Black Entrepreneurs, Job Creation, and Financial Constraints
Black Entrepreneurs, Job Creation, and Financial Constraints
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黑人企业家、创造就业机会和财务约束
DOI：
10.2139/ssrn.3855967
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发表时间：
2021
期刊：
影响因子：
--
通讯作者：
John S. Earle
中科院分区：
文献类型：
--
作者：
Mee Jung Kim;Kyung Min Lee;J. D. Brown;John S. Earle
IZA DP No. 14403 2021年5月黑人企业家、创造就业机会和财务约束黑人拥有的企业往往比白人拥有的企业融资更少，雇佣的工人也更少。在一个简单的概念框架的激励下，我们记录了这些事实，并通过与人口普查局的通用雇主数据相关联的大型公司级调查显示它们之间存在因果关系。我们发现，种族融资差距在创业时最为明显，并随着公司成立时间的延长而缩小。在任何年龄段，黑人所有的公司都不太可能获得银行贷款，更有可能避免申请，因为他们预计会被拒绝，更有可能报告说缺乏资金会降低他们的盈利能力。然而，黑人企业家的可观察特征在大多数方面与白人相似，在某些方面，高等教育、以增长为导向的动机和对企业的参与似乎意味着对融资的需求更高，而不是更低。在就业方面，我们发现黑人拥有的公司比白人拥有的公司平均少12%的员工，但当控制公司的年龄和其他特征时，这种差异会下降。然而，当分析保持财务变量不变时，结果表明，同样资金充足的黑人拥有的公司将比白人拥有的公司大7%左右。在公司层面的面板回归框架中，通过回归不连续性设计，利用改变社区再投资法案处理任务的信贷供应冲击，我们发现，在处理社区，扩大信贷准入使黑人企业的就业率比白人企业高5-7个百分点。JEL分类：J15、G20、H81
IZA DP No. 14403 MAY 2021 Black Entrepreneurs, Job Creation, and Financial Constraints Black-owned businesses tend to operate with less finance and employ fewer workers than those owned by Whites. Motivated by a simple conceptual framework, we document these facts and show they are causally connected using large firm-level surveys linked to universal employer data from the Census Bureau. We find that the racial financing gap is most pronounced at start-up and tends to narrow with firm age. At any age, Black-owned firms are less likely to receive bank loans, more likely to refrain from applying because they expect denial, and more likely to report that lack of finance reduces their profitability. Yet the observable characteristics of Black entrepreneurs are similar in most respects to Whites, and in some ways higher education, growth-oriented motivations, and involvement in the business would seem to imply higher, not lower, demand for finance. Concerning employment, we find that Black-owned firms have on average about 12 percent fewer employees than those owned by Whites, but the difference drops when controlling for firm age and other characteristics. However, when the analysis holds financial variables constant, the results imply that equally well-financed Black-owned firms would be larger than White-owned by about seven percent. Exploiting the credit supply shock of changing assignment to Community Reinvestment Act treatment through a Regression Discontinuity Design in a firm-level panel regression framework, we find that expanded credit access raises employment 5-7 percentage points more at Black-owned businesses than Whiteowned firms in treated neighborhoods. JEL Classification: J15, G20, H81
影响因子：
8
作者：
Brown, J. David;Earle, John S.
通讯作者：
Earle, John S.
移民企业家与美国高科技行业的创新
DOI：
10.3386/w25565
发表时间：
2020
期刊：
2020
影响因子：
--
作者：
Brown, J. David;Earle, John S.;Kim, Mee Jung;Lee, Kyung Min
通讯作者：
Lee, Kyung Min