کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5089823 1375607 2011 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Determinants of start-up firm external financing worldwide
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Determinants of start-up firm external financing worldwide
چکیده انگلیسی
The typical new start-up firm acquires external financing in stages through its development. Researchers have frequently examined the later stages of financing; however, they have rarely analyzed the early stages of financing. This study examines the determinants of the initial start-up financing of entrepreneurial firms in 27 countries. There are information asymmetries and moral hazard problems inherent in the funding of an initial start-up firm. Empirical results show that institutional investors rely on the experience of entrepreneurs in managing start-ups and the quality of investor protection to reduce moral hazard. On the other hand, informal investors are also common in initial start-up funding. They tend to be attracted to the type of products in the new firm. In comparison, informal investors are likely to have a social relationship with the entrepreneur, and thus have information about that person's skill and character, which renders entrepreneurial experience less important.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 35, Issue 9, September 2011, Pages 2282-2294
نویسندگان
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