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As hypothesis 1 predicts, employee human capital has a strong and positive effect on innovation. The same goes for the intensity of human resource management: in small, newly established firms innovation is stimulated by developing the management of human resources. As such, hypothesis 2 is also confirmed. So, even when controlled for an elaborate series of control variables (including management professionalism and company history), both employee human capital and human resource management are to be considered as important elements of the creating process leading to innovation. As such, it is confirmed that the development, acquisition or transformation of new knowledge (innovation) in small newly established enterprises depends not only on the human resource pool (the ‘position’ aspect of the resource-based view) but also on the way in which these human resources are managed (‘managerial process’) (Baldwin & Gellatly, 2003; Hayton, 2003; Laursen & Foss, 2003; Sundbo, 1999; Youndt et al., 1996).No support has been found for hypothesis 3. As such, there are no direct effects of entrepreneur/entrepreneurial team human capital (including board/governance and external advice) on innovation. This implies that the direct ‘resource position’ aspect of the entrepreneur/entrepreneurial team human capital is not confirmed here. In other words, creator aspects do not directly lead to new value creation. In this respect, hypotheses 4 and 5 gain importance as to verify whether entrepreneur/entrepreneurial team human capital has an effect on HRM and/or on employee human capital, since the latter strongly affect innovation. Or, put differently, it is important to verify whether the ‘managerial process’ side of the entrepreneur/entrepreneurial team human capital – innovation link holds
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