This study investigates firm growth as the post-entry performance of new start-up firms. Using data on Japanese manufacturing firms founded during 1992-1996, the determinants of growth are identified among new start-up firms. The effect is examined, not only of firm-specific characteristics but...

This study shows that spin-offs acquire liquidity from their parent firms through the trade credit channel. We compare the trade credit of spin-offs with that of independent start-ups. Our findings reveal that spin-offs increase accounts payable when their parent firms are major suppliers....

This paper investigates firm growth as the post-entry performance of new start-up firms. Using data on Japanese manufacturing firms founded during 1992-1996, the determinants of growth among new start-up firms are identified. The effect not only of firm-specific characteristics, but also of...

This paper investigates business failure of newly-established software firms. Using a proportional hazards model, we estimate the determinants of business failure among software firms in Japan founded during 1986-1995. The main findings of this paper are as follows. First, software firms with...

This paper examines whether innovative start-ups have the intention to go public. Using a sample of electrical manufacturing firms in Japan, it is found that firms investing heavily in research and development (R&D) are more likely to have the intention to go public. From the viewpoint of...

Using microdata for Japan, we examine whether and how financial constraints discourage individuals from starting a business. As proxies for financial constraints, we use prefectural variations in the share of firms using physical collateral and personal guarantees. We find that individuals are...

This study explores the use of initial funding sources, using a unique sample of various types of start-up firms in Japan obtained from multiple surveys. We provide evidence on differences in the use of initial funding sources and their determinants across start-up firms, estimating a...