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Start-up financing, owner characteristics, and survival

Author

Listed:
  • Thomas Astebro

    (Department of Management Sciences - University of Waterloo [Waterloo])

  • Irwin Bernhardt

Abstract

We investigated the relation between the survival of new small businesses and bank loans. This was done using a model that included other loan sources, human capital variables, and company and industry descriptors. We found there is a negative correlation between having a bank loan and business survival, and a positive correlation between having a non-bank loan and survival. However, having a bank loan was a ceteris paribus positive predictor of the survival of start-up companies. Our findings enabled some inferences about the process of loan source selection by start-up business owners, and about the banks' loan granting process.

Suggested Citation

  • Thomas Astebro & Irwin Bernhardt, 2003. "Start-up financing, owner characteristics, and survival," Post-Print hal-00480047, HAL.
    • Handle: RePEc:hal:journl:hal-00480047
    DOI: 10.1016/S0148-6195(03)00029-8
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