2010 Fiscal Year Final Research Report
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 |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | Chuo University |
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Principal Investigator |
YUJI Honjo Chuo University, 商学部, 教授 (00328030)
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| Project Period (FY) |
2008 – 2010
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| 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 |
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| 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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