New Firm Survival: Isolating the Role of Founders’ Human Capital in Accounting for Firm Longevity

Grégoire Cauchie and Nicolas Vaillant ()

Journal of Human Capital, 2016, vol. 10, issue 2, 186 - 211

Abstract: The effect of the stock of human capital of entrepreneurs on business longevity is not clear-cut. Our study is based on a wide and comprehensive data set of more than 200,000 entrepreneurs settled in France over three cohorts (1994, 1998, and 2002). We highlight a positive correlation of both general (education) and specific (training) components of the stock of human capital with survival and show that these components appear to be substitutes. Our results also indicate that the magnitudes of the education and training effects seem to be considerably lower for necessity-driven entrepreneurs.

Date: 2016
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