Self-employment and Life Satisfaction: The Moderating Role of Perceived Importance of Family, Friends, Leisure Time, and Work

Abstract

The purpose of this study is to examine the moderating role of perceived importance of family, friends, leisure time and work on the link between self-employment and life satisfaction. Using data from Wave 7 of the World Value Survey (2017-2020) collected from individuals in 51 countries, the results of Ordered Probit regressions show that a higher level of perceived importance of family, friends and leisure time reduces life satisfaction of self-employed individuals. We also find that the perceived importance of work does not play a moderating role in the relationship between self-employment and life satisfaction. These findings based on the most recent wave of the World Value Survey provide important implications for policymakers and entrepreneurs.