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

Research output: Contribution to journalArticlepeer-review


Colleges, School and Institutes

External organisations

  • Reading University
  • Andrews University, Berrien Springs, Michigan 49104, USA


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
Number of pages16
JournalJournal of Comparative Economics
Issue number3
Early online date23 Jul 2018
Publication statusPublished - 1 Sep 2018


  • Entrepreneurship, Financial development, Satisfaction, Self-employment

ASJC Scopus subject areas