Desarrollo. La importancia del emprendedor.

Título. Do entrepreneurs matter?


In the large literature on fi…rm performance, economists have given little atten
tion to entrepreneurs. We use deaths of more than 500 entrepreneurs as a source of exogenous variation, and ask whether this variation can explain shifts in …firm performance. Using longitudinal data, we …find large and sustained effects of entrepreneurs at all levels of the performance distribution. Entrepreneurs strongly affect fi…rm growth patterns of both very young …firms and for …firms that have begun to mature. We do not fi…nd signi…cant differences between small and larger …firms, family and non-family …rms, nor between …firms located in urban and rural areas, but we do …find stronger effects for founders with high human capital. Overall, the results suggest that an often overlooked factor –individual entrepreneurs –plays a large role in affecting …rm performance.

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