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A longitudinal study on the relationship between financial bootstrapping and new venture growth

Tom Vanacker UGent, Sophie Manigart UGent, Miguel Meuleman UGent and Luc Sels (2011) ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT. 23(9-10). p.681-705
abstract
While bootstrap finance is widely used in entrepreneurial ventures, both scholars and practitioners have presented conflicting views on the relation between financial bootstrapping and venture growth. This article empirically investigates the association between bootstrap strategies used at startup and subsequent venture growth. For this purpose, we use a longitudinal database comprising data from both questionnaires and financial accounts of 214 new ventures. Findings demonstrate that the association between financial bootstrapping and venture growth is either nonexistent or positive. More specifically, new ventures that use more owner funds, employ more interim personnel, encourage customers to pay more quickly, and apply for more subsidy programs exhibit higher growth over time. We discuss the managerial and policy implications of these results and suggest avenues for future research.
Please use this url to cite or link to this publication:
author
organization
year
type
journalArticle (original)
publication status
published
subject
keyword
EMPIRICAL-EVIDENCE, SMALL FIRMS, FOUNDERS HUMAN, START-UPS, PERFORMANCE, CONSTRAINTS, ACQUISITION, INVESTMENT, ADVANTAGE, RESOURCES, entrepreneurial finance, financial bootstrapping, startups, growth, bootstrap strategies, venture development
journal title
ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT
Entrep. Reg. Dev.
volume
23
issue
9-10
pages
681 - 705
Web of Science type
Article
Web of Science id
000299922500001
JCR category
PLANNING & DEVELOPMENT
JCR impact factor
0.943 (2011)
JCR rank
26/54 (2011)
JCR quartile
2 (2011)
ISSN
0898-5626
DOI
10.1080/08985626.2010.502250
project
Biotechnology for a sustainable economy (Bio-Economy)
language
English
UGent publication?
yes
classification
A1
copyright statement
I have transferred the copyright for this publication to the publisher
id
2034158
handle
http://hdl.handle.net/1854/LU-2034158
date created
2012-02-15 15:31:52
date last changed
2015-06-17 09:57:20
@article{2034158,
  abstract     = {While bootstrap finance is widely used in entrepreneurial ventures, both scholars and practitioners have presented conflicting views on the relation between financial bootstrapping and venture growth. This article empirically investigates the association between bootstrap strategies used at startup and subsequent venture growth. For this purpose, we use a longitudinal database comprising data from both questionnaires and financial accounts of 214 new ventures. Findings demonstrate that the association between financial bootstrapping and venture growth is either nonexistent or positive. More specifically, new ventures that use more owner funds, employ more interim personnel, encourage customers to pay more quickly, and apply for more subsidy programs exhibit higher growth over time. We discuss the managerial and policy implications of these results and suggest avenues for future research.},
  author       = {Vanacker, Tom and Manigart, Sophie and Meuleman, Miguel and Sels, Luc},
  issn         = {0898-5626},
  journal      = {ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT},
  keyword      = {EMPIRICAL-EVIDENCE,SMALL FIRMS,FOUNDERS HUMAN,START-UPS,PERFORMANCE,CONSTRAINTS,ACQUISITION,INVESTMENT,ADVANTAGE,RESOURCES,entrepreneurial finance,financial bootstrapping,startups,growth,bootstrap strategies,venture development},
  language     = {eng},
  number       = {9-10},
  pages        = {681--705},
  title        = {A longitudinal study on the relationship between financial bootstrapping and new venture growth},
  url          = {http://dx.doi.org/10.1080/08985626.2010.502250},
  volume       = {23},
  year         = {2011},
}

Chicago
Vanacker, Tom, Sophie Manigart, Miguel Meuleman, and Luc Sels. 2011. “A Longitudinal Study on the Relationship Between Financial Bootstrapping and New Venture Growth.” Entrepreneurship and Regional Development 23 (9-10): 681–705.
APA
Vanacker, T., Manigart, S., Meuleman, M., & Sels, L. (2011). A longitudinal study on the relationship between financial bootstrapping and new venture growth. ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT, 23(9-10), 681–705.
Vancouver
1.
Vanacker T, Manigart S, Meuleman M, Sels L. A longitudinal study on the relationship between financial bootstrapping and new venture growth. ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT. 2011;23(9-10):681–705.
MLA
Vanacker, Tom, Sophie Manigart, Miguel Meuleman, et al. “A Longitudinal Study on the Relationship Between Financial Bootstrapping and New Venture Growth.” ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT 23.9-10 (2011): 681–705. Print.