Using self-made billionaire entrepreneurs in China as a proxy for large entrepreneurs,we examine the impact of institutional environment quality on the longevity of such entrepreneurs.While property rights institution...Using self-made billionaire entrepreneurs in China as a proxy for large entrepreneurs,we examine the impact of institutional environment quality on the longevity of such entrepreneurs.While property rights institutions and contracting institutions are important in explaining macroeconomic growth and small firm growth,we find no evidence that they matter to the longevity of billionaire entrepreneurs.However,we find access to finance to be important to the longevity of billionaire entrepreneurs.Our results help better understand the relative importance of various institutional environment forces to the continuous success of billionaire entrepreneurs.展开更多
基金financial support from the National Natural Science Foundation of China[No.71972124,72172078]the financial support from the National Natural Science Foundation of China[No.72172060,72132004]the Major Project of Philosophy and Social Science Research Funds for Jiangsu University[No.2020SJZDA068]
文摘Using self-made billionaire entrepreneurs in China as a proxy for large entrepreneurs,we examine the impact of institutional environment quality on the longevity of such entrepreneurs.While property rights institutions and contracting institutions are important in explaining macroeconomic growth and small firm growth,we find no evidence that they matter to the longevity of billionaire entrepreneurs.However,we find access to finance to be important to the longevity of billionaire entrepreneurs.Our results help better understand the relative importance of various institutional environment forces to the continuous success of billionaire entrepreneurs.
