Change in capital structures and firm growth at the start-up stage
Project/Area Number |
20530215
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Single-year Grants |
Section | 一般 |
Research Field |
Applied economics
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Research Institution | Chuo University |
Principal Investigator |
YUJI Honjo Chuo University, 商学部, 教授 (00328030)
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Project Period (FY) |
2008 – 2010
|
Project Status |
Completed (Fiscal Year 2010)
|
Budget Amount *help |
¥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.
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Report
(4 results)
Research Products
(13 results)
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[Journal Article]2009
Author(s)
本庄裕司
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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
Related Report
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