메뉴 건너뛰기




Volumn 22, Issue 6, 2007, Pages 753-781

A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs

Author keywords

Business angel; Entrepreneur; Financing strategy; Start up finance; Venture capital

Indexed keywords


EID: 34547144183     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusvent.2006.07.003     Document Type: Article
Times cited : (94)

References (60)
  • 1
    • 3042539839 scopus 로고    scopus 로고
    • Organizing rent generation and appropriation: toward a theory of the entrepreneurial firm
    • Alvarez S.A., and Barney J.B. Organizing rent generation and appropriation: toward a theory of the entrepreneurial firm. Journal of Business Venturing 19 (2004) 621-635
    • (2004) Journal of Business Venturing , vol.19 , pp. 621-635
    • Alvarez, S.A.1    Barney, J.B.2
  • 2
    • 33749632310 scopus 로고    scopus 로고
    • The legislative road to Silicon Valley
    • Armour J., and Cumming D. The legislative road to Silicon Valley. Oxford Economic Papers 58 (2006) 596-635
    • (2006) Oxford Economic Papers , vol.58 , pp. 596-635
    • Armour, J.1    Cumming, D.2
  • 3
    • 28744442043 scopus 로고    scopus 로고
    • Entrepreneurship capital and regional growth
    • Audretsch D., and Keilbach M. Entrepreneurship capital and regional growth. Annals of Regional Science 39 3 (2005) 457-469
    • (2005) Annals of Regional Science , vol.39 , Issue.3 , pp. 457-469
    • Audretsch, D.1    Keilbach, M.2
  • 5
    • 34547218733 scopus 로고    scopus 로고
    • Dynamic financing strategies: the role of venture capital
    • Baeyens K., and Manigart S. Dynamic financing strategies: the role of venture capital. Journal of Private Equity 7 1 (2003) 50-58
    • (2003) Journal of Private Equity , vol.7 , Issue.1 , pp. 50-58
    • Baeyens, K.1    Manigart, S.2
  • 6
    • 34547146683 scopus 로고    scopus 로고
    • Who Gets Private Equity? The Role of Debt Capacity and Growth Options
    • University of Ghent
    • Baeyens K., and Manigart S. Who Gets Private Equity? The Role of Debt Capacity and Growth Options. Working Paper (2005), University of Ghent
    • (2005) Working Paper
    • Baeyens, K.1    Manigart, S.2
  • 7
    • 0000628928 scopus 로고    scopus 로고
    • Convertible securities and optimal exit decisions in venture capital finance
    • Bascha A., and Walz U. Convertible securities and optimal exit decisions in venture capital finance. Journal of Corporate Finance 7 (2001) 285-306
    • (2001) Journal of Corporate Finance , vol.7 , pp. 285-306
    • Bascha, A.1    Walz, U.2
  • 8
    • 33751214125 scopus 로고    scopus 로고
    • Financing practices in the German venture capital industry: an empirical assessment
    • Bascha A., and Walz U. Financing practices in the German venture capital industry: an empirical assessment. CFS Working Paper No. 02-08 (2002)
    • (2002) CFS Working Paper No. 02-08
    • Bascha, A.1    Walz, U.2
  • 9
    • 0000271059 scopus 로고    scopus 로고
    • Venture capital financing, moral hazard, and learning
    • Bergemann D., and Hege U. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22 (1998) 703-735
    • (1998) Journal of Banking and Finance , vol.22 , pp. 703-735
    • Bergemann, D.1    Hege, U.2
  • 11
    • 33749018327 scopus 로고    scopus 로고
    • The entrepreneur's initial contact with a venture capitalist: why good projects may choose to wait
    • Swedish School of Economics and Business Administration
    • Berglund T.P., and Johansson E. The entrepreneur's initial contact with a venture capitalist: why good projects may choose to wait. Working Paper (1999), Swedish School of Economics and Business Administration
    • (1999) Working Paper
    • Berglund, T.P.1    Johansson, E.2
  • 12
    • 3242759653 scopus 로고    scopus 로고
    • Bootstrap finance: the art of start-ups
    • Sahlman W.A., et al. (Ed), Harvard Business School Press
    • Bhidé A. Bootstrap finance: the art of start-ups. In: Sahlman W.A., et al. (Ed). The Entrepreneurial Venture. 2nd Edition (1999), Harvard Business School Press
    • (1999) The Entrepreneurial Venture. 2nd Edition
    • Bhidé, A.1
  • 13
    • 84905635263 scopus 로고    scopus 로고
    • Beyond the 'employee or entrepreneur' dichotomy: accounting for entrepreneurial persistence and type
    • Universities of Warwick, St. Andrews
    • Burke A., FitzRoy F., and Nolan M. Beyond the 'employee or entrepreneur' dichotomy: accounting for entrepreneurial persistence and type. Working Paper (2003), Universities of Warwick, St. Andrews
    • (2003) Working Paper
    • Burke, A.1    FitzRoy, F.2    Nolan, M.3
  • 14
    • 0142157063 scopus 로고    scopus 로고
    • Financing and advising: optimal financial contracts with venture capitalists
    • Casamatta C. Financing and advising: optimal financial contracts with venture capitalists. Journal of Finance 58 5 (2003) 2059-2086
    • (2003) Journal of Finance , vol.58 , Issue.5 , pp. 2059-2086
    • Casamatta, C.1
  • 15
    • 0842333785 scopus 로고    scopus 로고
    • The financing of business start-ups
    • Cassar G. The financing of business start-ups. Journal of Business Venturing 19 (2004) 261-283
    • (2004) Journal of Business Venturing , vol.19 , pp. 261-283
    • Cassar, G.1
  • 16
    • 34547201287 scopus 로고    scopus 로고
    • Angels, venture capitalists, and entrepreneurs: a dynamic model of private equity financing
    • Boston College
    • Chemmanur T., and Chen Z. Angels, venture capitalists, and entrepreneurs: a dynamic model of private equity financing. Working Paper (2002), Boston College
    • (2002) Working Paper
    • Chemmanur, T.1    Chen, Z.2
  • 17
    • 0037237268 scopus 로고    scopus 로고
    • Stage financing and the role of convertible debt
    • Cornelli F., and Yosha O. Stage financing and the role of convertible debt. Review of Economic Studies 70 (2003) 1-32
    • (2003) Review of Economic Studies , vol.70 , pp. 1-32
    • Cornelli, F.1    Yosha, O.2
  • 18
    • 34547175531 scopus 로고    scopus 로고
    • Cosh, A., Cumming, D., Hughes, A., 2005. Outside entrepreneurial capital. Working Paper, University of Cambridge and RPI.
  • 19
    • 0036168243 scopus 로고    scopus 로고
    • Funding gaps: a symposium
    • Cressy R. Funding gaps: a symposium. Economic Journal 112 2 (2002) F1-F16
    • (2002) Economic Journal , vol.112 , Issue.2
    • Cressy, R.1
  • 20
    • 20444440303 scopus 로고    scopus 로고
    • Capital structure in venture finance
    • Cumming D. Capital structure in venture finance. Journal of Corporate Finance 11 3 (2005) 550-585
    • (2005) Journal of Corporate Finance , vol.11 , Issue.3 , pp. 550-585
    • Cumming, D.1
  • 21
    • 18144383547 scopus 로고    scopus 로고
    • Agency costs, institutions, learning and taxation in venture capital contracting
    • Cumming D. Agency costs, institutions, learning and taxation in venture capital contracting. Journal of Business Venturing 20 5 (2005) 573-622
    • (2005) Journal of Business Venturing , vol.20 , Issue.5 , pp. 573-622
    • Cumming, D.1
  • 22
  • 23
    • 3042583845 scopus 로고    scopus 로고
    • Dispersed knowledge and an entrepreneurial theory of the firm
    • Dew N., Velamuri S.R., and Venkataraman S. Dispersed knowledge and an entrepreneurial theory of the firm. Journal of Business Venturing 19 5 (2004) 659-679
    • (2004) Journal of Business Venturing , vol.19 , Issue.5 , pp. 659-679
    • Dew, N.1    Velamuri, S.R.2    Venkataraman, S.3
  • 26
    • 34547189450 scopus 로고    scopus 로고
    • Understanding venture capital structure: a tax explanation for convertible preferred stock
    • Gilson R., and Schizer D. Understanding venture capital structure: a tax explanation for convertible preferred stock. Columbia Law School Working Paper No. 230 (2002)
    • (2002) Columbia Law School Working Paper No. 230
    • Gilson, R.1    Schizer, D.2
  • 29
    • 0003903723 scopus 로고    scopus 로고
    • IPOs, acquisitions and the use of convertible securities in venture capital
    • Sauder School of Business
    • Hellmann Th. IPOs, acquisitions and the use of convertible securities in venture capital. Working Paper (2000), Sauder School of Business
    • (2000) Working Paper
    • Hellmann, Th.1
  • 30
    • 0003903723 scopus 로고    scopus 로고
    • Going public and the option value of convertible securities in venture capital
    • Sauder School of Business
    • Hellmann Th. Going public and the option value of convertible securities in venture capital. Working Paper (2000), Sauder School of Business
    • (2000) Working Paper
    • Hellmann, Th.1
  • 31
    • 34547146682 scopus 로고    scopus 로고
    • Entrepreneurship in the theory of the firm: the process of obtaining resources
    • Sauder School of Business
    • Hellmann Th. Entrepreneurship in the theory of the firm: the process of obtaining resources. Working Paper (2002), Sauder School of Business
    • (2002) Working Paper
    • Hellmann, Th.1
  • 32
    • 4344630945 scopus 로고    scopus 로고
    • What do entrepreneurs pay for venture capital affiliation?
    • Hsu D.H. What do entrepreneurs pay for venture capital affiliation?. Journal of Finance 59 4 (2004) 1805-1844
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1805-1844
    • Hsu, D.H.1
  • 33
    • 1842759780 scopus 로고    scopus 로고
    • The effect of capital market characteristics on the value of start-up firms
    • Inderst R., and Müller H. The effect of capital market characteristics on the value of start-up firms. Journal of Financial Economics 72 2 (2004) 319-356
    • (2004) Journal of Financial Economics , vol.72 , Issue.2 , pp. 319-356
    • Inderst, R.1    Müller, H.2
  • 34
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs, and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 35
    • 0037507344 scopus 로고    scopus 로고
    • The optimal portfolio of start-up firms in venture capital finance
    • Kanniainen V., and Keuschnigg C. The optimal portfolio of start-up firms in venture capital finance. Journal of Corporate Finance 9 (2003) 521-534
    • (2003) Journal of Corporate Finance , vol.9 , pp. 521-534
    • Kanniainen, V.1    Keuschnigg, C.2
  • 36
    • 3042649312 scopus 로고    scopus 로고
    • Start-up investment with scarce venture capital support
    • Kanniainen V., and Keuschnigg C. Start-up investment with scarce venture capital support. Journal of Banking and Finance 28 8 (2004) 1935-1959
    • (2004) Journal of Banking and Finance , vol.28 , Issue.8 , pp. 1935-1959
    • Kanniainen, V.1    Keuschnigg, C.2
  • 37
    • 0038660446 scopus 로고    scopus 로고
    • Financial contracting theory meets the real world: an empirical analysis of venture capital contracts
    • Kaplan S., and Strömberg P. Financial contracting theory meets the real world: an empirical analysis of venture capital contracts. Review of Economic Studies 70 2 (2003) 281-315
    • (2003) Review of Economic Studies , vol.70 , Issue.2 , pp. 281-315
    • Kaplan, S.1    Strömberg, P.2
  • 38
  • 39
    • 33846588719 scopus 로고    scopus 로고
    • Entrepreneurship and the stigma of failure
    • University of Chicago
    • Landier A. Entrepreneurship and the stigma of failure. Working Paper (2002), University of Chicago
    • (2002) Working Paper
    • Landier, A.1
  • 40
    • 2942741891 scopus 로고    scopus 로고
    • Entrepreneurship
    • Stanford University
    • Lazear E. Entrepreneurship. Working Paper (2002), Stanford University
    • (2002) Working Paper
    • Lazear, E.1
  • 41
    • 0037213857 scopus 로고    scopus 로고
    • Public versus private venture capital: seeding or crowding out? A pan-European analysis
    • Leleux B., and Surlemont B. Public versus private venture capital: seeding or crowding out? A pan-European analysis. Journal of Business Venturing 18 (2003) 81-104
    • (2003) Journal of Business Venturing , vol.18 , pp. 81-104
    • Leleux, B.1    Surlemont, B.2
  • 42
    • 0000978981 scopus 로고    scopus 로고
    • Angels financing and public policy: an overview
    • Lerner J. Angels financing and public policy: an overview. Journal of Banking and Finance 22 (1998) 773-783
    • (1998) Journal of Banking and Finance , vol.22 , pp. 773-783
    • Lerner, J.1
  • 44
    • 0031616466 scopus 로고    scopus 로고
    • Why firms issue convertible bonds: the matching of financial and real investment options
    • Mayers D. Why firms issue convertible bonds: the matching of financial and real investment options. Journal of Financial Economics 47 (1998) 83-102
    • (1998) Journal of Financial Economics , vol.47 , pp. 83-102
    • Mayers, D.1
  • 45
    • 38249015973 scopus 로고
    • Defining the inventor-entrepreneur in the context of established typologies
    • Miner J., Smith N.R., and Bracker J.S. Defining the inventor-entrepreneur in the context of established typologies. Journal of Business Venturing 7 (1992) 103-113
    • (1992) Journal of Business Venturing , vol.7 , pp. 103-113
    • Miner, J.1    Smith, N.R.2    Bracker, J.S.3
  • 46
    • 84944839404 scopus 로고
    • Interactions of corporate financing and investment decisions: implications for capital budgeting
    • Myers S. Interactions of corporate financing and investment decisions: implications for capital budgeting. Journal of Finance 29 1 (1974) 1-25
    • (1974) Journal of Finance , vol.29 , Issue.1 , pp. 1-25
    • Myers, S.1
  • 47
    • 0041152099 scopus 로고    scopus 로고
    • Outside equity
    • Myers S. Outside equity. Journal of Finance 55 3 (2000) 1005-1037
    • (2000) Journal of Finance , vol.55 , Issue.3 , pp. 1005-1037
    • Myers, S.1
  • 48
    • 3042627686 scopus 로고    scopus 로고
    • Entrepreneurship theory: possibilities and future directions
    • Phan P.H. Entrepreneurship theory: possibilities and future directions. Journal of Business Venturing 19 5 (2004) 617-620
    • (2004) Journal of Business Venturing , vol.19 , Issue.5 , pp. 617-620
    • Phan, P.H.1
  • 49
    • 0000372724 scopus 로고    scopus 로고
    • Angel investors and the market for angel investments
    • Prowse S. Angel investors and the market for angel investments. Journal of Banking and Finance 22 (1998) 785-792
    • (1998) Journal of Banking and Finance , vol.22 , pp. 785-792
    • Prowse, S.1
  • 50
    • 0030295259 scopus 로고    scopus 로고
    • Venture capitalist governance and value added in four countries
    • Sapienza H., Manigart S., and Vermeir W. Venture capitalist governance and value added in four countries. Journal of Business Venturing 11 (1996) 439-469
    • (1996) Journal of Business Venturing , vol.11 , pp. 439-469
    • Sapienza, H.1    Manigart, S.2    Vermeir, W.3
  • 51
    • 0142219284 scopus 로고    scopus 로고
    • Convertible securities and venture capital finance
    • Schmidt K. Convertible securities and venture capital finance. Journal of Finance 58 3 (2003) 1139-1166
    • (2003) Journal of Finance , vol.58 , Issue.3 , pp. 1139-1166
    • Schmidt, K.1
  • 52
    • 0013164092 scopus 로고    scopus 로고
    • An empirical analysis of venture capital exits in Europe and the United States
    • Universiteit van Amsterdam Business School
    • Schwienbacher A. An empirical analysis of venture capital exits in Europe and the United States. Working Paper (2003), Universiteit van Amsterdam Business School
    • (2003) Working Paper
    • Schwienbacher, A.1
  • 53
    • 0000402890 scopus 로고    scopus 로고
    • Venture capital contracting under asymmetric information
    • Trester J. Venture capital contracting under asymmetric information. Journal of Banking and Finance 22 6 (1998) 675-699
    • (1998) Journal of Banking and Finance , vol.22 , Issue.6 , pp. 675-699
    • Trester, J.1
  • 56
    • 0001693756 scopus 로고    scopus 로고
    • Novice, portfolio, and serial founders: are they different?
    • Westhead P., and Wright M. Novice, portfolio, and serial founders: are they different?. Journal of Business Venturing 13 3 (1998) 173-204
    • (1998) Journal of Business Venturing , vol.13 , Issue.3 , pp. 173-204
    • Westhead, P.1    Wright, M.2
  • 57
    • 26444521716 scopus 로고    scopus 로고
    • Novice, serial and portfolio entrepreneur behaviour and contributions
    • Westhead P., Ucbasaran D., Wright M., and Binks M. Novice, serial and portfolio entrepreneur behaviour and contributions. Small Business Economics 25 2 (2005) 111-140
    • (2005) Small Business Economics , vol.25 , Issue.2 , pp. 111-140
    • Westhead, P.1    Ucbasaran, D.2    Wright, M.3    Binks, M.4
  • 58
    • 1342330013 scopus 로고    scopus 로고
    • Angel finance: the other venture capital
    • University of Chicago
    • Wong A. Angel finance: the other venture capital. Working Paper (2002), University of Chicago
    • (2002) Working Paper
    • Wong, A.1
  • 59
    • 0010949324 scopus 로고
    • The development and interpretation of entrepreneurial typologies
    • Woo C., Cooper A., and Dunkelberg W. The development and interpretation of entrepreneurial typologies. Journal of Business Venturing 6 (1991) 93-114
    • (1991) Journal of Business Venturing , vol.6 , pp. 93-114
    • Woo, C.1    Cooper, A.2    Dunkelberg, W.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.