This study explores the link between entrepreneurship and informal investment. Using Global Entrepreneurship Monitor data, we examine what types of individuals invest in new businesses. The results reveal that individuals who engage in entrepreneurial activity are, on average, three times more likely to invest in new businesses than those who do not. We also find that individuals with entrepreneurial networks are more likely to invest in new businesses. Moreover, we present estimation results for the odds ratio of business ownership/management and informal investment, as well as of entrepreneurial networks and informal investment, in each country. We find that the link between entrepreneurship and informal investment differs across countries. Specifically, while the proportion of individuals who start businesses or engage in informal investment in Japan is lower than in other countries, the relationship between entrepreneurial propensity and informal investment in Japan is the greatest among 30 Organisation for Economic Co-operation and Development countries, suggesting the presence of small-world phenomena in entrepreneurship in Japan.

这项研究探讨了企业家精神与非正式投资之间的联系。使用全球创业监测数据，我们可以检查哪些类型的个人投资于新业务。结果表明，从事创业活动的个人投资于新企业的可能性平均是未从事创业活动的个体的三倍。我们还发现，具有创业网络的个人更有可能投资于新业务。此外，我们给出了每个国家中企业所有权/管理权与非正式投资，企业家网络和非正式投资的比值比的估计结果。我们发现，创业精神与非正式投资之间的联系在不同国家之间是不同的。特别，