In this paper, I explore business cycle‐related dynamics in differences in exit decisions between serial and novice entrepreneurs. Using time series geographic variation in economic conditions, I examine how businesses founded by serial and novice entrepreneurs differentially respond to changes on average state personal income, alternative employment options, and home values. Weibull survival model estimates indicate that serial entrepreneurs are more likely to endure declines in aggregate income and credit availability, but are relatively more likely to go out of business as slack increases in the labor market (increases in unemployment rate). In the second part of the paper, I provide evidence that these dynamics are driven by differences in business strategies and the use of financial resources.

中文翻译：

---

创业经验和企业在整个商业周期中的退出

在本文中，我探讨了连续企业家和新手企业家退出决策差异中与业务周期相关的动态。利用经济状况中的时间序列地理变化，我研究了由连续企业家和新手企业家创立的企业如何对州平均个人收入，替代性就业选择和房屋价值的变化做出不同的反应。Weibull生存模型的估计表明，连续企业家更有可能忍受总收入和信贷可用性的下降，但由于劳动力市场的疲软增加（失业率上升），相对更有可能倒闭。在本文的第二部分中，我提供了证据表明这些动态是由业务策略和财务资源使用差异驱动的。