Self-employment, financial development, and well-being: evidence from China, Russia, and Ukraine

Tho Pham, Oleksandr Talavera, Mao Zhang

    Research output: Contribution to journalArticlepeer-review

    7 Citations (Scopus)


    This study investigates the association between financial development and entrepreneurs’ well-being in China, Ukraine, and Russia. We find that Chinese and Russian entrepreneurs have a higher level of well-being, while Ukrainian self-employed individuals have more dissatisfaction. The link between financial development and the utility of entrepreneurs varies as well. The utility differences between the self-employed and paid workers in Russia reduce with financial development and the effect is stronger for job satisfaction. However, financial development barely correlates with Ukrainian entrepreneurs’ happiness while having no correlation with life satisfaction of Chinese self-employed. Further investigation suggests that the financial development – entrepreneurial utility association works through both monetary and non-monetary channels.
    Original languageEnglish
    Pages (from-to)754-769
    JournalJournal of Comparative Economics
    Issue number3
    Early online date23 Jul 2018
    Publication statusPublished - Sept 2018


    • Entrepreneurship
    • Self-employment
    • Satisfaction
    • Financial development


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