We analyze a multi-year, multi-country entrepreneurship survey with more than one million observations to identify startups with low- and high growth potential, and we confirm the validity of these ex-ante measures with ex post firm-level information on employment growth. We find that negative aggregate financial shocks reduce all startup types, but their effect is significantly stronger for startups with high growth potential, especially when GDP growth is low. Our results uncover a new composition of entry channel that significantly reduces employment growth and is potentially important for explaining slow recoveries after financial crises.

中文翻译：

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周期性波动，金融冲击以及快速成长的创业公司的进入

我们分析了一项跨年度，多国家的企业家精神调查，并进行了超过一百万次的观察，以确定具有低增长潜力和高增长潜力的初创企业，并通过事前企业层面的就业增长信息来确认这些事前措施的有效性。 。我们发现，负面的总体金融冲击会减少所有初创企业的类型，但对于具有高增长潜力的初创企业（尤其是当GDP增长较低时），其影响要明显更大。我们的结果揭示了一种新的进入渠道构成，该构成显着降低了就业增长，并且对于解释金融危机后复苏缓慢具有潜在的重要意义。