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070 Working Papers = ワーキングペーパー
GGR Working Paper / Institute for Global Governance Research, Hitotsubashi University
Working Paper Series / Understanding Inflation Dynamics of the Japanese Economy
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Working Paper / School of Business Administration, Hitotsubashi University Business School
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Discussion paper / Setting Options for Fair Distribution of Well-being among Different Generations, PIE
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Edited by: 一橋大学経済研究所附属経済制度研究センター = Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Published by: Institute of Economic Research, Hitotsubashi University
Number of Access this item:
472
(
2024-03-29
18:50 Counts
)
Identifier to cite or link to this item: https://hdl.handle.net/10086/29234
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cover_29234
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wp2009-15
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Title
R&D financing of start-up firms : How much does founders' human capital matter?
Creator
Creator Name
Honjo, Yuji
Honjo, Yuji
本庄, 裕司
本庄, 裕司
ホンジョウ, ユウジ
ホンジョウ, ユウジ
Affiliation
Affiliation Name
Faculty of Commerce, Chuo University
Creator Name
Kato, Masatoshi
Kato, Masatoshi
加藤, 雅俊
加藤, 雅俊
カトウ, マサトシ
カトウ, マサトシ
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Okamuro, Hiroyuki
Okamuro, Hiroyuki
岡室, 博之
岡室, 博之
オカムロ, ヒロユキ
オカムロ, ヒロユキ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Key Word
Founder
Human capital
Internal finance
R&D
Start-up
JEL
G30
M13
O32
Abstract
This paper explores research and development (R&D) financing of start-up firms. Using a sample from an original survey conducted in 2008, we identify whether initial funds and founder-specific characteristics relate to R&D investment of start-up firms in Japan. It is found that internal finance is positively associated with R&D investment. It is also found that founders with higher educational background, prior innovation output and academic affiliation tend to raise more funds for R&D. On the other hand, we provide evidence that the effects of founders' human capital are mediated by investment opportunities, which would indicate that R&D investment of start-up firms depends heavily on investment opportunities.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2010-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2009-15
NCID
AA11590659
Number of Pages
33
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29234
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