Policymakers have long supported the development of venture capital markets on the basis that venture capital fills a perceived gap in the availability of early stage seed capital funding for new technology-based firms (NTBFs). Support from policymakers, however, has not been matched by academic...

Despite their increasing importance in innovation, employment creation and economic growth, there is a dearth of theory-driven research on the financing and capital structure of new technology-based firms (NTBFs). Hogan and Hutson (2005a) advance the High-Technology Pecking Order Hypothesis...