Dokument: Five Essays on Entrepreneurial Finance: Exploring New Ventures’ Financing Sources
| Titel: | Five Essays on Entrepreneurial Finance: Exploring New Ventures’ Financing Sources | |||||||
| URL für Lesezeichen: | https://docserv.uni-duesseldorf.de/servlets/DocumentServlet?id=42136 | |||||||
| URN (NBN): | urn:nbn:de:hbz:061-20170421-124825-1 | |||||||
| Kollektion: | Dissertationen | |||||||
| Sprache: | Englisch | |||||||
| Dokumententyp: | Wissenschaftliche Abschlussarbeiten » Dissertation | |||||||
| Medientyp: | Text | |||||||
| Autor: | Lins, Elmar [Autor] | |||||||
| Dateien: |
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| Beitragende: | Prof. Dr. Lutz, Eva [Gutachter] Prof. Dr. Börner, Christoph J. [Gutachter] | |||||||
| Dewey Dezimal-Klassifikation: | 300 Sozialwissenschaften, Soziologie » 330 Wirtschaft | |||||||
| Beschreibung: | This dissertation comprises five studies to examine recent research issues dealing with different capital sources of financing new ventures. The first study “The Investment Challenge of Financial Debt: Survival Dynamics of New Technology-Based Firms” (Chapter 2) is located in the field of debt capital. This study analyzes the role of debt capital in the survival of new technology-based firms (NTBF) by shedding light on how financial debt must be invested to increase entrepreneurial survival prospects. It refers to resource-based theory and how this approach explains the processes through which a firm can access resources. Studying 3,556 German new ventures, this study proposes a two-stage regression model, first, to take into account the unique investment behavior of NTBFs and, second, to examine which debt investments positively influence survival prospects.
Similarly, the second study “The Effect of Subsidies on New Ventures’ Access to Bank Loans” (Chapter 3) refers to the research field of debt capital as well, but, moreover, is also linked to the capital source of public subsidies. This study examines the effect of new ventures’ subsidy receipt on the use of long-term bank loans. Since access to financial resources is crucial for young firms to develop, governments have increasingly initiated selective support programs to foster the innovation performance and growth of new ventures. For such support to become effective, however, it is important for firms to be able to augment these publicly provided resources with additional means. Studying 10,814 new ventures founded between 2005 and 2013 in Germany, this study tests whether the subsidy itself could facilitate access to bank loans, while applying econometric techniques that account for the endogenous nature of a subsidy receipt. The third study “How Do Public Subsidies Influence Venture Capital Access? An Examination of Cross-National and National Grants” (Chapter 4) builds on the results of the second study by contextually and methodologically adjusting the capital source, from debt capital to venture capital. This study addresses the key question of how grant-based subsidies might serve differently as quality certificates for NTBFs when trying to raise venture capital. Therefore, I distinguish between cross-national, national, and sub-national subsidies. Based on data of 405 German NTBFs, I apply a non-parametric matching procedure to control for the endogenous nature of subsidy reception. The fourth study of this dissertation “Bridging the Gender Funding Gap: Do Female Entrepreneurs Have Equal Access to Venture Capital?” (Chapter 5) puts a focus entirely on the venture capital funding channel for new ventures. This study examines whether access to venture capital for female entrepreneurs is more constrained than for their male counterparts, considering their educational background and innovativeness. I use an econometric approach to analyze gender differences in gaining access to external equity capital, based on data of 3,137 German new ventures, founded between 2005 and 2009. Our results emphasize a gender gap regarding external equity funding. Last, the aim of the fifth study “Effects of Impression Management Tactics on Crowdfunding Success” (Chapter 6) is to shed light on determinants that convince the crowd to fund a project on a crowdfunding platform. Therefore, I compare business angels and crowdfunders to gain a better understanding of their investment behaviors. In particular, I examine whether self-promotion through positive language as well as emphasizing innovativeness and supplication as impression management tactics drive crowdfunding success. Based on a sample of 221 Kickstarter campaigns and a total of 195,217 words embedded in their project descriptions, I develop and test hypotheses concerning linguistic behaviors affecting the likelihood of fundraising, the number of project backers and the amount raised. | |||||||
| Lizenz: |  Urheberrechtsschutz | |||||||
| Fachbereich / Einrichtung: | Wirtschaftswissenschaftliche Fakultät | |||||||
| Dokument erstellt am: | 21.04.2017 | |||||||
| Dateien geändert am: | 21.04.2017 | |||||||
| Promotionsantrag am: | 24.08.2016 | |||||||
| Datum der Promotion: | 15.03.2017 |
