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The Impact of Human Capital Measures on Firm Performance: A Comparison by Gender, Race and Ethnicity

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  • Susan Coleman

    (University of Hartford)

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    Abstract

    Prior research suggests that firms owned by women and minorities are smaller, less profitable, and less growth-oriented than those owned by white men. Prior research also suggests that firm performance is influenced by the firm owner's level of human capital in the form of education, employment experience, and life experiences that might help him to prepare for the challenges of small business ownership. This artical compares the performance of firms owned by white men to those owned by white women and by minority small business owners to determine if higher levels of human capital eliminate performance gaps between them. Results reveal that firms owned by white and black women and firms owned by black men were still significantly smaller, even controlling for industry sector and various measures of human capital. Contrary to prior research, however, firms owned by women and minorities were no less profitable nor less likely to grow. The sole exception to this finding was that firms owned by Asian men were significantly less likely to exhibit sales growth than firms owned by white men.

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    Bibliographic Info

    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 10 (2005)
    Issue (Month): 2 (Summer)
    Pages: 38-56

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    Handle: RePEc:pep:journl:v:10:y:2005:i:2:p:38-56

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    Web page: http://bschool.pepperdine.edu/jef
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    Related research

    Keywords: Human Capital; Firm Performance; Gender; Race; Ethnicity;

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    References

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    1. Du Rietz, Anita & Henrekson, Magnus, 2000. " Testing the Female Underperformance Hypothesis," Small Business Economics, Springer, vol. 14(1), pages 1-10, February.
    2. Amemiya, Takeshi, 1984. "Tobit models: A survey," Journal of Econometrics, Elsevier, vol. 24(1-2), pages 3-61.
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    4. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, vol. 106(438), pages 1253-70, September.
    5. Aki Kangasharju, 2002. "The Role of Education in Self-Employment Success in Finland," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 33(2), pages 216-237.
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    7. Chandler, Gaylen N. & Hanks, Steven H., 1998. "An examination of the substitutability of founders human and financial capital in emerging business ventures," Journal of Business Venturing, Elsevier, vol. 13(5), pages 353-369, September.
    8. Honig, Benson, 1998. "What determines success? examining the human, financial, and social capital of jamaican microentrepreneurs," Journal of Business Venturing, Elsevier, vol. 13(5), pages 371-394, September.
    9. Cooper, Arnold C. & Gimeno-Gascon, F. Javier & Woo, Carolyn Y., 1994. "Initial human and financial capital as predictors of new venture performance," Journal of Business Venturing, Elsevier, vol. 9(5), pages 371-395, September.
    10. BodenJR., Richard J. & Nucci, Alfred R., 2000. "On the survival prospects of men's and women's new business ventures," Journal of Business Venturing, Elsevier, vol. 15(4), pages 347-362, July.
    11. Riding, Allan L. & Swift, Catherine S., 1990. "Women business owners and terms of credit: Some empirical findings of the Canadian experience," Journal of Business Venturing, Elsevier, vol. 5(5), pages 327-340, September.
    12. Schiller, Bradley R & Crewson, Philip E, 1997. "Entrepreneurial Origins: A Longitudinal Inquiry," Economic Inquiry, Western Economic Association International, vol. 35(3), pages 523-31, July.
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