Does start-up financing influence start-up speed? Evidence from the panel study of entrepreneurial dynamics

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• 作者：Diana M. Hechavarría ; Charles H. Matthews ; Paul D. Reynolds
• 关键词：Start ; up outcomes ; Capital structure ; Nascent entrepreneurship ; New firm founding ; Start ; up financing ; Event history analysis ; Panel study of entrepreneurial dynamics ; M10 ; M13 ; G32 ; M21
• 刊名：Small Business Economics
• 出版年：2016
• 出版时间：January 2016
• 年：2016
• 卷：46
• 期：1
• 页码：137-167
• 全文大小：944 KB
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• 作者单位：Diana M. Hechavarría (1)
  Charles H. Matthews (2)
  Paul D. Reynolds (3)
  
  1. Center for Entrepreneurship Muma College of Business, University of South Florida, 4202 E. Fowler Ave., Tampa, 33620, FL, USA
  2. Center for Entrepreneurship Education and Research, Carl H. Lindner College of Business, University of Cincinnati, 510 Lindner Hall, Cincinnati, OH, 45221-0165, USA
  3. Economics and Strategy Group, Aston University, Aston Triangle, Birmingham, B4 7ET, UK
  
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Management
  Microeconomics
  Entrepreneurship
  Industrial Organization
  
• 出版者：Springer Netherlands
• ISSN：1573-0913

文摘

Why are some entrepreneurs able to start a new firm more quickly than others in the venture creation process? Drawing on pecking order and agency theory, this study investigates how start-up capital structure influences the time to either new firm founding or quitting the start-up process. The temporal aspect of the start-up process is one that is often discussed, but rarely studied. Therefore, we utilize competing risk and Cox regression event history analysis on a nationally representative sample of US entrepreneurs to investigate how start-up capital structure impacts the time in gestation to particular kinds of start-up outcomes. Our findings suggest that external equity has an appreciable impact on new firm emergence over time, and that the percentage of ownership held by the founders attenuates the benefits of external equity. Keywords Start-up outcomes Capital structure Nascent entrepreneurship New firm founding Start-up financing Event history analysis Panel study of entrepreneurial dynamics