Starting year 2023

Nanzan University
Faculty of Economics
Associate Professor

Research fields


Research Interests

Corporate finance
Entrepreneurial finance

Professional Memberships

Japanese Economic Association
Japan Society of Monetary Economics

Main research topics

My research topic is the financing of new firms.

For example, I recently examined how entrepreneurs’ human capital affects their financing. In recent entrepreneurship research, exploring the differences between opportunity entrepreneurs (individuals who start a business to take advantage of a business opportunity) and necessity entrepreneurs (individuals who start a business out of necessity) has received considerable attention. This strand of literature had argued that necessity entrepreneurs are more likely to face financial constraints than opportunity entrepreneurs. However, because these studies had not considered entrepreneurs’ human capital, which is another crucial factor of their financing, the mutual relationship between the entrepreneur types (opportunity or necessity) and human capital had not revealed.

Against this background, by combining these two factors, I empirically investigated which have a larger impact on entrepreneurs’ financing. As a result, I found that necessity entrepreneurs with high levels of human capital are more satisfied with their financing than opportunity entrepreneurs without such human capital. This result reinforces the importance of entrepreneurs’ human capital in their financing.

Representative papers

Naiki, Eriko, and Yuta Ogane, “Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs,” Small Business Economics, 59(2), pp.721–741, August 2022.

Research URL

researchmap https://researchmap.jp/1000070801968

Global issues to be solved through this project

Realization of financial facilitation for new firms

In this project, I aim to obtain knowledge to realize financial facilitation for new firms. New financial technologies that emerged in recent years (e.g., FinTech) have offered firms various options to raise funds. Meanwhile, due to the diffusion of these technologies, the gap between firms that can acquire sufficient funds and those that cannot has increased even further; in particular, this tendency is pronounced among new firms. Given that (1) entrepreneurship plays a major role in innovation and job creation and (2) entrepreneurial success largely depends on fundraising, financial facilitation for new firms must be one of the important issues to be solved.


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