This study examines and compares characteristics, financing patterns, and performance outcomes of women-owned and men-owned young entrepreneurial firms. Using fully imputed data from the Kauffman Firm Surveys of U.S. start-up firms, we first examine the differences in firm and owner...

We model theoretically the optimal capital structure of entrepreneurial firm relying on an endogenous estimation of the return requested by entrepreneurs that compensates for the risk they incur in case of bankruptcy. We estimate the probability according to the Bayesian approach. We also...

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Entrepreneurs rely on a spectrum of financing options for new companies. I analyze two key aspects: the role of debt and bank loans in the early financing of new firms and the relationship between financing choice and subsequent innovation trajectory. I use microdata in the confidential Kauffman...

Technological innovation is not exclusive to great industrial groups. Sometimes, innovative and dynamic companies emerge in high-tech sectors and constitute a serious threat for some industry giants. However, the high reactivity of these small companies is generally impaired by problems of...

This study examines the extent to which individual demographic characteristics of owners influence capital structure desisions. Using the Federal Reserve's 2003 Survey of Small Business Finances, we estimate the joint effects of traditional capital structure determinants and manager age, gender,...

Two main approaches have been utilized to explain the relationship between entrepreneurs and their investors. The first is based on the separation of ownership and management i.e. the so-called principal-agent approach. The second emphasizes trust and cooperation in the relationship. This...

This short paper is the extended part of Ghouri, et al. (2011) study. This paper presents the finding about the owners of restaurant and catering businesses marketing practices. This study showed their mindset about the marketing practices. The findings suggest that owners of restaurants and...

Roughly one-third of our sample firms show substantial ownership structure changes over time. Growth potential, risk sharing, and demand for external capital seem to be the main reasons behind dilutions of ownership structures, and these firms show strong growth in the following five years....

We present a theory of entrepreneurial behavior that explores the relationship between overconfidence and successful firm outcomes, such as acquisition or IPO. In our model, increasing overconfidence produces two conflicting effects on the probability of a successful outcome: it not only induces...