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DIW Discussion Papers 2108 / 2025
In conventional proxy VAR analysis, the shocks of interest are identified by external instruments. This is typically accomplished by considering the covariance of the instruments and the reduced-form residuals. Alternatively, the instruments may be internalized by augmenting the VAR process by the instruments or proxies. These alternative identification methods are compared and it is shown that the ...
2025| Martin Bruns, Helmut Lütkepohl
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DIW Discussion Papers 2079 / 2024
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 percent - two to three percentage-points lower for hourly wages in female-owned firms than in maleowned firms. Results are robust ...
2024| Alexander S. Kritikos, Mika Maliranta, Veera Nippala, Satu Nurmi
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DIW Discussion Papers 2064 / 2023
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 ...
2023| Saul Estrin, Susanna Khavul, Alexander S. Kritikos, Jonas Löher
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DIW Discussion Papers 2053 / 2023
High growth firms (HGFs) are important for job creation and considered to be precursors of economic growth. We investigate how product- and labor-market regulations, as well as the quality of regional governments that implement these regulations, affect HGF development across European regions. Using data from Eurostat, OECD, WEF, and Gothenburg University, we show that both regulatory stringency and ...
2023| Sara Amoroso, Benedikt Herrmann, Alexander S. Kritikos
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DIW Discussion Papers 2030 / 2023
Self-efficacy reflects the self-belief that one can persistently perform difficult and novel tasks while coping with adversity. As such beliefs reflect how individuals behave, think, and act, they are key for successful entrepreneurial activities. While existing literature mainly analyzes the influence of the task-related construct of entrepreneurial self-efficacy, we take a different perspective and ...
2023| Marco Caliendo, Alexander S. Kritikos, Daniel Rodriguez, Claudia Stier
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DIW Discussion Papers 2029 / 2022
Predicting entrepreneurial development based on individual and business-related characteristics is a key objective of entrepreneurship research. In this context, we investigate whether the motives of becoming an entrepreneur influence the subsequent entrepreneurial development. In our analysis, we examine a broad range of business outcomes including survival and income, as well as job creation, expansion ...
2022| Marco Caliendo, Alexander S. Kritikos, Claudia Stier
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DIW Discussion Papers 2018 / 2022
In response to strong revenue and income losses that a large share of the self-employed faced during the COVID-19 pandemic, the German federal government introduced a €50bn emergency aid program. Based on real-time online-survey data comprising more than 20,000 observations, we analyze the impact of this program on the subjective survival probability. In particular, we investigate how the digitalization ...
2022| Irene Bertschek, Joern Block, Alexander S. Kritikos, Caroline Stiel
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DIW Discussion Papers 2009 / 2022
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 ...
2022| Ioannis Giotopoulos, Alexander S. Kritikos, Aggelos Tsakanikas
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DIW Discussion Papers 2002 / 2022
We investigate the effect of the COVID-19 pandemic on self-employed people’s mental health. Using representative longitudinal survey data from Germany, we reveal differential effects by gender: whereas self-employed women experienced a substantial deterioration in their mental health, self-employed men displayed no significant changes up to early 2021. Financial losses are important in explaining these ...
2022| Marco Caliendo, Daniel Graeber, Alexander S. Kritikos, Johannes Seebauer
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DIW Discussion Papers 1961 / 2021
The existential threat to small businesses, based on their crucial role in the economy, is behind the plethora of scholarly studies in 2020, the first year of the COVID-19 pandemic. Examining the 14 contributions of the special issue on the “Economic Effects of the COVID-19 Pandemic on Entrepreneurship and Small Businesses,” the paper comprises four parts: a systematic review of the literature on the ...
2021| Maksim Belitski, Christina Guenther, Alexander S. Kritikos, Roy Thurik