Equity split evolution in entrepreneurial teams: Assessing financial contributions and human capital
利用Kauffman企业调查纵向数据，通过博弈论模型分析创业团队股权分配的动态演化，发现财务贡献的初始影响随隐性人力资本凸显而减弱，为不同阶段股权决策提供参考。
Proper equity splits play a vital role in the success of entrepreneurial teams, yet the literature lacks a comprehensive understanding of their evolving nature. This study addresses this gap by analyzing the dynamic and evolutionary process of equity splits using longitudinal data. Through the development of a game-theory model incorporating human-capital signals, we illuminate the impact of these factors. Utilizing data from the Kauffman Firm Survey and employing fixed- and mixed-effects modeling, we uncover significant findings. Initially, financial contributions shape equity splits, but their influence diminishes as hidden human capital gains prominence. Education attainment and work experience have no direct effect, while prior entrepreneurial experience influences the initial year but not subsequent equity resplitting. Our research offers practical insights for making informed equity-split decisions in the early and later stages of ventures. Nonetheless, it’s important to note some limitations in our research stemming from the lack of information on individual entrepreneurs’ performance within entrepreneurial teams, which could enrich the measurement of hidden human capital.