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R&D financing of start-up firms : How much does founders' human capital matter?


Author Info

  • Honjo, Yuji
  • Kato, Masatoshi
  • Okamuro, Hiroyuki


This paper explores research and development (R&D) financing of start-up firms. Using a sample from an original survey conducted in 2008, we identify whether initial funds and founder-specific characteristics relate to R&D investment of start-up firms in Japan. It is found that internal finance is positively associated with R&D investment. It is also found that founders with higher educational background, prior innovation output and academic affiliation tend to raise more funds for R&D. On the other hand, we provide evidence that the effects of founders' human capital are mediated by investment opportunities, which would indicate that R&D investment of start-up firms depends heavily on investment opportunities.

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Bibliographic Info

Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2009-15.

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Length: 33 p.
Date of creation: Mar 2010
Date of revision:
Handle: RePEc:hit:hitcei:2009-15

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Keywords: Founder; Human capital; Internal finance; R&D; Start-up;

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