Human capital determinants of the survival of entrepreneurial service firms in Spain |
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Authors: | Iván Arribas José E Vila |
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Institution: | (1) Department of Economic Analysis, Laboratory for Research in Experimental Economics (LINEEX), University of Valencia, Avda. dels Taronjers s/n, Edificio departamental Oriental, 46022 Valencia, Spain |
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Abstract: | The claim of this paper is that an entrepreneur’s human capital constitutes a key determinant of the survival time of new
service industry companies created in Spain. To confirm this claim, a series of survival models has been specified and estimated
for a sample of 237 Spanish service industry companies founded by one or more entrepreneurs between the years 2000 and 2004.
We found that (1) both general and specific human capital have a positive impact on the survival time of a new firm and (2)
human capital is accumulative, in the sense that the larger the number of entrepreneurs founding the company, the longer its
survival time. We find that the specific aspects of human capital that are determinants of a company’s survival time are gender,
previous work experience in the same activity or as the owner of a firm, and the number of partners. However, educational
and training characteristics do not play a relevant role as regards a firm’s survival time. These facts suggest the presence
of a gap between the objectives and results of current entrepreneurial-oriented training in Spain. |
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Keywords: | Entrepreneurship Human capital Survival time Hazard models |
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