Financial Research Center (HCFR)Financial Research Center (HCFR)


The 2nd Finance Workshop held

Back to Workshop List

Date: June 25th, Thurs. 17:00-18:00

Speaker: Yuta Ogane (Nanzan University)

Co-author: Eriko Uchiki (Aichi Gakuin University)

Title: Human Capital Effects on Fundraising of Necessity- and Opportunity-based Entrepreneurs
Discussant: Masanori Ohkuma (Okayama University)


This paper examines the effects of human capital on solving fundraising problems of necessity- and opportunity-based entrepreneurs by using a survey of 3,767 new firms in Japan. The major findings of this paper are the following three points. First, necessity-based entrepreneurs tend to be inferior to opportunity-based entrepreneurs in fundraising. Second, experience related to current job contributes to solving fundraising problems for both necessity- and opportunity-based entrepreneurs. Third, necessity-based entrepreneurs who have such experience are less likely to have fundraising problems than opportunity-based entrepreneurs who do not have any human capital.

JEL classification: L26; M13; M21
Keywords: Human capital; Fundraising; Necessity-based entrepreneurs;
Opportunity-based entrepreneurs

Back to Workshop List