Prior research (Wells, 1974; MacMillan, 1985, 1987; Shepherd, 1999) has focused on examining VCs' decision making at the pre-investment stage. Few studies have investigated VCs' financing decisions at the post-investment stage, and the differences between investment and reinvestment. Some scholars...

Everyone experiences failure at some point in their lifetime. Entrepreneurs, especially, have a high incidence of failure, with estimates that over sixty percent fail within six years. Yet, a high percentage of failed entrepreneurs recover and persevere to start another business. Sometimes, they...