Change in capital structures and firm growth at the start-up stage

• Project/Area Number: 20530215
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Applied economics
• Research Institution: Chuo University
• Principal Investigator: YUJI Honjo Chuo University, 商学部, 教授 (00328030)
• Project Period (FY): 2008 – 2010
• Project Status: Completed (Fiscal Year 2010)
• Budget Amount: ¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000); Fiscal Year 2010: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000); Fiscal Year 2009: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000); Fiscal Year 2008: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
• Keywords: スタートアップ / 資金調達 / 資本構成 / 変化 / 内部金融 / 成長 / 退出 / 生存分析 / 変遷(変化) / 流動性制約

Research Abstract

This study empirically examines the determinants of post-entry performance, including growth and exit, by focusing on start-up firms in Japan. The main results indicate that start-up firms with high internal cash generation are more likely to increase not only total assets and shareholders' equity, but also debt finance, such as loans provided by financial institutions. The findings prove the leverage effect of internal finance, which reduces the cost of external finance.

Research Products

• [Journal Article] The impact of internal finance on capital growth : evidence from start-up firms in Japan (2011)
  • Author(s): 本庄裕司
  • Journal Title: IBRCU Working Paper Series, Institute of Business Research, Chuo University No.28 Pages: 1-38
• [Journal Article] The impact of internal finance on capital growth : evidence from start-up firms in Japan (2011)
  • Author(s): Yuji Honjo
  • Journal Title: IBRCU Working Paper Series(中央大学企業研究所) Volume: 28(掲載決定(印刷中))
• [Journal Article] Heterogeneous exits : evidence from new firms (2010)
  • Author(s): Kato M., Honjo Y.
  • Journal Title: Discussion Paper Series, School of Economics, Kwansei Gakuin University No.64 Pages: 1-38
• [Journal Article] Heterogeneous exits : evidence from new firms (2010)
  • Author(s): Masatoshi Kato, Yuji Honjo
  • Journal Title: Discussion Paper Series (関西学院大学経済学部) Volume: 64 Pages: 1-38
• [Journal Article] Initial public offering intention : evidence from start-up firms in Japan (2010)
  • Author(s): Yuji Honjo, Kenji Kutsuna
  • Journal Title: Corporate Ownership and Control (掲載決定(印刷中))
  • Peer Reviewed
• [Journal Article] Initial public offering : evidence from start-up firms in Japan (2009)
  • Author(s): Honjo Y., Kutsuna K.
  • Journal Title: Corporate Ownership and Control Vol.7 Pages: 127-141
  • Peer Reviewed
• [Journal Article] 開業のダイナミクス-開業研究の展望と法人設立登記にもとづく実証分析- (2009)
  • Author(s): 本庄裕司,原田信行
  • Journal Title: 企業研究 第15号 Pages: 39-53
• [Journal Article] 開業のダイナミクス -開業研究の展望と法人設立登記にもとづく実証分析- (2009)
  • Author(s): 本庄裕司, 原田信行
  • Journal Title: 企業研究 15号 Pages: 39-63
• [Journal Article] (2009)
  • Author(s): 本庄裕司
  • Journal Title: 中小企業のライフサイクルと地域金融機関の役割(近代セールス社) Pages: 113-136
• [Presentation] How do start-up firms change their capital structures? Evidence form Japan (2010)
  • Author(s): 本庄裕司
  • Organizer: 日本経済学会秋季大会
  • Place of Presentation: 関西学院大学
  • Year and Date: 2010-09-18
• [Presentation] How do start-up firms change their capital structures? Evidence from Japan (2010)
  • Author(s): 本庄裕司
  • Organizer: 日本経済学会
  • Place of Presentation: 関西学院大学
  • Year and Date: 2010-09-18
• [Book] アントレプレナーシップの経済学 (2010)
  • Author(s): 本庄裕司
  • Total Pages: 207
  • Publisher: 同友館
• [Book] 創業・新事業支援,中小企業のライフサイクルと地域金融機関の役割 (2010)
  • Author(s): 本庄裕司
  • Publisher: 近代セールス社