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.
| Author details: | Marco CaliendoORCiDGND, Frank Fossen, Alexander KritikosORCiDGND |
|---|---|
| DOI: | https://doi.org/10.1007/s11187-013-9514-8 |
| ISSN: | 0921-898X |
| ISSN: | 1573-0913 |
| Title of parent work (English): | Small business economics : an international journal |
| Publisher: | Springer |
| Place of publishing: | Dordrecht |
| Publication type: | Article |
| Language: | English |
| Year of first publication: | 2014 |
| Publication year: | 2014 |
| Release date: | 2017/03/27 |
| Tag: | Big five; Entrepreneurship; Locus of control; Personality; Risk tolerance |
| Volume: | 42 |
| Issue: | 4 |
| Number of pages: | 28 |
| First page: | 787 |
| Last Page: | 814 |
| Organizational units: | Wirtschafts- und Sozialwissenschaftliche Fakultät / Wirtschaftswissenschaften |
| Peer review: | Referiert |
