報告テーマ：Human Capital Effects on Fundraising of Necessity- and Opportunity-based Entrepreneurs
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;