Many Roads Lead to Rome: How Human, Social, and Financial Capital Are Related to New Venture Survival
基于主观主义创业理论，采用组态方法分析人力、社会和金融资本组合如何影响新创企业生存，发现过度依赖金融资本反而不利，为资本禀赋是替代还是互补的争论提供新视角。
Given variance in entrepreneurs’ capital endowments, the question of sufficient (or insufficient) starting conditions enabling a pathway to survival is critical in entrepreneurship. Drawing on the subjectivist theory of entrepreneurship (STE), we adopt a configurational approach. Our results show how combinations of human and social capital are related to survival while overreliance on financial capital is not. From a subjectivist perspective, we reveal a potential gap between identifying and exploiting an opportunity. The findings provide some novel insights that help reframe conflicting results as to whether capital endowments are substitutes or complements.