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Abstract

In the large literature on Örm performance, economists have given little attention 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 Örm performance. Using longitudinal data, we Önd large and sustained e§ects of entrepreneurs at all levels of the performance distribution. Entrepreneurs strongly a§ect Örm growth patterns of both very young Örms and for Örms that have begun to mature. We do not Önd signiÖcant di§erences between small and larger Örms, family and non-family Örms, nor between Örms located in urban and rural areas, but we do Önd stronger e§ects for founders with high human capital. Overall, the results suggest that an often overlooked factor ñindividual entrepreneurs ñplays a large role in affecting firm performance.

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