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Title: Start-ups, job creation, and founder characteristics
Abstract

Analyzing data on all US employers in a cohort of entering firms, we document a highly skewed size distribution, such that the largest 5% account for over half of cohort employment at firm birth and more than two-thirds at firm age 7. Analyzing linked survey-administrative data, we find that female, African–American, and younger founders are initially less likely to start large firms. The gender gap persists through firm age 7, while racial and age gaps do not. Education is positively associated with start-up size, except for graduate degrees. Prior entrepreneurship and founding team size are positively associated, but team diversity is not. Specifications with capital and industry controls illuminate roles of financial constraints and sectoral choice.

Authors:
 ;  ;  ;  
Award ID(s):
1719201 1262269
Publication Date:
NSF-PAR ID:
10116777
Journal Name:
Industrial and Corporate Change
Volume:
28
Issue:
6
Page Range or eLocation-ID:
p. 1637-1672
ISSN:
0960-6491
Publisher:
Oxford University Press
Sponsoring Org:
National Science Foundation
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