Journal
JOURNAL OF BUSINESS VENTURING
Volume 32, Issue 3, Pages 318-333Publisher
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DOI: 10.1016/j.jbusvent.2017.02.005
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Late-career transitions to entrepreneurship are discussed as a promising way to address some of the problematic implications of population aging. By extending employment choice theory to simultaneously account for career stage and for non-monetary rewards from entrepreneurship, we investigate how late-career transitions from organizational employment to entrepreneurship influence the returns from the monetary (income) and non-monetary (quality of life) components of an individual's utility. Using data from the English Longitudinal Study of Ageing, our empirical analysis shows that for late-career individuals, starting a business is positively associated with change in quality of life and negatively associated with change in income. (C) 2017 The Authors. Published by Elsevier Inc.
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