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Journal Articles Journal of Economics and Business Year : 2003

Start-up financing, owner characteristics, and survival


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.

Dates and versions

hal-00480047 , version 1 (03-05-2010)



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


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