From 1946 to 1983, US states modernized their corporate law by adopting the Model Business Corporation Act (MBCA), a compendium of legal best practices. Better corporate law increased entrepreneurship. After the adoption of the MBCA, the number of new local corporations increased by 26% on average, half of which was substitution from other firm types, and the rest was net-new firms. States that only partially adopted saw no benefit, and the largest increases were concentrated in regions with ex ante lower quality law. At the individual level, people in states adopting the MBCA also report higher self-employment levels, but not higher wage employment or labor force participation. Consistent with the MBCA increasing efficiency and decreasing regulatory capture, the effect was larger for women, black, and those located outside the central city.

中文翻译：

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公司法对创业的直接影响

从 1946 年到 1983 年，美国各州通过采用法律最佳实践纲要《示范商业公司法》(MBCA) 对其公司法进行了现代化改造。更好的公司法增加了创业精神。采用MBCA后，新成立的本地企业数量平均增加了26%，其中一半是其他企业类型的替代，其余是净新企业。仅部分采用的州没有看到任何好处，而且最大的增长集中在事前法律质量较低的地区。在个人层面，采用 MBCA 的州的人们也报告了更高的自营职业水平，但没有更高的工资就业或劳动力参与率。与 MBCA 提高效率和减少监管捕获相一致，对女性、黑人和中心城市以外的人的影响更大。