Funders and founders: Partners in good times and in bad?

Q3 Business, Management and Accounting

International Journal of Globalisation and Small Business Pub Date : 2016-11-22 DOI:10.1504/IJGSB.2016.080379

M. Westerlund, Diane A. Isabelle, R. Rajala, S. Leminen

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引用次数: 2

Abstract

Based on a sample of 3097 small firms, we investigated how Finnish entrepreneurs perceive the relationship between corporate ownership structure and growth orientation. In particular, we investigated the type of ownership that entrepreneurs would provide to different types of funders in exchange for investment. Our empirical results suggest that the more growth-oriented the firm, the more accepting the entrepreneur of funders taking ownership that allows a strategic role in the company. Conversely, entrepreneurs in non-growth-oriented firms favour investors that will finance the operations without exerting power and influencing decision-making. Further, entrepreneurs in firms that are about to cease operations, generally due to weak economic conditions, are as likely to accept strategic ownership as high-growth-oriented firms. This study contributes to the literature by confirming the link between growth orientation and ownership structure in small firms, and by highlighting variations in entrepreneurial acceptance of different types of investor ownership.

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投资人和创始人:是顺境还是逆境中的合作伙伴?

基于3097家小型企业的样本，我们调查了芬兰企业家如何看待公司所有权结构与增长导向之间的关系。特别是，我们调查了企业家向不同类型的投资者提供的所有权类型，以换取投资。我们的实证结果表明，越以增长为导向的公司，越能接受投资者的企业家获得所有权，从而在公司中发挥战略作用。相反，非成长型公司的企业家青睐那些将为运营提供资金而不行使权力和影响决策的投资者。此外，通常由于经济条件疲软而即将停止运营的公司的企业家与高增长导向的公司一样可能接受战略所有权。本研究通过确认小企业的增长取向和所有权结构之间的联系，以及通过强调企业家对不同类型的投资者所有权的接受程度的差异，对文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Globalisation and Small Business Decision Sciences-Information Systems and Management

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The goal of the IJGSB is to explore the opportunities and threats of globalisation for small businesses as well as small businesses" strategic options in an increasingly global world. Dramatic changes in contemporary society and the economy have impacts on small businesses. The changing environment negatively influences the development and survival of smaller organisations in some areas and creates new opportunities for small businesses in others. Small firms" managers increasingly have to cope with global as well as local competitive dimensions. Research in this broad field thus is highly relevant.