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Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs

Eriko Naiki and Yuta Ogane ()
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Eriko Naiki: Doshisha University
Yuta Ogane: Nanzan University

Small Business Economics, 2022, vol. 59, issue 2, No 16, 741 pages

Abstract: Abstract This paper examines the effects of human capital on fundraising problems for necessity- and opportunity-based entrepreneurs by using a survey of 3974 new firms in Japan. The major findings of this paper are as follows. First, necessity-based entrepreneurs are more likely to have fundraising problems than opportunity-based entrepreneurs. Second, industry-specific experience contributes to solving fundraising problems for both necessity- and opportunity-based entrepreneurs. Third, necessity-based entrepreneurs with industry-specific experience are less likely to have fundraising problems than opportunity-based entrepreneurs without such experience.

Keywords: Human capital; Fundraising; Necessity-based entrepreneurs; Opportunity-based entrepreneurs (search for similar items in EconPapers)
JEL-codes: L26 M13 M21 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11187-021-00596-0

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