Why do the late middle-aged choose self-employment: Determinants of self-employment at older ages

Abstract

This study aims to identify major factors influencing the late middle-aged population's self-employment choices as an alternative to unemployment, as well as a way of exiting poverty. Data for analysis was obtained from the Survey of the Korean Longitudinal Study of Ageing, were used for this study. The results of the analysis showed that factors having a significant impact on self-employment choices were age, health status, work hours, wage satisfaction, individual net worth, job expectations. It is expected this study will be able to offer insights for countries bracing for the late middle-aged employment from the example of South Korea.