Publikationen des Vorstandsbereichs

Decline in Job Satisfaction and How It Relates to Investment Decisions of the Self-Employed

Despite substantial research on job satisfaction in self-employment, we know little about the specific consequences for the venture when job satisfaction declines after an external shock. Taking the COVID-19 pandemic as an example of an external shock and drawing on a sample of nearly 7000 self-employed individuals living in Germany, we investigate how declines in job satisfaction are related to the ...

Complementary Funding: How Location Links Crowdfunding and Venture Capital

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between ECF campaigns and traditional investors, such as banks and venture capitalists (VCs). Using data from the ...

Avoiding Unintentionally Correlated Shocks in Proxy Vector Autoregressive Analysis

Noting that the shocks in vector autoregressive models can be correlated if a number of shocks is identified individually by multiple proxy variables, we propose a Generalized Method of Moments (GMM) approach for estimation that enforces uncorrelated shocks. We point out that if each proxy identifies exactly one shock and is uncorrelated with all other shocks, uncorrelatedness of the shocks provides ...

The Reputation Effect of Repeated Green-Bond Issuance and Its Impact on the Cost of Capital

This study explores the effect of frequent green-bond issuance on a firm's financing costs. Using a sample of listed Swedish real estate companies issuing a total of 1074 bonds over the period from 2011 to 2021, difference-in-differences analyses and instrumental variable estimations are applied to identify the causal impact of frequent green-bond vis-à-vis frequent non-green-bond issuance on a firm's ...

The Role of Regulation and Regional Government Quality for High Growth Firms: The Good, The Bad, and the Ugly

High-growth firms (HGFs) are important for job creation and productivity growth. We investigate the relationship between product and labour market regulations, as well as the quality of regional governments that implement these regulations, and the development of HGFs across European regions. Using data from Eurostat, the Organisation for Economic Co-operation and Development (OECD), World Economic ...

SOEP-LEE2: Linking Surveys on Employees to Employers in Germany

This article presents the new linked employee-employer study of the Socio-Economic Panel (SOEP-LEE2), which offers new research opportunities for various academic fields. In particular, the study contains two waves of an employer survey for persons in dependent work that is also linkable to the SOEP, a large representative German annual household panel (SOEP-LEE2-Core). Moreover, SOEP-LEE2 includes ...

German Financial State Aid during Covid-19 Pandemic: Higher Impact among Digitalized Self-Employed

Access to Digital Finance: Equity Crowdfunding across Countries and Platforms

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated ...

Does Gender of Firm Ownership Matter? Female Entrepreneurs and the Gender Pay Gap

We examine how the gender of business owners is related to the wages paid to female relative to male employees working in their firms. Using Finnish register data and employing firm fixed effects, we find that the gender pay gap is—starting from a gender pay gap of 11 to 12%—two to three percentage points lower for hourly wages in female-owned firms than in male-owned firms. Results are robust to how ...

A Lasting Crisis Affects R&D Decisions of Smaller Firms: The Greek Experience

We use the prolonged Greek crisis as a case study to understand how a lasting economic shock affects the innovation strategies of firms in economies with moderate innovation activities. Adopting the 3-stage CDM model, we explore the link between R&D, innovation, and productivity for different size groups of Greek manufacturing firms during the prolonged crisis. At the first stage, we find that the ...