메뉴 건너뛰기




Volumn 19, Issue 2, 2013, Pages 212-233

Financing patterns in new technology-based firms: An extension of the pecking order theory

Author keywords

age; entrepreneurial experience; entrepreneurial finance; entrepreneurship; financing patterns; human capital; new technology based firms; NTBF; pecking order theory; POT

Indexed keywords


EID: 84879677541     PISSN: 14761297     EISSN: 17418054     Source Type: Journal    
DOI: 10.1504/IJESB.2013.054964     Document Type: Article
Times cited : (37)

References (65)
  • 1
    • 36548998900 scopus 로고    scopus 로고
    • Employment effects of business dynamics: Mice, gazelles and elephants
    • Acs, J.Z.and Mueller, P.(2006) 'Employment effects of business dynamics: mice, gazelles and elephants', Small Business Economics, Vol.30, No.1, pp.85-100.
    • (2006) Small Business Economics , vol.30 , Issue.1 , pp. 85-100
    • Acs, J.Z.1    Mueller, P.2
  • 2
    • 69649085405 scopus 로고    scopus 로고
    • Rational actors, knowledgeable agents: Extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks
    • Atherton, A.(2009) 'Rational actors, knowledgeable agents: extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks', International Small Business Journal, Vol.27, No.4, pp.470-495.
    • (2009) International Small Business Journal , vol.27 , Issue.4 , pp. 470-495
    • Atherton, A.1
  • 5
    • 0001168097 scopus 로고
    • Entrepreneur human capital inputs and small business longevity
    • Bates, T.(1990) 'Entrepreneur human capital inputs and small business longevity', The Review of Economics and Statistics, Vol.22, No.4, pp.551-559.
    • (1990) The Review of Economics and Statistics , vol.22 , Issue.4 , pp. 551-559
    • Bates, T.1
  • 6
    • 0004256525 scopus 로고
    • National Bureau of Economic Research, New York
    • Becker, G.S.(1975) Human Capital, National Bureau of Economic Research, New York.
    • (1975) Human Capital
    • Becker, G.S.1
  • 7
    • 33845408173 scopus 로고    scopus 로고
    • Early teams: The impact of team demography on VC financing and going public
    • DOI 10.1016/j.jbusvent.2006.02.001, PII S0883902606000280
    • Beckman, C., Burton, D.and O'Reilly, C.(2007) 'Early teams: the impact of team demography on VC financing and going public', Journal of Business Venturing, Vol.22, No.2, pp.147-173. (Pubitemid 44890909)
    • (2007) Journal of Business Venturing , vol.22 , Issue.2 , pp. 147-173
    • Beckman, C.M.1    Burton, M.D.2    O'Reilly, C.3
  • 8
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • Berger, A.N.and Udell, G.F.(1998) 'The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle', Journal of Banking and Finance, Vol.22, Nos.6-8, pp.613-673.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.6-8 , pp. 613-673
    • Berger, A.N.1    Udell, G.F.2
  • 9
    • 0036175557 scopus 로고    scopus 로고
    • Capital market imperfections, high-tech investment and new equity
    • Carpenter, R.E.and Petersen, B.C.(2002) 'Capital market imperfections, high-tech investment and new equity', The Economic Journal, Vol.112, No.477, pp.F34-F72.
    • (2002) The Economic Journal , vol.112 , Issue.477
    • Carpenter, R.E.1    Petersen, B.C.2
  • 10
    • 0842333785 scopus 로고    scopus 로고
    • The financing of business start-ups
    • DOI 10.1016/S0883-9026(03)00029-6, PII S0883902603000296
    • Cassar, G.(2004) 'The financing of business start-ups', Journal of Business Venturing, Vol.19, No.2, pp.261-283. (Pubitemid 38184304)
    • (2004) Journal of Business Venturing , vol.19 , Issue.2 , pp. 261-283
    • Cassar, G.1
  • 11
    • 84857544948 scopus 로고    scopus 로고
    • Hyper-growth of SMEs: Toward a reconciliation of entrepreneurial orientation and strategic resources
    • Cassia, L.and Minola, T.(2012) 'Hyper-growth of SMEs: toward a reconciliation of entrepreneurial orientation and strategic resources', International Journal of Entrepreneurial Behaviour and Research, Vol.18, No.2, pp.179-197.
    • (2012) International Journal of Entrepreneurial Behaviour and Research , vol.18 , Issue.2 , pp. 179-197
    • Cassia, L.1    Minola, T.2
  • 13
    • 34548270590 scopus 로고    scopus 로고
    • Academic spin-offs, formal technology transfer and capital raising
    • DOI 10.1093/icc/dtm019, The Rise of Entrepreneurial Activity at Universities: Organizational and Societal Implications
    • Clarysse, B., Wright, M., Lockett, A., Mustar, P.and Knockaert, M.(2007) 'Academic spin-offs, formal technology transfer and capital raising', Industrial and Corporate Change, Vol.16, No.4, pp.609-640. (Pubitemid 47323944)
    • (2007) Industrial and Corporate Change , vol.16 , Issue.4 , pp. 609-640
    • Clarysse, B.1    Wright, M.2    Lockett, A.3    Mustar, P.4    Knockaert, M.5
  • 15
    • 23044483355 scopus 로고    scopus 로고
    • Founders' human capital and the growth of new technology-based firms: A competence-based view
    • DOI 10.1016/j.respol.2005.03.010, PII S0048733305000776
    • Colombo, M.G.and Grilli, L.(2005b) 'Founders' human capital and the growth of new technology-based firms: a competence-based view', Research Policy, Vol.34, No.6, pp.795-816. (Pubitemid 41068384)
    • (2005) Research Policy , vol.34 , Issue.6 , pp. 795-816
    • Colombo, M.G.1    Grilli, L.2
  • 16
    • 34248140725 scopus 로고    scopus 로고
    • Funding gaps? Access to bank loans by high-tech start-ups
    • Colombo, M.G.and Grilli, L.(2007) 'Funding gaps? Access to bank loans by high-tech start-ups', Small Business Economics, Vol.29, Nos.1/2, pp.25-46.
    • (2007) Small Business Economics , vol.29 , Issue.1-2 , pp. 25-46
    • Colombo, M.G.1    Grilli, L.2
  • 17
    • 77956931676 scopus 로고    scopus 로고
    • On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital
    • Colombo, M.G.and Grilli, L.(2010) 'On growth drivers of high-tech start-ups: exploring the role of founders' human capital and venture capital', Journal of Business Venturing, Vol.25, No.6, pp.610-626.
    • (2010) Journal of Business Venturing , vol.25 , Issue.6 , pp. 610-626
    • Colombo, M.G.1    Grilli, L.2
  • 18
    • 70149098719 scopus 로고    scopus 로고
    • Outside entrepreneurial capital
    • Cosh, A., Cumming, D.and Hughes, A.(2009) 'Outside entrepreneurial capital', The Economic Journal, Vol.119, No.540, pp.1494-1533.
    • (2009) The Economic Journal , vol.119 , Issue.540 , pp. 1494-1533
    • Cosh, A.1    Cumming, D.2    Hughes, A.3
  • 19
    • 0003347924 scopus 로고    scopus 로고
    • Are business startups debt-rationed?
    • Cressy, R.(1996) 'Are business startups debt-rationed?', The Economic Journal, Vol.106, No.438, pp.1253-1270. (Pubitemid 126549335)
    • (1996) Economic Journal , vol.106 , Issue.438 , pp. 1253-1270
    • Cressy, R.1
  • 21
    • 0242475391 scopus 로고    scopus 로고
    • Human resources in initial public offering firms: Do venture capitalists make a difference?
    • Cyr, L.A., Johnson, D.and Welbourne, T.M.(2000) 'Human resources in initial public offering firms: do venture capitalists make a difference?', Entrepreneurship Theory and Practice, Vol.25, No.1, pp.77-91.
    • (2000) Entrepreneurship Theory and Practice , vol.25 , Issue.1 , pp. 77-91
    • Cyr, L.A.1    Johnson, D.2    Welbourne, T.M.3
  • 22
    • 0034394910 scopus 로고    scopus 로고
    • The information effects of analysts activity at the announcement of new equity issues
    • D'Mello, R.and Ferris, S.(2000) 'The information effects of analysts activity at the announcement of new equity issues', Financial Management, Vol.29, No.1, pp.78-95.
    • (2000) Financial Management , vol.29 , Issue.1 , pp. 78-95
    • D'mello, R.1    Ferris, S.2
  • 24
    • 84857207569 scopus 로고    scopus 로고
    • Entrepreneurial learning in Italian high-tech start-ups: An exploratory study
    • De Massis, A., Minola, T.and Viviani, D.(2012) 'Entrepreneurial learning in Italian high-tech start-ups: an exploratory study', Int.J.Innovation and Learning, Vol.11, No.1, pp.94-114.
    • (2012) Int.J.Innovation and Learning , vol.11 , Issue.1 , pp. 94-114
    • De Massis, A.1    Minola, T.2    Viviani, D.3
  • 27
    • 78651509463 scopus 로고    scopus 로고
    • Financing the entrepreneurial decision: An empirical approach using experimental data risk attitudes
    • Elston, J.A.and Audretsch, D.B.(2009) 'Financing the entrepreneurial decision: an empirical approach using experimental data risk attitudes', Small Business Economics, Vol.36, No.2, pp.209-222.
    • (2009) Small Business Economics , vol.36 , Issue.2 , pp. 209-222
    • Elston, J.A.1    Audretsch, D.B.2
  • 28
    • 80355141997 scopus 로고    scopus 로고
    • Workforce age and innovation: A literature survey
    • Frosch, K.H.(2011) 'Workforce age and innovation: a literature survey', International Journal of Management Reviews, Vol.13, No.4, pp.414-430.
    • (2011) International Journal of Management Reviews , vol.13 , Issue.4 , pp. 414-430
    • Frosch, K.H.1
  • 30
    • 0034380498 scopus 로고    scopus 로고
    • The provision of finance to innovation: A survey conducted among Italian technology based firms
    • Giudici, G.and Paleari, S.(2000) 'The provision of finance to innovation: a survey conducted among Italian technology based firms', Small Business Economics, Vol.14, No.1, pp.37-53.
    • (2000) Small Business Economics , vol.14 , Issue.1 , pp. 37-53
    • Giudici, G.1    Paleari, S.2
  • 31
    • 0002221146 scopus 로고
    • High technology employment: Another view
    • Hadlock, P., Hecker, D.and Gannon, J.(1991) 'High technology employment: another view', Monthly Labor Review, Vol.114, No.7, pp.26-30.
    • (1991) Monthly Labor Review , vol.114 , Issue.7 , pp. 26-30
    • Hadlock, P.1    Hecker, D.2    Gannon, J.3
  • 32
    • 13644279857 scopus 로고    scopus 로고
    • Capital structure in new technology-based firms: Evidence from the Irish software sector
    • DOI 10.1016/j.gfj.2004.12.001, PII S1044028304000754
    • Hogan, T.and Hutson, E.(2005) 'Capital structure in new technology-based firms: evidence from the Irish software sector', Global Finance Journal, Vol.15, No.3, pp.369-387. (Pubitemid 40233561)
    • (2005) Global Finance Journal , vol.15 , Issue.3 SPEC. ISS. , pp. 369-387
    • Hogan, T.1    Hutson, E.2
  • 33
    • 34249320473 scopus 로고    scopus 로고
    • Experienced entrepreneurial founders, organizational capital, and venture capital funding
    • DOI 10.1016/j.respol.2007.02.022, PII S0048733307000716
    • Hsu, D.H.(2007) 'Experienced entrepreneurial founders, organizational capital, and venture capital funding', Research Policy, Vol.36, No.5, pp.722-741. (Pubitemid 46810013)
    • (2007) Research Policy , vol.36 , Issue.5 , pp. 722-741
    • Hsu, D.H.1
  • 34
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M.C.and Meckling, W.H.(1976) 'Theory of the firm: managerial behavior, agency costs and ownership structure', Journal of Financial Economics, Vol.3, No.4, pp.305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 35
    • 0032220935 scopus 로고    scopus 로고
    • Internationalization of small-and medium-sized technology-based firms: An exploratory study
    • Karagozoglu, N.and Lindell, M.(1998) 'Internationalization of small-and medium-sized technology-based firms: an exploratory study', Journal of Small Business Management, Vol.36, No.1, pp.44-59.
    • (1998) Journal of Small Business Management , vol.36 , Issue.1 , pp. 44-59
    • Karagozoglu, N.1    Lindell, M.2
  • 36
    • 0030388262 scopus 로고    scopus 로고
    • Dominant dynamic complementarities and technology-motivated acquisitions of new, technology-based firms
    • Laamanen, T.and Autio, E.(1996) 'Dominant dynamic complementarities and technology-motivated acquisitions of new, technology-based firms', International Journal of Technology Management, Vol.12, Nos.7-8, pp.769-786. (Pubitemid 126649810)
    • (1996) International Journal of Technology Management , vol.12 , Issue.7-8 , pp. 769-786
    • Laamanen, T.1    Autio, E.2
  • 37
    • 85011137721 scopus 로고    scopus 로고
    • The dynamics of innovation financing in Sweden
    • Lindholm-Dahlstrand, Å.and Cetindamar, D.(2000) 'The dynamics of innovation financing in Sweden', Venture Capital, Vol.2, No.3, pp.203-221.
    • (2000) Venture Capital , vol.2 , Issue.3 , pp. 203-221
    • Lindholm-Dahlstrand, Å.1    Cetindamar, D.2
  • 38
    • 0031511346 scopus 로고    scopus 로고
    • Financing high technology start-ups in Belgium: An explorative study
    • Manigart, S.and Struyf, C.(1997) 'Financing high technology start-ups in Belgium: an explorative study', Small Business Economics, Vol.9, No.2, pp.125-135.
    • (1997) Small Business Economics , vol.9 , Issue.2 , pp. 125-135
    • Manigart, S.1    Struyf, C.2
  • 39
    • 0035457592 scopus 로고    scopus 로고
    • Governing the innovation process in entrepreneurial firms
    • DOI 10.1016/S1047-8310(01)00040-2, PII S1047831001000402
    • Markman, G., Balkin, D.and Schjoedt, L.(2001) 'Governing the innovation process in entrepreneurial firms', Journal of High Technology Management Research, Vol.12, No.2, pp.273-293. (Pubitemid 33379680)
    • (2001) Journal of High Technology Management Research , vol.12 , Issue.2 , pp. 273-293
    • Markman, G.D.1    Balkin, D.B.2    Schjoedt, L.3
  • 40
    • 43849094482 scopus 로고    scopus 로고
    • Who's going to provide the funding for high tech start-ups? A model for the analysis of determinants with a fuzzy approach
    • Minola, T.and Giorgino, M.(2008) 'Who's going to provide the funding for high tech start-ups? A model for the analysis of determinants with a fuzzy approach', R&D Management, Vol.38, No.3, pp.335-351.
    • (2008) R&D Management , vol.38 , Issue.3 , pp. 335-351
    • Minola, T.1    Giorgino, M.2
  • 42
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, S.C.(1984) 'The capital structure puzzle', The Journal of Finance, Vol.39, No.3, pp.575-592.
    • (1984) The Journal of Finance , vol.39 , Issue.3 , pp. 575-592
    • Myers, S.C.1
  • 43
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S.C.and Majluf, N.S.(1984) 'Corporate financing and investment decisions when firms have information that investors do not have', Journal of Financial Economics, Vol.13, No.2, pp.187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 44
    • 84986173240 scopus 로고    scopus 로고
    • Financial literacy and youth entrepreneurship in South Africa
    • Oseifuah, E.K.(2010) 'Financial literacy and youth entrepreneurship in South Africa', African Journal of Economic and Management Studies, Vol.1, No.2, pp.164-182.
    • (2010) African Journal of Economic and Management Studies , vol.1 , Issue.2 , pp. 164-182
    • Oseifuah, E.K.1
  • 46
    • 0033131527 scopus 로고    scopus 로고
    • Explaining the international intensity and global diversity of early-stage technology-based firms
    • Preece, S.B., Miles, G.and Baetz, M.C.(1999) 'Explaining the international intensity and global diversity of early-stage technology-based firms', Journal of Business Venturing, Vol.14, No.3, pp.259-281.
    • (1999) Journal of Business Venturing , vol.14 , Issue.3 , pp. 259-281
    • Preece, S.B.1    Miles, G.2    Baetz, M.C.3
  • 47
    • 84970230986 scopus 로고
    • Organizational mortality of small firms: The effects of entrepreneurial age and human capital
    • Preisendorfer, P.and Voss, T.(1990) 'Organizational mortality of small firms: the effects of entrepreneurial age and human capital', Organizational Studies, Vol.11, No.1, pp.107-129.
    • (1990) Organizational Studies , vol.11 , Issue.1 , pp. 107-129
    • Preisendorfer, P.1    Voss, T.2
  • 48
    • 36749073020 scopus 로고
    • Credit rationing and small and medium sized firms: A tentative of linkage
    • Psillaki, M.(1995) 'Credit rationing and small and medium sized firms: a tentative of linkage', Revue Internationale PME, Vol.8, Nos.3/4, pp.67-90.
    • (1995) Revue Internationale PME , vol.8 , Issue.3-4 , pp. 67-90
    • Psillaki, M.1
  • 49
    • 78751581053 scopus 로고    scopus 로고
    • Indian entrepreneurs: An empirical investigation of entrepreneur's age and firm entry, type of ownership and risk behavior
    • Rai, S.K.(2008) 'Indian entrepreneurs: an empirical investigation of entrepreneur's age and firm entry, type of ownership and risk behavior', Journal of Service Research, Vol.8, No.1, pp.213-228.
    • (2008) Journal of Service Research , vol.8 , Issue.1 , pp. 213-228
    • Rai, S.K.1
  • 50
    • 85068302830 scopus 로고    scopus 로고
    • New technology-based firms in Sweden-A study of their direct impact on industrial renewal
    • Rickne, A.and Jacobsson, S.(1999) 'New technology-based firms in Sweden-a study of their direct impact on industrial renewal', Economics of Innovation and New Technology, Vol.8, No.3, pp.197-223.
    • (1999) Economics of Innovation and New Technology , vol.8 , Issue.3 , pp. 197-223
    • Rickne, A.1    Jacobsson, S.2
  • 53
    • 0039229080 scopus 로고
    • Some hypotheses about risk in venture capital investing
    • Ruhnka, J.C.and Young, J.E.(1991) 'Some hypotheses about risk in venture capital investing', Journal of Business Venturing, Vol.6, No.2, pp.99-113.
    • (1991) Journal of Business Venturing , vol.6 , Issue.2 , pp. 99-113
    • Ruhnka, J.C.1    Young, J.E.2
  • 55
    • 84896186413 scopus 로고    scopus 로고
    • University Spin-Offs and Wealth Creation.New Horizons in Entrepreneurship Edward Elgar, Cheltenham
    • Shane, S.(2004) Academic Entrepreneurship.University Spin-Offs and Wealth Creation.New Horizons in Entrepreneurship, Edward Elgar, Cheltenham.
    • (2004) Academic Entrepreneurship.
    • Shane, S.1
  • 56
    • 0036493063 scopus 로고    scopus 로고
    • Network ties, reputation, and the financing of new ventures
    • Shane, S.and Cable, D.(2002) 'Network ties, reputation, and the financing of new ventures', Management Science, Vol.48, No.3, pp.364-381. (Pubitemid 34647267)
    • (2002) Management Science , vol.48 , Issue.3 , pp. 364-381
    • Shane, S.1    Cable, D.2
  • 57
    • 0036231832 scopus 로고    scopus 로고
    • Organizational endowments and the performance of university start-ups
    • University Entrepreneurship and Technology Transfer
    • Shane, S.and Stuart, T.(2002) 'Organizational endowments and the performance of university start-ups', Management Science, Vol.48, No.1, pp.154-170. (Pubitemid 34434360)
    • (2002) Management Science , vol.48 , Issue.1 , pp. 154-170
    • Shane, S.1    Stuart, T.2
  • 58
    • 14544288265 scopus 로고    scopus 로고
    • How early stage entrepreneurs evaluate venture capitalists
    • Smith, D.G.(2001) 'How early stage entrepreneurs evaluate venture capitalists', The Journal of Private Equity, Vol.4, No.2, pp.33-45.
    • (2001) The Journal of Private Equity , vol.4 , Issue.2 , pp. 33-45
    • Smith, D.G.1
  • 59
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz, J.E.and Weiss, A.(1981) 'Credit rationing in markets with imperfect information', The American Economic Review, Vol.71, No.3, pp.393-410.
    • (1981) The American Economic Review , vol.71 , Issue.3 , pp. 393-410
    • Stiglitz, J.E.1    Weiss, A.2
  • 60
    • 0000198185 scopus 로고    scopus 로고
    • New technology-based firms in the European union: An introduction
    • PII S0048733397000528
    • Storey, D.J.and Tether, B.S.(1998) 'New technology-based firms in the European Union: an introduction', Research Policy, Vol.26, No.9, pp.933-946. (Pubitemid 128430977)
    • (1998) Research Policy , vol.26 , Issue.9 , pp. 933-946
    • Storey, D.J.1    Tether, B.S.2
  • 62
    • 0001693756 scopus 로고    scopus 로고
    • Novice, portfolio, and serial founders: Are they different?
    • PII S0883902697900021
    • Westhead, P.and Wright, M.(1998) 'Novice, portfolio and serial founders: are they different?', Journal of Business Venturing, Vol.13, No.3, pp.173-204. (Pubitemid 128338133)
    • (1998) Journal of Business Venturing , vol.13 , Issue.3 , pp. 173-204
    • Westhead, P.1    Wright, M.2
  • 63
    • 33646173639 scopus 로고    scopus 로고
    • Decisions, actions, and performance: Do novice, serial, and portfolio entrepreneurs differ?
    • DOI 10.1111/j.1540-627X.2005.00144.x
    • Westhead, P., Ucbasaran, D.and Wright, M.(2005a) 'Decisions, actions, and performance: do novice, serial, and portfolio entrepreneurs differ?', Journal of Small Business Management, Vol.43, No.4, pp.393-417. (Pubitemid 43642602)
    • (2005) Journal of Small Business Management , vol.43 , Issue.4 , pp. 393-417
    • Westhead, P.1    Ucbasaran, D.2    Wright, M.3
  • 64
    • 26444521716 scopus 로고    scopus 로고
    • Novice, serial and portfolio entrepreneur behaviour and contributions
    • DOI 10.1007/s11187-003-6461-9
    • Westhead, P., Ucbasaran, D., Wright, M.and Binks, M.(2005b) 'Novice, serial and portfolio entrepreneur behaviour and contributions', Small Business Economics, Vol.25, No.2, pp.109-132. (Pubitemid 41426209)
    • (2005) Small Business Economics , vol.25 , Issue.2 , pp. 109-132
    • Westhead, P.1    Ucbasaran, D.2    Wright, M.3    Binks, M.4
  • 65
    • 78651478688 scopus 로고    scopus 로고
    • The advantage of experienced start-up founders in venture capital acquisition: Evidence from serial entrepreneurs
    • Zhang, J.(2011) 'The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs', Small Business Economics, Vol.36, No.2, pp.187-208.
    • (2011) Small Business Economics , vol.36 , Issue.2 , pp. 187-208
    • Zhang, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.