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Start-up financing, owner characteristics, and survival

Abstract : We investigated the relation between the survival of new small businesses and bank loans. This was done using a model that included other loan sources, human capital variables, and company and industry descriptors. We found there is a negative correlation between having a bank loan and business survival, and a positive correlation between having a non-bank loan and survival. However, having a bank loan was a ceteris paribus positive predictor of the survival of start-up companies. Our findings enabled some inferences about the process of loan source selection by start-up business owners, and about the banks' loan granting process.
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Submitted on : Monday, May 3, 2010 - 2:10:55 PM
Last modification on : Saturday, June 25, 2022 - 10:50:44 AM

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Thomas Astebro, Irwin Bernhardt. Start-up financing, owner characteristics, and survival. Journal of Economics and Business, Elsevier, 2003, 55 (4), pp.303-320. ⟨10.1016/S0148-6195(03)00029-8⟩. ⟨hal-00480047⟩



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