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A longitudinal comparison of capital structure between young for-profit social and commercial enterprises

(2018) JOURNAL OF BUSINESS VENTURING . 33(2). p.225-240
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Abstract
We develop a new perspective on capital structure differences between for-profit social and commercial enterprises by combining imprinting and social entrepreneurship theory. Using a longitudinal matched sample, we find that for-profit social enterprises have 40% to 13% lower leverage and up to four times greater leverage stability over time than commercial enterprises. Our results suggest that these differences in capital structure derive from the process of prosocial organizing, which goes beyond the primary focus on financial preferences. Thus, for-profit social enterprises—and similar hybrid organizations, such as B corporations—may require theories adjusted to their context.
Keywords
HYBRID ORGANIZATIONS, STRUCTURE DECISIONS, AGENCY COSTS, ENTREPRENEURSHIP, FIRMS, BUSINESS, FUTURE, RESPONSIBILITY, DETERMINANTS, MICROFINANCE

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Chicago
Siqueira, Ana Cristina O, Nadja Guenster, Tom Vanacker, and Saskia Crucke. 2018. “A Longitudinal Comparison of Capital Structure Between Young For-profit Social and Commercial Enterprises.” Journal of Business Venturing  33 (2): 225–240.
APA
Siqueira, A. C. O., Guenster, N., Vanacker, T., & Crucke, S. (2018). A longitudinal comparison of capital structure between young for-profit social and commercial enterprises. JOURNAL OF BUSINESS VENTURING  , 33(2), 225–240.
Vancouver
1.
Siqueira ACO, Guenster N, Vanacker T, Crucke S. A longitudinal comparison of capital structure between young for-profit social and commercial enterprises. JOURNAL OF BUSINESS VENTURING  . 2018;33(2):225–40.
MLA
Siqueira, Ana Cristina O et al. “A Longitudinal Comparison of Capital Structure Between Young For-profit Social and Commercial Enterprises.” JOURNAL OF BUSINESS VENTURING  33.2 (2018): 225–240. Print.
@article{8540798,
  abstract     = {We develop a new perspective on capital structure differences between for-profit social and commercial enterprises by combining imprinting and social entrepreneurship theory. Using a longitudinal matched sample, we find that for-profit social enterprises have 40\% to 13\% lower leverage and up to four times greater leverage stability over time than commercial enterprises. Our results suggest that these differences in capital structure derive from the process of prosocial organizing, which goes beyond the primary focus on financial preferences. Thus, for-profit social enterprises---and similar hybrid organizations, such as B corporations---may require theories adjusted to their context. },
  author       = {Siqueira, Ana Cristina O and Guenster, Nadja and Vanacker, Tom and Crucke, Saskia},
  issn         = {0883-9026},
  journal      = {JOURNAL OF BUSINESS VENTURING                                      },
  language     = {eng},
  number       = {2},
  pages        = {225--240},
  title        = {A longitudinal comparison of capital structure between young for-profit social and commercial enterprises},
  url          = {http://dx.doi.org/10.1016/j.jbusvent.2017.12.006},
  volume       = {33},
  year         = {2018},
}

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