{"id":"https://openalex.org/W167199293","doi":"https://doi.org/10.1086/682678","title":"Entrepreneurs, Risk Aversion, and Dynamic Firms","display_name":"Entrepreneurs, Risk Aversion, and Dynamic Firms","publication_year":2015,"publication_date":"2015-10-01","ids":{"openalex":"https://openalex.org/W167199293","doi":"https://doi.org/10.1086/682678","mag":"167199293"},"language":"en","primary_location":{"id":"doi:10.1086/682678","doi":"https://doi.org/10.1086/682678","is_oa":false,"landing_page_url":"https://doi.org/10.1086/682678","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5043900531","display_name":"Neus Herranz","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I2801919071","display_name":"University of Illinois System","ror":"https://ror.org/05e94g991","country_code":"US","type":"education","lineage":["https://openalex.org/I2801919071"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Neus Herranz","raw_affiliation_strings":["University of Illinois"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Illinois","institution_ids":["https://openalex.org/I157725225","https://openalex.org/I2801919071"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5088263367","display_name":"Stefan Krasa","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I2801919071","display_name":"University of Illinois System","ror":"https://ror.org/05e94g991","country_code":"US","type":"education","lineage":["https://openalex.org/I2801919071"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Stefan Krasa","raw_affiliation_strings":["University of Illinois"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Illinois","institution_ids":["https://openalex.org/I157725225","https://openalex.org/I2801919071"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5071542278","display_name":"Anne P. Villamil","orcid":"https://orcid.org/0000-0002-3867-5164","observed_orcids":["https://orcid.org/0000-0002-3867-5164"]},"institutions":[{"id":"https://openalex.org/I126307644","display_name":"University of Iowa","ror":"https://ror.org/036jqmy94","country_code":"US","type":"education","lineage":["https://openalex.org/I126307644"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Anne P. Villamil","raw_affiliation_strings":["University of Iowa"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Iowa","institution_ids":["https://openalex.org/I126307644"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":36.866,"has_fulltext":false,"cited_by_count":84,"citation_normalized_percentile":{"value":0.99549867,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"123","issue":"5","first_page":"1133","last_page":"1176"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.2020999938249588,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.2020999938249588,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.18950000405311584,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.17980000376701355,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/entrepreneurship","display_name":"entrepreneurship","score":0.6570000052452087},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.9829999804496765},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.949999988079071},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9890000224113464},{"id":"https://openalex.org/keywords/default","display_name":"default","score":0.7269999980926514},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.5479999780654907},{"id":"https://openalex.org/keywords/personal-funds","display_name":"personal funds","score":0.5289999842643738},{"id":"https://openalex.org/keywords/consumption-smoothing","display_name":"consumption smoothing","score":0.4740000069141388},{"id":"https://openalex.org/keywords/liquidation","display_name":"liquidation","score":0.5929999947547913},{"id":"https://openalex.org/keywords/wealth-distribution","display_name":"wealth distribution","score":0.5740000009536743}],"concepts":[{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6817815899848938},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.6640155911445618},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.5469586253166199},{"id":"https://openalex.org/C122251271","wikidata":"https://www.wikidata.org/wiki/Q940039","display_name":"Ex-ante","level":2,"score":0.546280562877655},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5435743927955627},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.49262386560440063},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.49125736951828003},{"id":"https://openalex.org/C2984055962","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Default risk","level":3,"score":0.47397464513778687},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.46675586700439453},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4417240619659424},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4360204339027405},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.36296725273132324},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.29326826333999634},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.22820454835891724},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.20341888070106506},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.18485000729560852},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.07962119579315186},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1086/682678","doi":"https://doi.org/10.1086/682678","is_oa":false,"landing_page_url":"https://doi.org/10.1086/682678","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},{"id":"pmh:oai:pure.atira.dk:openaire_cris_publications/b1dd6c1c-40e8-400d-aa4f-bb9e3edddbbf","doi":null,"is_oa":false,"landing_page_url":"https://research.manchester.ac.uk/en/publications/b1dd6c1c-40e8-400d-aa4f-bb9e3edddbbf","pdf_url":null,"source":{"id":"https://openalex.org/S4306400662","display_name":"Research Explorer (The University of Manchester)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I28407311","host_organization_name":"University of Manchester","host_organization_lineage":["https://openalex.org/I28407311"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Herranz, N, Krasa, S & Villamil, A P 2015, 'Entrepreneurs, Risk Aversion, and Dynamic Firms', Journal of Political Economy, vol. 123, no. 5, pp. 1133-1176. https://doi.org/10.1086/682678","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"sustainable_development_goals_aurora":[{"score":0.6800000071525574,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":31,"referenced_works":["https://openalex.org/W1485287330","https://openalex.org/W1564856853","https://openalex.org/W1895366050","https://openalex.org/W1976374830","https://openalex.org/W1977251274","https://openalex.org/W1981118721","https://openalex.org/W2013376159","https://openalex.org/W2031190735","https://openalex.org/W2032416885","https://openalex.org/W2047511771","https://openalex.org/W2062527942","https://openalex.org/W2064416053","https://openalex.org/W2077867009","https://openalex.org/W2081035952","https://openalex.org/W2116524139","https://openalex.org/W2140281938","https://openalex.org/W2141657529","https://openalex.org/W2146790671","https://openalex.org/W2147560556","https://openalex.org/W2150751179","https://openalex.org/W2160043972","https://openalex.org/W2161707585","https://openalex.org/W2291744394","https://openalex.org/W2303788423","https://openalex.org/W3123065390","https://openalex.org/W3123270116","https://openalex.org/W3123591829","https://openalex.org/W3124163990","https://openalex.org/W3125221623","https://openalex.org/W3125344093","https://openalex.org/W3126063297"],"related_works":["https://openalex.org/W2222710731","https://openalex.org/W3124505714","https://openalex.org/W3156205900","https://openalex.org/W3180219154","https://openalex.org/W2567050189","https://openalex.org/W2107297074","https://openalex.org/W2276257388","https://openalex.org/W2103735807","https://openalex.org/W41783694","https://openalex.org/W3190280407"],"abstract_inverted_index":{"How":[0],"do":[1],"entrepreneurs":[2,18,65],"vary":[3],"firm":[4,32,54],"size,":[5],"capital":[6],"structure,":[7],"and":[8,25,56,91],"default":[9,26,45],"to":[10,59],"manage":[11],"risk?":[12],"We":[13,62],"show":[14,63],"that":[15,64,75],"more":[16,21],"risk-averse":[17],"run":[19],"smaller,":[20],"highly":[22],"leveraged":[23],"firms":[24],"less,":[27],"because":[28],"running":[29],"a":[30,86],"smaller":[31],"with":[33],"higher":[34],"debt":[35],"reduces":[36],"personal":[37],"funds":[38],"at":[39],"risk":[40],"in":[41,69],"the":[42,70,79,95],"firm.":[43],"Optimal":[44],"depends":[46],"on":[47],"ex":[48],"ante":[49],"debt,":[50],"consumption":[51,68,93],"forgone":[52],"from":[53],"liquidation,":[55],"owner":[57],"capacity":[58],"inject":[60],"funds.":[61],"sacrifice":[66],"current":[67],"hope":[71],"of":[72],"future":[73],"success":[74],"never":[76],"materializes":[77],"for":[78,94],"bottom":[80],"25":[81],"percent,":[82],"but":[83],"entrepreneurship":[84],"is":[85],"path":[87],"toward":[88],"great":[89],"wealth":[90],"high":[92],"top":[96],"quartile.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":9},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":7},{"year":2019,"cited_by_count":8},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":8},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":2},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2025-10-10T00:00:00"}