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Entrepreneurial Human Capital

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We argue that formal schooling and wage-work experience are complementary typesof human capital for entrepreneurs. Strong empirical support is found for this hypothesisas the interaction term between schooling and actual wage-work experience enterspositively and significantly in a Mincer equation, whereas the effect of schooling in theabsence of wage-work experience is insignificant. These results are extremely robusttowards more flexible specifications, including fixed-effects estimations dealing withunobserved heterogeneity. For wage workers, the interaction term is negligible, confirmingthat the complementarity is a distinct characteristic of entrepreneurial humancapital.

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Jens Iversen, Nikolaj Malchow-Møller, Anders Sørensen

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