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Entrepreneurial risk, investment and innovation
Caggese, Andrea
Universitat Pompeu Fabra. Departament d'Economia i Empresa
In this paper I develop a general equilibrium model with risk averse entrepreneurialfirms and with public firms. The model predicts that an increase in uncertainty reducesthe propensity of entrepreneurial firms to innovate, while it does not affect thepropensity of public firms to innovate. Furthermore, it predicts that the negativeeffect of uncertainty on innovation is stronger for the less diversified entrepreneurialfirms, and is stronger in the absence of financing frictions in the economy. In thesecond part of the paper I test these predictions on a dataset of small and mediumItalian manufacturing firms.
02-04-2007
Finance and Accounting
entrepreneurs
entrepreneurship
innovation
idiosyncratic risk
uncertainty
incomplete markets
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