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New Firm Survival: Isolating the Role of Founders’ Human Capital in Accounting for Firm Longevity

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  • Grégoire Cauchie
  • Nicolas Gérard Vaillant

Abstract

The effect of the stock of human capital of entrepreneurs on business longevity is not clear-cut. Our study is based on a wide and comprehensive data set of more than 200,000 entrepreneurs settled in France over three cohorts (1994, 1998, and 2002). We highlight a positive correlation of both general (education) and specific (training) components of the stock of human capital with survival and show that these components appear to be substitutes. Our results also indicate that the magnitudes of the education and training effects seem to be considerably lower for necessity-driven entrepreneurs.

Suggested Citation

  • Grégoire Cauchie & Nicolas Gérard Vaillant, 2016. "New Firm Survival: Isolating the Role of Founders’ Human Capital in Accounting for Firm Longevity," Journal of Human Capital, University of Chicago Press, vol. 10(2), pages 186-211.
  • Handle: RePEc:ucp:jhucap:doi:10.1086/686153
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    References listed on IDEAS

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    1. Pei-Chou Lin & Deng-Shing Huang, 2008. "Technological Regimes and Firm Survival: Evidence Across Sectors and Over Time," Small Business Economics, Springer, vol. 30(2), pages 175-186, February.
    2. Stefan Bauernschuster & Oliver Falck & Stephan Heblich, 2009. "Training and Innovation," Journal of Human Capital, University of Chicago Press, vol. 3(4), pages 323-353.
    3. Hannu Tervo, 2008. "Self-employment transitions and alternation in Finnish rural and urban labour markets," Papers in Regional Science, Wiley Blackwell, vol. 87(1), pages 55-76, March.
    4. George Saridakis & Kevin Mole & David Storey, 2008. "New small firm survival in England," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 35(1), pages 25-39, March.
    5. Mario Cleves & William W. Gould & Roberto G. Gutierrez & Yulia Marchenko, 2010. "An Introduction to Survival Analysis Using Stata," Stata Press books, StataCorp LP, edition 3, number saus3, April.
    6. P. J. Sloane & H. Battu & P. T. Seaman, 1996. "Overeducation and the formal education/experience and training trade-off," Applied Economics Letters, Taylor & Francis Journals, vol. 3(8), pages 511-515.
    7. Mika Haapanen & Hannu Tervo, 2009. "Self-employment duration in urban and rural locations," Applied Economics, Taylor & Francis Journals, vol. 41(19), pages 2449-2461.
    8. Rui Baptista & Murat Karaöz & Joana Mendonça, 2014. "The impact of human capital on the early success of necessity versus opportunity-based entrepreneurs," Small Business Economics, Springer, vol. 42(4), pages 831-847, April.
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    Cited by:

    1. Ornella Wanda Maietta & Fernanda Mazzotta, 2018. "Firm Survival and Innovation: Knowledge Context Matters!," CSEF Working Papers 496, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

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