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• W1580963339 abstract "This paper explores research and development (R&D) financing of start-up firms. Using a sample from an original survey conducted in 2008, we identify whether initial funds and founder-specific characteristics relate to R&D investment of start-up firms in Japan. It is found that internal finance is positively associated with R&D investment. It is also found that founders with higher educational background, prior innovation output and academic affiliation tend to raise more funds for R&D. On the other hand, we provide evidence that the effects of founders' human capital are mediated by investment opportunities, which would indicate that R&D investment of start-up firms depends heavily on investment opportunities." @default.
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• W1580963339 date "2010-03-01" @default.
• W1580963339 modified "2023-09-27" @default.
• W1580963339 title "R&D financing of start-up firms : How much does founders' human capital matter?" @default.
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