R&D investment of start-up firms: does founders’ human capital matter?
This article examines whether founders’ human capital affects not only actual investment but also required investment in research and development (R&D), using the original data of Japanese start-up firms. The estimation results indicate that higher levels of founders’ human capital, especially their education levels, increase both actual and required investment in R&D and thus do not necessarily contribute to reducing the funding gap for R&D. Copyright Springer Science+Business Media New York 2014
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Volume (Year): 42 (2014)
Issue (Month): 2 (February)
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