Entrepreneurship of the ice age cohorts

IF 2.6 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2025-05-11 DOI:10.1016/j.jjie.2025.101367

Akira Fukuda

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Abstract

A cohort that struggles to enter the labor market during economic downturns may struggle to secure stable employment and income throughout their lives. The “Ice Age” cohorts are ones that entered the Japanese labor market during the prolonged economic recession between 1993 and 2004. This study examines the performance of startups established by the Ice Age cohorts. With limited job opportunities, some Ice Age cohorts likely attempted to start their businesses as an alternative means of income. Using a panel survey of startups, we examine the performance of such attempts. Startups established by the Ice Age cohorts had significantly higher survival rates than those established by the “bubble” cohorts that entered the labor market during the economic boom. However, among the surviving startups, those established by the Ice Age cohorts with junior college or vocational school backgrounds underperform relative to the bubble cohorts. These results suggest that the Ice Age cohorts faced limited employment opportunities in the labor market upon entry and were forced to continue operating their businesses under suboptimal performance conditions.

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冰河时代同辈的企业家精神

在经济低迷时期努力进入劳动力市场的一群人，可能一生都难以获得稳定的就业和收入。“冰河时代”是指在1993年至2004年经济长期衰退期间进入日本劳动力市场的人。本研究考察了由冰河时代群体建立的初创企业的绩效。由于就业机会有限，冰河时代的一些人可能试图创业作为另一种收入来源。通过对初创公司的小组调查，我们研究了这些尝试的表现。“冰河时代”那群人创立的初创企业的存活率明显高于在经济繁荣时期进入劳动力市场的“泡沫”那群人。然而，在幸存下来的初创企业中，那些由拥有大专或职业学校背景的冰河时代群体建立的初创企业，相对于泡沫时代的初创企业而言，表现不佳。这些结果表明，冰河时代人群在进入劳动力市场时面临有限的就业机会，并被迫在次优绩效条件下继续经营企业。

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

期刊介绍： The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.