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The Determinants of the Growth of Japanese Start-ups: A Resource-based View Analysis

Author

Listed:
  • Nobuaki Hamaguchi

    (Research Institute for Economics and Business Administration, Kobe University and Research Institute of Economy, Trade and Industry, JAPAN)

  • Joao Carlos Ferraz

    (Institute of Economics, Federal University of Rio de Janeiro, BRAZIL)

Abstract

The objective of this article is to determine and analyse the factors behind the growth of Japanese startups. The framework of reference is derived from the Resource Based View of the firm (Penrose 2009) and the quantitative analysis relies on data from a survey carried out in 2022 with 753 Japanese startups. The article assesses internal (entrepreneur, workforce, innovation) and external (finance, knowledge access and location) resources under uncertainty. Econometric findings suggest that larger but younger firms with a domestic market orientation, and experienced entrepreneurs drive growth, while intellectual property ownership and equity financing for fixed capital investment positively impact economic success. Market-product mismatches and weak supplier quality hinder growth, and Tokyo's location benefits ICT start-ups but not others. Employment growth, though weakly linked to sales growth is strongly influenced by business confidence and access to skilled labour and investors. These findings provide strategic insights to inform policies to foster start-up success in Japan.

Suggested Citation

  • Nobuaki Hamaguchi & Joao Carlos Ferraz, 2025. "The Determinants of the Growth of Japanese Start-ups: A Resource-based View Analysis," Discussion Paper Series DP2025-05, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:dp2025-05
    as

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    File URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2025-05.pdf
    File Function: First version, 2025
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    More about this item

    Keywords

    Internal resource; External resource; Uncertainty;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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