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The Value of Human and Social Capital Investments for the Business Performance of Startups

  • Niels Bosma

    ()

  • Mirjam van Praag

    ()

  • Roy Thurik

    ()

  • Gerrit de Wit

    ()

We investigate the manifold posed question: "To what extent does investment in human and social capital, besides the effect of 'talent', enhance entrepreneurial performance?" We distinguish between three different performance measures: survival, profits, and generated employment. On the basis of the empirical analysis of a rich Dutch longitudinal data set of firm founders, we conclude that specific investments indeed affect the three performance measures substantially and significantly. Specific attention is paid to the unobserved talent bias. Moreover, the effect of the emergence of so called "knowledge industries" is explored.

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Article provided by Springer in its journal Small Business Economics.

Volume (Year): 23 (2004)
Issue (Month): 3 (October)
Pages: 227-236

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Handle: RePEc:kap:sbusec:v:23:y:2004:i:3:p:227-236
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100338

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  1. Ashenfelter, O. & Harmon, C. & Oosterbeek, H., 1999. "A Review of Estimates of the Schooling/ Earnings Relationship, with tests for Publication Bias," Papers 99/20, College Dublin, Department of Political Economy-.
  2. De Wit, G. & Winden, F., 1989. "An Empirical Analysis Of Self-Employment In The Netherlands," Papers 89.02, NEUHUYS - RESEARCH INSTITUTE FOR SMALL AND MEDIUM.
  3. van Praag, C M & Cramer, J S, 2001. "The Roots of Entrepreneurship and Labour Demand: Individual Ability and Low Risk Aversion," Economica, London School of Economics and Political Science, vol. 68(269), pages 45-62, February.
  4. David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34.
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