Human capital of CEO entrepreneurs and bankruptcy of equity crowdfunded firms
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TexteLangue : français Détails de publication : 2021.
Ressources en ligne : Abrégé : A CEO entrepreneur is the central player in a firm’s financing trajectory. Based on signal theory, we assume that his or her human capital emits signals that may affect the probability of the firm going bankrupt. Using data relating to 277 CEO entrepreneurs financed by equity crowdfunding in France between 2010 and 2018, we show that firms led by those with PhDs have a lower probability of bankruptcy, while it is higher for those led by former managers.
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A CEO entrepreneur is the central player in a firm’s financing trajectory. Based on signal theory, we assume that his or her human capital emits signals that may affect the probability of the firm going bankrupt. Using data relating to 277 CEO entrepreneurs financed by equity crowdfunding in France between 2010 and 2018, we show that firms led by those with PhDs have a lower probability of bankruptcy, while it is higher for those led by former managers.
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