Is personal initiative training a substitute or complement to the existing human capital of women? Results from a randomized trial in Togo

Personal initiative training—a psychology-based mindset training program—delivers lasting improvements for female business owners in Togo. Which types of women benefit most? Theories of dynamic complementarity would suggest training should work better for those with higher pre-existing human capital, but there are also reasons why existing human capital might inhibit training participation or substitute for its effects. We examine the heterogeneity in treatment impact according to different types of human capital. We find little evidence of either complementarities or substitutability, suggesting this new business training approach can work for a wide range of human capital levels.