Capital humain du dirigeant-entrepreneur et faillite des entreprises financées par ECF

Karima Bouaiss and Carine Girard-Guerraud

Revue française de gestion, 2021, vol. N° 299, issue 6, 95-115

Abstract: The entrepreneur-CEO is the central actor in the firm?s financing trajectory. Based on signal theory, we assume that his or her human capital emits signals that may affect the probability of the firm going bankrupt. Using data on 277 entrepreneurs-CEOs financed by equity crowdfunding in France between 2010 and 2018, we show show that firms led by PhDs have a lower probability of bankruptcy while it is higher for those led by former managers.

Date: 2021
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