“…Second, by theorizing and empirically demonstrating the moderating effect of managerial experience as a human capital variable on the contingent relationships between relative pay level and non-financial rewards on employee retention, we enrich our knowledge of human capital beyond its main and two-way interaction effects commonly examined in entrepreneurship (e.g., Chowdhury & Schulz, 2022; Ucbasaran et al, 2008; Zarutskie, 2010) and human resource management research (Bau & Dowling, 2007; Park, 2012; von Bonsdorff, 2011). Moreover, by highlighting the role of employees’ human capital in employee retention in entrepreneurial new ventures, our research contributes to the existing entrepreneurship literature which predominantly focuses on the influence of entrepreneurs’ or founding team members’ human capital on entrepreneurial outcomes (Amaral et al, 2011; Colombo & Grilli, 2005; Dimov & Shepherd, 2005; Manolova et al, 2007).…”