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:
  • References (47)
    47 references, page 1 of 5

    Acs, Z. J. & Audretsch , D. B. (1990). Innovation and small firms. Cambridge: MIT Press.

    Aldrich, H. (2000). Organisations evolving. Cambridge: Sage Publications.

    Bates, T. (1997). Financing small business creation: the case of Chinese and Korean immigrant entrepreneurs, Journal of Business Venturing, 12 (2), pp. 109-124.

    Bates, T. (1990). Entrepreneur human capital inputs and small business longevity, Review of Economics and Statistics, 72 (4), pp. 551-559.

    Bates, T. (1995). Self-employment entry across industry groups, Journal of Business Venturing, 10 (2), pp. 143-156.

    Bates, T. (1996). The financial capital needs of black-owned businesses, Journal of Development Entrepreneurship, 1, pp. 1-15.

    Becker, G. S. (1975). Human capital. Second edition. National Bureau of Economic Research. New York.

    Bednarzik, R. W. (2000). The role of entrepreneurship in U.S. and European job growth, Monthly Labor Review, 123 (7), pp. 3-16.

    Birch, D. L. (1987). Job creation in America. New York: The Free Press.

    Brinlee, J. B., Bell, J. R. and Bullock, C. A. (2004). Educating entrepreneurs on angel venture capital financing options. Journal of Business and Entrepreneurship, 16 (2), pp. 141-156.

  • Metrics
    views in OpenAIRE
    views in local repository
    downloads in local repository

    The information is available from the following content providers:

    From Number Of Views Number Of Downloads
    UTL Repository 5 2
Share - Bookmark