The Effects of General and Specific Human Capital on Long–Term Growth and Failure of Newly Founded Businesses
基于人力资本理论，研究了通用和专用人力资本如何影响新创企业的长期成长和失败，发现通用人力资本通过成长间接影响失败，而专用人力资本与成长无关但直接降低失败率。
The model developed in this paper draws on human capital theory to explain how newly founded business ventures achieve long–term growth and reduce their chances of failure. Using a sample of 201 business start–ups and assessing growth and venture failure over a period of 12 years, we found that general and specific human capital lead to growth and failure in different ways. More specifically, we found that the effect of general human capital on failure was mediated by growth. Unexpectedly, specific human capital was not related to growth and had direct negative effects on business failure.