Entrepreneurship Among Knowledge Workers: Evidence from Equity Analyst Market
49 Pages Posted: 3 Oct 2001
Date Written: September 2001
What drives entrpreneurial activity among knowledge workers? Are stars more likely to become entrepreneurs? Analysis of entrepreneurial efforts from a panel data set of equity research analysts in investment banks over 1988-1996 (9,531 analyst-year combinations representing 2,602 individual analysts from 24 firms) reveals that (a) star knowledge workers are more likely than their non-star counterparts to become entrepreneurs, (b) the probability of entrepreneurial turnover for knowledge workers is greater in underperforming firms, and (c) the entrepreneurial activity of knowledge workers is procyclical with the performance of the economy.
Keywords: Knowledge Workers, Entrepreneurship, Turnover
JEL Classification: J44, M13, J63, J24
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