Once Bitten, Twice Shy? The Performance of Entrepreneurial Restarts
Once Bitten, Twice Shy? The Performance of Entrepreneurial Restarts
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一朝被蛇咬十年怕井绳？
DOI：
10.2139/ssrn.955756
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Georg Metzger
中科院分区：
文献类型：
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作者：
Georg Metzger
本文旨在分析创业体验对企业成长的影响。根据人力资本理论，谁拥有更高的人力资本？比其他人更成功。创业经验是一种人力资本，应该对企业绩效有正向影响。然而，在现实中，并不是所有类型的经历都只意味着增强了知识。糟糕的经历，在这里是失败的经历，可能同样是企业家软弱的信号，因此，也是在可能的进一步商业冒险中保持克制的理由。这种失败经验对公司成功的模棱两可的影响需要对这个问题进行深入分析。因此，本文对有经验的创业者和新手企业进行了实证比较。分析表明，创业经验对企业成长有正向影响。单独考虑失败经历会带来负面影响。结合其他控制措施解释这一发现表明，失败的企业家确实在公司增长方面表现得更加谨慎。
The aim of this paper is to analyze the effect of entrepreneurial experience on firm growth. According to the human capital theory, individuals who have higher ?human capital? are more successful than others. Entrepreneurial experience is a kind of human capital and, therefore, should affect firm performance positively. In reality, however, not all types of experience indicate enhanced knowledge alone. Bad experience, here the experience of failure, might equally be a signal for entrepreneurial weakness and, thus, an argument for exercising restraint in possible further business ventures. The ambiguous effects of this failure experience on firm success necessitate an in-depth analysis of the issue. Therefore, this paper contains an empirical comparison of firms involving experienced entrepreneurs and novice firms. The analysis shows that entrepreneurial experience affects firm growth positively. Accounting for failure experience separately reveals a negative effect. Interpreting this finding in combination with other control measures indicates that failed entrepreneurs indeed behave more cautiously regarding firm growth.