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Browsing Working Papers by Author "Bonilla, Claudio A."
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Item Determinants of the Risk Attitude in Entrepreneurship: Evidence from Latin America(School of Business and Economics, Universidad del Desarrollo, 2014) Sepúlveda, Jean P.; Bonilla, Claudio A.This paper departs from the traditional analysis of the effects of risk aversion in entrepreneurship to study the determinants of entrepreneurial risk aversion in developing a new venture and becoming an entrepreneur. We took fear of failing as a proxy for risk aversion and applied our analysis to the most important Latin American economies. We observed that being male, having more years of formal education and believing to have the necessary skills to develop a new venture decreased the probability of feeling a fear of failing and, thus, eventually increased the probability of developing a new venture. Age affects risk quadratically (first positively, but after some point, negatively), and if there is a prior experience of having shut down a business, risk aversion increases, that is, the probability of feeling a fear of failing, which reduces the probability of becoming an entrepreneurItem The attitude toward the risk of entrepreneurial activity: Evidence from Chile(School of Business and Economics, Universidad del Desarrollo, 2010) Sepúlveda, Jean P.; Bonilla, Claudio A.We study the factors that may influence the attitude toward the risk of entrepreneurial activity and its impact on the propensity to become an entrepreneur. We proxy the attitude toward risk by using the answers to the fear of failing question contained in the Global Entrepreneurship Monitor survey. Interesting results are found. First, we found that being male, having more years of formal education and believing to have the necessary skills to developing a new venture have all a negative effect on an individual`s attitude toward risk and therefore, increase the probability of becoming an entrepreneur. Age affects the risk in a quadratic way (first positive but after to some point negative). Finally, contrary to conventional wisdom, having the experience of shutting down a business has no effect on the risk`s attitude for developing a new venture in the Chilean caseItem The Complementarity Effect: Effort and Sharing in the Entrepreneur and Venture Capital Contract(School of Business and Economics, Universidad del Desarrollo, 2016-04) Vergara, Marcos; Bonilla, Claudio A.; Sepúlveda, Jean P.