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Personality characteristics and the decisions to become and stay self-employed

  • Based on a large, representative German household panel, we investigate to what extent the personality of individuals influences the entry decision into and the exit decision from self-employment. We reveal that some traits, such as openness to experience, extraversion, and risk tolerance affect entry, but different ones, such as agreeableness or different parameter values of risk tolerance, affect exit from self-employment. Only locus of control has a similar influence on the entry and exit decisions. The explanatory power of all observed traits among all observable variables amounts to 30 %, with risk tolerance, locus of control, and openness having the highest explanatory power.

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Author:Marco CaliendoGND, Frank Fossen, Alexander S. KritikosORCiDGND
ISSN:0921-898X (print)
ISSN:1573-0913 (online)
Parent Title (English):Small business economics : an international journal
Place of publication:Dordrecht
Document Type:Article
Year of first Publication:2014
Year of Completion:2014
Release Date:2017/03/27
Tag:Big five; Entrepreneurship; Locus of control; Personality; Risk tolerance
First Page:787
Last Page:814
Organizational units:Wirtschafts- und Sozialwissenschaftliche Fakultät / Wirtschaftswissenschaften
Peer Review:Referiert