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The Impact of Competition from Venture Capitalists on Corporate Venturing Investment 风险资本家竞争对企业风险投资的影响
The Journal of Entrepreneurial Finance Pub Date : 2020-07-31 DOI: 10.57229/2373-1761.1374
Marco Bade
{"title":"The Impact of Competition from Venture Capitalists on Corporate Venturing Investment","authors":"Marco Bade","doi":"10.57229/2373-1761.1374","DOIUrl":"https://doi.org/10.57229/2373-1761.1374","url":null,"abstract":"This study proposes a model on corporate venturing (CV) investment and examines the impact of venture capital (VC) activity in the economy on CV firms’ investment. The presence of VCs creates competition for entrepreneurs. This reduces CV firms’ expected v enturing returns, and thus gives rise to a financial disincentive to CV investment. The empirical prediction of this result is that competition for talent should decrease CV investment. This prediction contradicts previous statements in the theoretical literature on CV.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71098202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
House Banks in Out-of-court Reorganization: Evidence from Austria 庭外重组中的住宅银行:来自奥地利的证据
The Journal of Entrepreneurial Finance Pub Date : 2020-07-07 DOI: 10.57229/2373-1761.1377
S. Mayr, C. Duller, Kerstin Stumbauer
{"title":"House Banks in Out-of-court Reorganization: Evidence from Austria","authors":"S. Mayr, C. Duller, Kerstin Stumbauer","doi":"10.57229/2373-1761.1377","DOIUrl":"https://doi.org/10.57229/2373-1761.1377","url":null,"abstract":"The main purpose of this article is to study the role of house banks in out-of-court reorganization. Banks are traditionally one of the most important financial resources for firms. Especially in financially difficult times like those we now face due to the coronavirus, it can make a difference whether a bank supports its clients and accompanies firms through a crisis or not. With the help of relationship lending theory, we review the existing literature on this topic. Next, based on empirical findings from Austrian banks, we derive implications for corporate practice. The empirical study covers a sample of 658 firm reorganizations in Austria. The data were collected anonymously by different banks processing the cases in their workout departments between January 2011 and December 2013. Correlation analysis and logistic regression were applied to analyze the data. The findings indicate that house banks, despite their relationship of trust, must be critical in their assessment of reorganization projects due to the danger of zombie lending. The four most important prerequisites for completing an out-of-court reorganization were a new loan, an open and proactive communication policy on the part of the distressed company, management changes, and a financial contribution from existing shareholders. The findings show that bank-supported out-of-court reorganization has a high probability of success. A recommendation to entrepreneurs is to respond rapidly to financial distress and maintain open communication with stakeholders, in particular banks. The findings indicate that the implementation of Directive (EU) 2019/1023 on preventive restructuring frameworks in the European Union is crucial to enable bank-led reorganizations.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46693481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Hot or not – Which features make FinTechs attractive for investors? 热门与否——金融科技吸引投资者的特点是什么?
The Journal of Entrepreneurial Finance Pub Date : 2020-01-01 DOI: 10.57229/2373-1761.1372
Johannes Klein, Leonard Stuckenborg, Jens Leker
{"title":"Hot or not – Which features make FinTechs attractive for investors?","authors":"Johannes Klein, Leonard Stuckenborg, Jens Leker","doi":"10.57229/2373-1761.1372","DOIUrl":"https://doi.org/10.57229/2373-1761.1372","url":null,"abstract":"Attracting investors and generating funding is a key issue for all start-ups. The information asymmetries between investor and start-up need to be reduced. Despite the overwhelming literature on venture capital financing and different signals reflecting venture quality, pinpointing the signals which impact funding decisions remains an open issue. This study presents an empirical examination of the effectiveness of different signals to convince investors and generate funding. We examine the impact of signals concerning venture quality (classic ones such as human capital, intellectual capital and social alliance/network capital as well as the strategic orientation in terms of business model patterns. Based on a comprehensive sample of more than 101 German FinTechs, our study delivers empirical evidence that human capital as well as the strategic orientation positively impacts a FinTech’s attractiveness. However, our chosen measures for intellectual capital and social network/alliance capital result in negative effects.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43357322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Microfinance Institutions’ Criteria on Small Business Financing in Cameroon 喀麦隆小额信贷机构的小企业融资标准
The Journal of Entrepreneurial Finance Pub Date : 2019-12-01 DOI: 10.57229/2373-1761.1358
Serge Messomo Elle
{"title":"Microfinance Institutions’ Criteria on Small Business Financing in Cameroon","authors":"Serge Messomo Elle","doi":"10.57229/2373-1761.1358","DOIUrl":"https://doi.org/10.57229/2373-1761.1358","url":null,"abstract":"This study uses MFIs as a unit of analysis to examine the factors of human, financial and social capital that increase the financing of microenterprises’ identification of opportunities and exploitation in Cameroon .To attain this objective, a questionnaire was used to collect data from 207 MFIs and analyzed using descriptive and multiple linear regression models. The results revealed that when it concerns the financing of opportunity identification, only human capital variables of Prior knowledge and Business training increase the financing of microenterprises by MFIs in Cameroon. Regarding the opportunity exploitation on the contrary, accumulated business knowledge, business skills and customer networks positively and significantly boost the financing of microenterprise owners by MFIs in Cameroon.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48888165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
FinTech Projects and Initial Coin Offerings: A Research Note 金融科技项目和首次代币发行:一份研究报告
The Journal of Entrepreneurial Finance Pub Date : 2019-10-09 DOI: 10.57229/2373-1761.1350
Andrea Moro, Dao-Ping Wang
{"title":"FinTech Projects and Initial Coin Offerings: A Research Note","authors":"Andrea Moro, Dao-Ping Wang","doi":"10.57229/2373-1761.1350","DOIUrl":"https://doi.org/10.57229/2373-1761.1350","url":null,"abstract":"We explore the determinants of success of Initial Coin Offerings (ICO) defined as whether the ICO was successful in raising the funds. We look at financial and technical information disclosed by the ICO as well as the information disclosed by third parties about the ICO and the level of legal protection granted. We discover that even if both hard information (financial and technical) and soft information (social media and legal protection) matter, nevertheless a more relevant role is played by the technical information. Based on our analysis, we identify areas that need further investigation in the context of ICOs.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42291199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Relationship Between Investment and Internal Cash Flows in VC-Backed SMEs: Does firm size matter? 风险投资支持的中小企业投资与内部现金流的关系:企业规模是否重要?
The Journal of Entrepreneurial Finance Pub Date : 2019-10-01 DOI: 10.57229/2373-1761.1356
Zélia Serrasqueiro, Filipe Sardo, E. Félix
{"title":"The Relationship Between Investment and Internal Cash Flows in VC-Backed SMEs: Does firm size matter?","authors":"Zélia Serrasqueiro, Filipe Sardo, E. Félix","doi":"10.57229/2373-1761.1356","DOIUrl":"https://doi.org/10.57229/2373-1761.1356","url":null,"abstract":"Using panel data models and two research sub-samples composed of smaller and larger VC-backed, this study seeks to analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC-backed SMEs.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48976565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
INTRODUCTION: Entrepreneurial finance: new frontiers of research and practice 引言:创业金融:研究与实践的新前沿
The Journal of Entrepreneurial Finance Pub Date : 2019-07-23 DOI: 10.4324/9781351202152-1
C. Bellavitis, I. Filatotchev, D. Kamuriwo, T. Vanacker
{"title":"INTRODUCTION: Entrepreneurial finance: new frontiers of research and practice","authors":"C. Bellavitis, I. Filatotchev, D. Kamuriwo, T. Vanacker","doi":"10.4324/9781351202152-1","DOIUrl":"https://doi.org/10.4324/9781351202152-1","url":null,"abstract":"","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74032406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Start-Up Financing in the Digital Age – A Systematic Review and Comparison of New Forms of Financing 数字时代的创业融资——新融资形式的系统回顾与比较
The Journal of Entrepreneurial Finance Pub Date : 2019-01-01 DOI: 10.57229/2373-1761.1353
Maximilian Klein, Florian Neitzert, Thomas Hartmann-Wendels, S. Kraus
{"title":"Start-Up Financing in the Digital Age – A Systematic Review and Comparison of New Forms of Financing","authors":"Maximilian Klein, Florian Neitzert, Thomas Hartmann-Wendels, S. Kraus","doi":"10.57229/2373-1761.1353","DOIUrl":"https://doi.org/10.57229/2373-1761.1353","url":null,"abstract":"","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44547088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Small Business Lending and Social Capital: Are Rural Relationships Different? 小企业贷款和社会资本:农村关系不同吗?
The Journal of Entrepreneurial Finance Pub Date : 2019-01-01 DOI: 10.57229/2373-1761.1371
Robert DeYoung, D. Glennon, P.eter J Nigro, Kenneth R. Spong
{"title":"Small Business Lending and Social Capital: Are Rural Relationships Different?","authors":"Robert DeYoung, D. Glennon, P.eter J Nigro, Kenneth R. Spong","doi":"10.57229/2373-1761.1371","DOIUrl":"https://doi.org/10.57229/2373-1761.1371","url":null,"abstract":"We test whether rural versus urban location, and the amount of social capital present in those locations, influence the performance of Small Business Administration (SBA) 7(a) loans originated between 1984 and 2012. On average, we find that rural loans are about 11% less likely to default than urban loans, and that a standard deviation increase in social capital reduces default by about 5%. Surprisingly, these two effects are largely independent of each other, even though social capital is substantially higher in rural places than in urban places. Our findings advance the small business lending literature and offer insights for a more efficient allocation of SBA funds.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44741886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
The survival of the German FinTech market: An accounting-based valuation 德国金融科技市场的生存:基于会计的估值
The Journal of Entrepreneurial Finance Pub Date : 2019-01-01 DOI: 10.57229/2373-1761.1334
Leonard Stuckenborg, J. Leker
{"title":"The survival of the German FinTech market: An accounting-based valuation","authors":"Leonard Stuckenborg, J. Leker","doi":"10.57229/2373-1761.1334","DOIUrl":"https://doi.org/10.57229/2373-1761.1334","url":null,"abstract":"The purpose of this paper is to examine the essential characteristics of the financial statements of FinTech start-ups and to investigate which figures of balance sheets are suitable indicators of failure for this still rising group of start-ups. We conduct a quantitative analysis of 595 annual reports of FinTech start-ups issued between 2007 and 2016. Our study reveals that the balance sheets have a high share of current assets and often show losses not covered by equity. Based on the financial variables, the period of three to five years after foundation could be identified as critical phase for the future survival of FinTech startups. Two years before failure significant changes in some balance sheet figures are recognizable. Using a logistic regression model, we identify accounting figures serving as indicators for the separation of the two groups, active and failed FinTech start-ups.","PeriodicalId":30647,"journal":{"name":"The Journal of Entrepreneurial Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47489675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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