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Article Dans Une Revue Review of Economics and Statistics Année : 2012

Financial Development, Entrepreneurship, and Job Satisfaction

Milo Bianchi
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Résumé

This paper shows that utility differences between the self-employed and employees increase with financial development. This effect is not explained by increased profits but by an increased value of non-monetary benefits, in particular job independence. We interpret these findings by building a simple occupational choice model in which financial constraints may impede the creation of firms and depress labor demand, thereby pushing some individuals into self-employment for lack of salaried jobs. In this setting, financial development favors a better matching between individual motivation and occupation, thereby increasing entrepreneurial utility despite increasing competition and so reducing profits.
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Dates et versions

halshs-00670031 , version 1 (14-02-2012)

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  • HAL Id : halshs-00670031 , version 1

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Milo Bianchi. Financial Development, Entrepreneurship, and Job Satisfaction. Review of Economics and Statistics, 2012, 94 (1), pp.273-286. ⟨halshs-00670031⟩
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