Thanks to Schumpeters Century for alerting us to a newish paper, Education and Entrepreneurship Selection and Performance: A Review of the Literature. (You need a sub — usually through a university — though if you email the authors they may send it to you?).
The authors, Justin van der Sluis and Mirjaam van Praag, looked at over 100 studies and came to some very interesting conclusions. Here is a snippet from the beginning of the paper;
The first set reflects the combined findings of the studies
in our sample. First, the effect of education on entry is neither positive nor negative.
Second, entrepreneurship performance, regardless of the performance measure used,
is significantly and positively associated with formal schooling. Third, the returns
to education, as measured by means of conditional correlations, are estimated at
6.1%.3 Fourth, a compilation of studies estimating the return to education for both
entrepreneurs and employees in a comparable fashion shows that the entrepreneurs
in the USA have a slightly higher return to their education than employees, whereas
the reverse is true in Europe. Fifth, the returns to schooling in entrepreneurship are
higher in the USA than in Europe. (p.2)
Looks pretty interesting. I am excited to read it.