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INITIAL CAPITAL STRUCTURE OF PORTUGUESE INNOVATIVE FIRMS:THE ROLE OF NASCENT ENTREPRENEURS' HUMAN CAPITAL

Eduardo Couto () and José Bilau
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Eduardo Couto: School of Economics and Management (ISEG) -Technical University of Lisbon, Portugal.
José Bilau: School of Technology and Management (ESTIG)- Polytechnic Institute of Beja.

Portuguese Journal of Management Studies, 2011, vol. XVI, issue 1, 29-42

Abstract: The aim of this study is to analyse whether the human capital of the nascent entrepreneur influences the initial capital structure of Portuguese innovative firms. The research model used includes a dependent binary variable devised to check the initial capital structure, two groups of independent variables referring to the human capital and a group of control variables. The results obtained through logistic regression show that "heterogeneity of professional experience" positively influences the initial capital structure. These results contribute to the scientific knowledge by showing that generic human capital influences the initial capital structure of the innovative firm. Our study also makes a contribution to the literature on entrepreneurial finance in terms of methodology. Classification- JEL:

Keywords: Initial Capital Structure; Innovative Firms; Human Capital. (search for similar items in EconPapers)
Date: 2011
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