Outside Enterpreneurial Capital*

• 成果类型: Article
• 署名作者: Cosh, Andy; Cumming, Douglas; Hughes, Alan
• 署名单位: University of Cambridge; York University - Canada
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2009.02270.x
• 发表日期: 2009
• 页码: 1494-1533
• 关键词: venture capitalists; sample selection; INVESTMENT; credit; FIRMS; INFORMATION; portfolio; finance; syndication; decisions

摘要

This article investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other sources), taking into account the non-randomness in a firm's decision to seek outside finance. The data support the traditional pecking order theory. Further, the data indicate that firms seeking capital are typically able to secure their requisite financing from at least one of the different available sources. However, external finance is often not available in the form that a firm would like.