La dimensione iniziale delle nuove imprese ad alta tecnologia: il ruolo del capitale umano e delle fonti di finanziamento
Luca Grilli (),
Marco Delmastro () and
Massimo G. Colombo
ECONOMIA E POLITICA INDUSTRIALE, 2003, vol. 2003/119, issue 119
La dimensione iniziale delle nuove imprese ad alta tecnologia: il ruolo del capitale umano e delle fonti di finanziamento (di Massimo G. Colombo, Marco Delmastro, Luca Grilli) - ABSTRACT: This paper investigates the determinants of the start-up size of new technology-based firms. While previous empirical studies generally focussed on industry-specific variables, we draw attention to firm-specific effects. In particular, we consider the impact on start-up size of the human capital of founders and their ability to resort to external sources of financing. In the empirical section we consider a sample of 391 young Italian firms operating in high-tech industries in both manufacturing and services. The econometric estimates confirm the explanatory power of firm-specific effects, in addition to the industry-specific effects highlighted by previous work. In particular, they indicate that the human capital of founders and the ability to have access to private equity financing figure prominently in explaining firms’ start-up size, while the effect of bank debt is negligible. Furthermore, the specific component of human capital associated with industry-specific professional knowledge and managerial and entrepreneurial experience is found to have a greater positive impact on initial firm size than the generic component, proxied by education and general (i.e. non industry-specific) working experience. This holds true especially for firms that obtain access to private equity, pointing to the complementarity between entrepreneurial talent and external financing.
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://www.francoangeli.it/riviste/Scheda_Rivista. ... 699&Tipo=ArticoloPDF (text/html)
Single articles can be downloaded buying download credits, for info: http://www.francoangeli.it/riviste/inglese_download_credit.asp
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:fan:polipo:v:html10.3280/poli2003-119004
Ordering information: This journal article can be ordered from
http://www.francoang ... ti.aspx?startCode=DC
Access Statistics for this article
ECONOMIA E POLITICA INDUSTRIALE is currently edited by FrancoAngeli
More articles in ECONOMIA E POLITICA INDUSTRIALE from FrancoAngeli Editore
Bibliographic data for series maintained by Angelo Ventriglia ().