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The impact of founders’ human capital on initial capital structure: Evidence from Japan
Technovation ( IF 12.5 ) Pub Date : 2020-10-14 , DOI: 10.1016/j.technovation.2020.102191
Yuji Honjo

This study explores how start-up firms raise funds at founding. Using a data set of firms founded in the manufacturing, and information and communications technology sectors of Japan during the 2003–2010 period, we examine whether founders’ human capital, including technological human capital, impacts the initial funding of start-up firms. The results reveal that start-up firms managed by entrepreneurial inventors are more likely to use equity financing rather than debt financing, suggesting that technological human capital influences initial capital structure. We also find that start-up firms managed by highly educated founders as well as older founders tend to raise more debt finance and total capital, although such human capital is less associated with initial capital structure. Moreover, we find that start-up firms located in regional cities and towns areas are more likely to rely on debt financing. Furthermore, the results indicate that start-up firms reliant on debt financing at founding are less likely to grow at a higher rate.



中文翻译:

创始人的人力资本对初始资本结构的影响:来自日本的证据

这项研究探讨了创业公司如何在创立时筹集资金。利用2003年至2010年期间在日本制造业,信息通信技术领域成立的公司的数据集,我们研究了创始人的人力资本(包括技术人力资本)是否影响初创企业的初始资金。结果表明,由企业家发明家管理的初创公司更倾向于使用股权融资而不是债务融资,这表明技术人力资本会影响初始资本结构。我们还发现,由受过高等教育的创始人以及较年长的创始人管理的初创公司往往会筹集更多的债务融资和总资本,尽管这种人力资本与初始资本结构的关联性较小。此外,我们发现,位于区域城镇的新兴公司更可能依赖债务融资。此外,结果表明,在成立时依赖债务融资的初创公司不太可能以较高的速度增长。

更新日期:2020-10-14
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