal matched employer-employee data from Denmark, a transition to entrepreneurship is shown to decrease individuals turnover tendencies. Three explanations are identified and empirically explored:(i) job matching, (ii) labor market value, and (iii) personal commitment. The findings showed that the entrepreneurs appeared to be more productive and thus better matched compared to wageworkers. However, the entrepreneurs also appeared to be locked in because of their reduced value in the labor market. Finally, entrepreneurs whose spouse was working in the start-up and startups with negative net capital were associated negatively with turnover, suggesting that personal commitments contribute to delaying the exit from entrepreneurship. Finally, the counter-intuitive finding -entrepreneurship yields greater employment stability -only hold with respect to subsequent transition to wagework and not to new venture founding, thus providing additional support for the proposed mechanisms. The results have implications for our understanding of entrepreneurial entry and labor market dynamics.
Compensation packages are widely used to motivate top executives. Dispersion in pay levels among a firm's executives can trigger two antithetic effects, social comparison and individual motivation, with unclear implications for firm performance. We focus on innovation activities, one important channel through which pay dispersion affects firm performance. We find that executive pay dispersion acts as a double-edged sword: on the one hand, dispersion in variable pay significantly increases innovation; on the other hand, dispersion in fixed pay depresses innovation. Results are robust to a number of tests, including considering cash pay only, and restricting the analysis to executives with direct responsibility for innovation projects.
The entrepreneurship literature suggests that individuals who invest in a balanced set of skills become entrepreneurs, while those who specialize in a particular skill are more likely to choose wage employment. How are the characteristics of the entrepreneurs? working career reflected in the performance of the new venture? This study uncovers the features of pre-entry experience associated with the performance of new ventures. Entrepreneurs moving across various firms, industries, and positions in the same firm accumulate pre-entry experiences that impact on their human capital in a different way than those who instead are stable at the same employer. Is an individual?s exposure to a variety of work experiences associated with success in a new venture? To address these questions a unique longitudinal sample of first time Danish self-employed individuals in 2003 is used. Built from the Integrated Database for Labor Market Research this dataset contains information about individuals, firms, and the individual-firm link, making it possible to construct precise measures about career patterns. Results from the discrete time duration model show that individuals who accumulate a varied job history in terms of industries will be penalized, as will those who work for a higher number of employers prior to becoming entrepreneurs. Conversely, firms founded by individuals who have held managerial positions survive longer. Successful jacks-of-all trades seem to be entrepreneurs who do not wander across industries or firms but who accumulate a variety of experiences by occupying specific roles in established organizations.
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