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The Value of Human and Social Capital Investments for the Business Performance of Start-ups

Listed author(s):
  • Niels Bosma

    ()

    (EIM Business and Policy Research, Zoetermeer)

  • Mirjam van Praag

    ()

    (Faculty of Economics and Econometrics, University of Amsterdam)

  • Roy Thurik

    ()

    (CASBEC, Faculty of Economics, Erasmus University Rotterdam, and EIM Business and Policy Research, Zoetermeer)

  • Gerrit de Wit

    ()

    (EIM Business and Policy Research, Zoetermeer)

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. This discussion paper has resulted in a publication in Small Business Economics , 2004, 23(3), 227-36.

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Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 02-027/3.

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Date of creation: 13 Mar 2002
Handle: RePEc:tin:wpaper:20020027
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  1. De Wit, Gerrit & Van Winden, Frans A. A. M., 1990. "An empirical analysis of self-employment in the Netherlands," Economics Letters, Elsevier, vol. 32(1), pages 97-100, January.
  2. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 26-60, January.
  3. 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.
  4. Orley Ashenfelter & Colm Harmon & Hessel Oosterbeek, 1999. "A Review of Estimates of the Schooling/Earnings Relationship, with Tests for Publication Bias," Working Papers 804, Princeton University, Department of Economics, Industrial Relations Section..
  5. repec:fth:prinin:425 is not listed on IDEAS
  6. Lancaster,Tony, 1992. "The Econometric Analysis of Transition Data," Cambridge Books, Cambridge University Press, number 9780521437899, December.
  7. Ashenfelter, Orley & Harmon, Colm & Oosterbeek, Hessel, 1999. "A review of estimates of the schooling/earnings relationship, with tests for publication bias," Labour Economics, Elsevier, vol. 6(4), pages 453-470, November.
  8. 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.
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