This article examines whether founders’ human capital affects not only actual investment but also required investment in research and development (R&D), using the original data of Japanese start-up firms. The estimation results indicate that higher levels of founders’ human capital, especially their education levels, increase both actual and required investment in R&D and thus do not necessarily contribute to reducing the funding gap for R&D.
CITATION STYLE
Honjo, Y., Kato, M., & Okamuro, H. (2014). R&D investment of start-up firms: Does founders’ human capital matter? Small Business Economics, 42(2), 207–220. https://doi.org/10.1007/s11187-013-9476-x
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