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No experience necessary: the peer effects of intended entrepreneurs

Author

Listed:
  • Isaac Hacamo
  • Kristoph Kleiner

Abstract

Under a randomized setting, this article finds workers with entrepreneurial ambitions—intended entrepreneurs—are (1) far more common than workers with past entrepreneurial experience and (2) increase the rate of entrepreneurship among their peers. Peer effects are persistent, stronger for tighter networks, and extend to the decision to join a startup. As intended peers explain half of the variation in entrepreneurship rates in our sample, our results demonstrate that intended entrepreneurs, even those that never personally start a firm, represent a vital component of the entrepreneurial ecosystem.

Suggested Citation

  • Isaac Hacamo & Kristoph Kleiner, 2024. "No experience necessary: the peer effects of intended entrepreneurs," Review of Finance, European Finance Association, vol. 28(4), pages 1311-1344.
    • Handle: RePEc:oup:revfin:v:28:y:2024:i:4:p:1311-1344.
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    File URL: http://hdl.handle.net/10.1093/rof/rfae015
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    More about this item

    Keywords

    entrepreneurship; peer effects; intention; random assignment; business school;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior

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