#5256. Cash holdings in start-ups: The role of founder sociodemographic characteristics

August 2026publication date
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Journal’s subject area:
Marketing;
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Abstract:
In this study, we examine the determinants of excess cash holdings on start-ups paying particular attention to the role of the sociodemographic and educational characteristics of the founder. Using a mandatory database that combines firm-level financial data with the founders data, we find that founder characteristics provide predictive power in explaining excess cash holdings. Male founders who are older and foreign tend to hold more cash. Additionally, we find that start-ups with greater investment opportunities hold less cash.
Keywords:
Cash determinants; Cash holdings; fsQCA; Start-ups; Trade-off theory; Upper echelons theory

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