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Self-employment, financial development and well-being: Evidence from China, Russia and Ukraine

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  • Tho Pham

    (School of Management, Swansea University)

  • Oleksandr Talavera

    (School of Management, Swansea University)

  • Mao Zhang

Abstract

This paper investigates the impact of financial development on entrepreneurs' well-being. Using longitudinal data from China, Russia and Ukraine, we find that Chinese and Russian entrepreneurs experience a higher level of well-being while the Ukrainian self-employed are prone to dissatisfaction. We also observe that the extent to which financial development can improve entrepreneurs' utility differs across countries. First, the development of formal financial sector does not affect Chinese entrepreneurs’ happiness. Second, greater financial development increases life satisfaction of Ukrainian self-employed but decreases Russian entrepreneurs' job satisfaction. The results suggest that financial development could affect well-being through both monetary and nonmonetary channels.

Suggested Citation

  • Tho Pham & Oleksandr Talavera & Mao Zhang, 2018. "Self-employment, financial development and well-being: Evidence from China, Russia and Ukraine," Working Papers 2018-03, Swansea University, School of Management.
    • Handle: RePEc:swn:wpaper:2018-03
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    Keywords

    Entrepreneurship; self-employment; satisfaction; financial development.;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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