Unlocking the dual impact: Human capital's influence on mean and variability in new venture performance
Bibliographic record
Abstract
Existing studies of new venture founders’ human capital (e.g. industry work experience, past venture experience, and education) reveal its impact on the expected mean of firm performance, largely neglecting its possible nontrivial effect on performance variability. This study is an attempt to fill this gap. By drawing on the insights of the behavioral theory of the firm, we argue that the aspirations bred by the founders’ human capital are associated with new venture performance variability. Using a multiplicative heteroscedasticity regression model, we find that work experience increases performance variability without increasing the performance mean. In contrast, past venture experience positively affects the firm's mean performance without affecting variability. Education increases performance variability while decreasing the performance mean. We also find that having patents and venture capital funding affects both the mean and the performance variability, albeit in opposite directions.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".