How Do the Human Capital Characteristics of Entrepreneurial Team Influence Corporate Financial Performance?

IF 0.6 Q4 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE

International Journal of Biometrics Pub Date : 2020-08-16 DOI:10.5539/ijbm.v15n9p34

Dan Long, Yuejun Tang, Xiaohua Fang, Ke-Chun Cai

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引用次数: 0

Abstract

Researches on the direct impact of the characteristics of top management team on corporate financial performance have obtained many achievements for a long time. Little literatures studied the relationship between human capital characteristics of entrepreneurial team and corporate financial performance. Based on the Upper Echelons theory, this paper empirically tests the relationship among the characteristics of entrepreneurial team, debt financing scale and corporate financial performance. It collects 1221 valid data from the datasets of listed companies on ChiNext in 2014-2016. Using multiple regression analysis, this paper finds that human capital characteristics of entrepreneurial team have a significant impact on corporate financial performance as well as debt financing scale. Besides, the debt financing scale plays a partial mediating role. This paper enriches Upper Echelons theory by focusing on human capital characteristics of entrepreneurial team in new ventures. Previous studies usually pay their attention to the human capital characteristics of top management team in main board listed companies. Besides, by verifying the mediating effect of debt financing scale, this paper inspires to explore the indirect relationship between human capital characteristics of entrepreneurial team and corporate financial performance.

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创业团队人力资本特征如何影响企业财务绩效?

长期以来，关于高层管理团队特征对公司财务绩效直接影响的研究取得了许多成果。研究创业团队人力资本特征与公司财务绩效关系的文献很少。本文基于上层梯队理论，实证检验了创业团队特征、债务融资规模与企业财务绩效之间的关系。它从2014-2016年的创业板上市公司数据集中收集1221个有效数据。通过多元回归分析，本文发现创业团队人力资本特征对企业财务绩效和债务融资规模有显著影响。此外，债务融资规模起部分中介作用。本文通过对新创企业创业团队人力资本特征的研究，丰富了上层梯队理论。以往的研究多关注主板上市公司高层管理团队的人力资本特征。此外，通过验证债务融资规模的中介作用，本文启发我们探索创业团队人力资本特征与企业财务绩效之间的间接关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Biometrics COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE-

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： Biometrics and human biometric characteristics form the basis of research in biological measuring techniques for the purpose of people identification and recognition. IJBM addresses the fundamental areas in computer science that deal with biological measurements. It covers both the theoretical and practical aspects of human identification and verification.