This study explores the use of initial funding sources, using a unique sample of various types of start-up firms in Japan obtained from multiple surveys. We provide evidence on differences in the use of initial funding sources and their determinants across start-up firms, estimating a...

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,...

Using a sample from an original questionnaire survey in Japan, this paper explores whether and how founders’ human capital affects innovation outcomes by start-ups. The results provide evidence that founders with greater human capital are more likely to yield innovation outcome. However,...