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Macroeconomic Uncertainty and Risk: Collective Optimism of Small-Business Owners

Research output: Contribution to journalJournal articlepeer-review

E-pub ahead of print
<mark>Journal publication date</mark>13/01/2021
<mark>Journal</mark>Entrepreneurship Theory and Practice
Number of pages21
Publication StatusE-pub ahead of print
Early online date13/01/21
<mark>Original language</mark>English

Abstract

How small-business owners assess uncertainty and risk in the macroeconomic environment to report optimism toward their business activity is an important research question for policymakers and academics alike. Drawing on a monthly optimism index and a variety of uncertainty and volatility (risk) trackers from January 1986 to June 2017, in line with the expectation that business owners dislike uncertainty in economic policy, economic policy uncertainty may lower optimism. Business investment and sentiment volatility, however, contributed positively to optimism. The findings provide preliminary implications for policymakers in targeting indicators salient to the optimism index of small-business owners.

Bibliographic note

The final, definitive version of this article has been published in the Journal, Entrepreneurship Theory and Practice, ? (?), 2021, © SAGE Publications Ltd, 2021 by SAGE Publications Ltd at the Entrepreneurship Theory and Practice page: https://journals.sagepub.com/home/etp on SAGE Journals Online: http://journals.sagepub.com/