@article{KononFritschKritikos2018,
  author    = {Konon, Alexander and Fritsch, Michael and Kritikos, Alexander},
  title     = {Business cycles and start-ups across industries},
  series = {Journal of Business Venturing Insights},
  volume    = {33},
  journal   = {Journal of Business Venturing Insights},
  number    = {6},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0883-9026},
  doi       = {10.1016/j.jbusvent.2018.04.006},
  pages     = {742 -- 761},
  year      = {2018},
  abstract  = {We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the large-scale industries, including the innovative part of manufacturing, are only influenced by changes in the cyclical component of unemployment, while entries into small-scale industries, like knowledge intensive services, are mostly influenced by changes in the cyclical component of GDP. Thus, our analysis suggests that favorable conditions in terms of high GDP might not be germane for start-ups. Given that both innovative and non-innovative businesses react counter-cyclically in 'regular' recessions, business formation may have a stabilizing effect on the economy.},
  language  = {en}
}
@article{FritschKritikosPijnenburg2015,
  author    = {Fritsch, Michael and Kritikos, Alexander and Pijnenburg, Katharina},
  title     = {Business cycles, unemployment and entrepreneurial entry-evidence from Germany},
  series = {International entrepreneurship and management journal},
  volume    = {11},
  journal   = {International entrepreneurship and management journal},
  number    = {2},
  publisher = {Springer},
  address   = {New York},
  issn      = {1554-7191},
  doi       = {10.1007/s11365-014-0326-3},
  pages     = {267 -- 286},
  year      = {2015},
  abstract  = {We investigate whether people are more willing to become self-employed during boom periods or during recessions and to what extent business cycles and unemployment levels influence entries into entrepreneurship. Our analysis for Germany reveals that there is a positive relationship between unemployment rates and start-up activities. Moreover, new business formation is higher during recessions than in boom periods, implying that it is counter-cyclical. When disentangling periods of low and high unemployment we find that the effect of unemployment on new business formation is only statistically significant if the level of unemployment is below the trend, indicating a "low unemployment retain effect".},
  language  = {en}
}