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Venture Capital versus Bank Financing in Innovative German Firms
Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW...
Persistent link: https://www.econbiz.de/10004963653
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Debt as Venture Capital
Ibrahim, Darian M. - 2010
Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash flows, tangible collateral, or personal guarantees from entrepreneurs able to attract billions of dollars in loans each year? And why do start-ups take on debt rather than rely...
Persistent link: https://www.econbiz.de/10013152530
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The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs : Evidence from Germany
Zimmermann, Volker; Werwatz, Axel; Schäfer, Dorothea - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010260685
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The determinants of debt and (private-) equity financing in young innovative SMEs: Evidence from Germany
Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010298280
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Financial signalling by innovative nascent entrepreneurs
Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009
innovation as well as the projectś feasibility. Our analysis of 900 nascent entrepreneurs finds that patents and prototypes … increase the likelihood of obtaining equity finance. Thus, if signals are credible, innovation positively impacts external … that the relation between finance and innovation depends on the stage of a start-up lifecycle. -- Innovation …
Persistent link: https://www.econbiz.de/10003809914
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Financial signaling by innovative nascent entrepreneurs
Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009
innovation as well as the project’s feasibility. Our analysis of 900 nascent entrepreneurs finds that patents and prototypes … increase the likelihood of obtaining equity finance. Thus, if signals are credible, innovation positively impacts external … that the relation between finance and innovation depends on the stage of a start-up lifecycle. -- Innovation …
Persistent link: https://www.econbiz.de/10003836942
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Debt Financing, Survival, and Growth of Start-Up Firms
Cole, Rebel A. - 2017
We analyze the relation between different forms of debt financing at the firm's start-up and subsequent firm outcomes. We distinguish between business debt, obtained in the name of the firm, and personal debt, obtained in the name of the firm's owner and used to finance the start-up firm....
Persistent link: https://www.econbiz.de/10012972659
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The Dynamics of Capital Structure in U.S. Start-Up Businesses
Cotei, Carmen - 2017
In this article, we examine how startup firms finance their operations over time. We empirically test the financial growth cycle theory developed by Berger and Udell (1998) using the Kauffman Firm Survey data, the largest longitudinal data set comprised of all U.S. startups launched in 2004....
Persistent link: https://www.econbiz.de/10012969234
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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - 2012
detected by merely estimating single-equation models for R&D intensity and debt financing. -- Innovation financing ; capital …
Persistent link: https://www.econbiz.de/10009510150
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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - 2011
detected by merely estimating single-equation models for R&D intensity and debt financing. -- innovation financing ; capital …
Persistent link: https://www.econbiz.de/10009523478