Entrepreneurship: The role of extreme events |
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| Authors: | Tilman Brück Fernanda Llussá José A. Tavares |
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| Affiliation: | 1. Department of Development and Security, DIW Berlin, Mohrenstr. 58, 10117 Berlin, Germany;2. Department of Agricultural Economics, Humboldt-University of Berlin, Unter den Linden 6, 10099 Berlin, Germany;3. Households in Conflict Network, Brighton, UK;4. IZA, Bonn, Germany;5. Institute of Social Studies, University of Lisbon, Lisbon, Portugal;6. Faculdade de Ciências e Tecnologia, Universidade Nova de Lisboa, Quinta da Torre, 2829–516 Caparica, Lisbon, Portugal;7. NOVA School of Business and Economics, Universidade Nova de Lisboa, Campus de Campolide, 1099–032 Lisbon, Portugal;8. Centre for Economic Policy Research (CEPR), 77 Bastwick St, London EC1V 3PZ, UK;1. University of Pisa, Italy;2. LEM – Scuola Superiore Sant’Anna, Pisa, Italy;3. Università di Pavia, Italy;4. CIRCLE, Lund University, Sweden;1. University of Freiburg, Wilhelmstraße 1b, 79098 Freiburg, Germany;2. WZB Berlin Social Science Center, Reichpietschufer 50, 10785 Berlin, Germany;3. CESifo, Munich, Germany;1. Sogang University, Mapo-gu Baekbum-ro 35, Seoul, South Korea;2. Sogang University and Institute for the Study of Labor (IZA), Mapo-gu Baekbum-ro 35, Seoul, South Korea;1. Baylor University, Hankamer School of Business, lOne Bear Place #98011, Waco, TX 76798, USA;2. Westminster International University in Tashkent, Department of Economics, Uzbekistan;3. Florida Atlantic University, Department of Economics, Boca Raton, FL 33431, USA;1. Institute of Business Studies, Kohat University of Science and Technology, Pakistan;2. Faculty of Management Sciences, Foundation University Islamabad, Pakistan;3. Birmingham City University, UK;4. Faculty of Management Sciences, Riphah International University, Islamabad, Pakistan |
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| Abstract: | We use aggregate country data as well as individual level survey to uncover, for the first time, the effect of extreme events such as natural disasters and terrorist attacks on entrepreneurial activity. We find that natural disasters and terrorist attacks influence individual perceptions of the rewards to entrepreneurship and, more surprisingly, extreme events affect entrepreneurship rates positively in a robust and significant way. |
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