Human capital, financial strategy and small firm performance: a study of Canadian entrepreneurs

Amarjit Gill, Călin Gurău, Leo Dana and Carlos Raúl Sánchez
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Amarjit Gill: U of S - University of Saskatchewan [Saskatoon, Canada]
Călin Gurău: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier
Carlos Raúl Sánchez: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier

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Abstract: This study investigates the relationship between human capital, financial strategy, and small firm performance in Canadian firms, analysing primary data collected through telephone surveys from 187 start-up owners. The results show that bank connections, entrepreneurial experience, internal financing sources, and investment motivations are positively correlated with the performance of small ventures; bank connections, entrepreneurial experience, personal financial sources, and risk diversification have a positive correlation with the net profit margin; while bank connections and the financial investment of immediate family members show a positive correlation with both return on investment and cash flow. The study enriches the literature concerning the factors affecting small firms' performance, exploring, both synthetically and analytically, the complex relationships between human, social and financial capital.

Date: 2017
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Published in International Journal of Entrepreneurship and Small Business, 2017, 31 (4), pp.492-513. ⟨10.1504/IJESB.2017.085428⟩

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Journal Article: Human capital, financial strategy and small firm performance: a study of Canadian entrepreneurs (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02008541

DOI: 10.1504/IJESB.2017.085428

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