A longitudinal comparison of capital structure between young for-profit social and commercial enterprises
- Author
- Ana Cristina O Siqueira, Nadja Guenster, Tom Vanacker (UGent) and Saskia Crucke (UGent)
- Organization
- 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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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-8540798
- 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, vol. 33, no. 2, 2018, pp. 225–40, doi:10.1016/j.jbusvent.2017.12.006.
- 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. https://doi.org/10.1016/j.jbusvent.2017.12.006
- Chicago author-date
- 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): 225–40. https://doi.org/10.1016/j.jbusvent.2017.12.006.
- Chicago author-date (all authors)
- 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. doi:10.1016/j.jbusvent.2017.12.006.
- 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.
- IEEE
- [1]A. C. O. Siqueira, N. Guenster, T. Vanacker, and S. Crucke, “A longitudinal comparison of capital structure between young for-profit social and commercial enterprises,” JOURNAL OF BUSINESS VENTURING, vol. 33, no. 2, pp. 225–240, 2018.
@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}}, keywords = {{HYBRID ORGANIZATIONS,STRUCTURE DECISIONS,AGENCY COSTS,ENTREPRENEURSHIP,FIRMS,BUSINESS,FUTURE,RESPONSIBILITY,DETERMINANTS,MICROFINANCE}}, language = {{eng}}, number = {{2}}, pages = {{225--240}}, title = {{A longitudinal comparison of capital structure between young for-profit social and commercial enterprises}}, url = {{http://doi.org/10.1016/j.jbusvent.2017.12.006}}, volume = {{33}}, year = {{2018}}, }
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