Initial capital structure of portuguese innovative firms : the role of nascent entrepreneurs' human capital

Article English OPEN
Couto, Eduardo ; Bilau, José (2011)
  • Publisher: Instituto Superior de Economia e Gestão
  • Journal: volume XVI, issue 1, pages 29-42
  • Subject: Initial Capital Structure; Innovative Firms; Human Capital. | Human Capital | Initial Capital Structure | Innovative Firms

The aim of this study is to analyse whether the human capital of the nascent entrepreneur influences the initial capital structure of Portuguese innovative firms. The research model used includes a dependent binary variable devised to check the initial capital structure, two groups of independent variables referring to the human capital and a group of control variables. The results obtained through logistic regression show that "heterogeneity of professional experience" positively influences the initial capital structure. These results contribute to the scientific knowledge by showing that generic human capital influences the initial capital structure of the innovative firm. Our study also makes a contribution to the literature on entrepreneurial finance in terms of methodology. Classification- JEL:
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