최초의 자산: 창업자의 특성이 신생기업에 미치는 영향

In this study, using ecological perspectives and resource dependence theory, we focus on role of initial assets of startup firms on their survival. More specifically, we explain how founders' attempts to link the organization to the environment decrease the likelihood of failure of startup companies. Following the liability of adolescence perspective, we argue that initial assets of startup companies enable them to weather the storm associated with being young and volatile organizations. We predict that founders' ability to provide external financial capital to organizations, founders' marketing and promotion attempts, and founders' mentors outside the organizations increase the initial assets thereby decreasing the likelihood of failure of startup companies. Using Panel Study of Entrepreneurial Dynamics (PSED) II data, we found support for our theory. Both founders' ability to provide external financial capital to organizations and founders' marketing and promotion attempts are negatively associated with firm failure. The impacts of mentor on firm failure were found only among the firms that are founded by female entrepreneurs. Our results suggest that entrepreneurs can increase the chances of survival of their startup firms with external financial capital and marketing and promotion, while female entrepreneurs can also use their mentors to decrease the risks associated with being young and unestablished firms.