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The Determinants of New Firm Formation in UK Construction: Evidence from Quarterly VAT Registrations

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  • Martin Robson

Abstract

This paper examines the ways in which industry-specific and macro-economic factors combine to lead to variations over time in the rate of new firm formation in the UK construction industry. The paper corroborates findings from elsewhere which suggest that housing wealth may be an important source of collateral for individuals seeking to raise the finance necessary to start up in business. The analysis of industry-specific influences supports the hypothesis that formation activity in construction is responsive to variations in the relative returns to entrepreneurship

Suggested Citation

  • Martin Robson, 1994. "The Determinants of New Firm Formation in UK Construction: Evidence from Quarterly VAT Registrations," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 1(2), pages 233-246.
    • Handle: RePEc:taf:ijecbs:v:1:y:1994:i:2:p:233-246
    DOI: 10.1080/758516797
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    References listed on IDEAS

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    1. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-827, August.
    2. Highfield, Richard & Smiley, Robert, 1987. "New business starts and economic activity : An empirical investigation," International Journal of Industrial Organization, Elsevier, vol. 5(1), pages 51-66, March.
    3. Wadhwani, Sushil B, 1986. "Inflation, Bankruptcy, Default Premia and the Stock Market," Economic Journal, Royal Economic Society, vol. 96(381), pages 120-138, March.
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    More about this item

    Keywords

    New firms; Entrepreneurship; Collateral; Construction JEL classifications:L74; M13;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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