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Entrepreneurial orientation and start-ups' external financing

Egle Vaznyte (UGent) and Petra Andries (UGent)
(2019) JOURNAL OF BUSINESS VENTURING . 34(3). p.439-458
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Abstract
This study extends the Pecking Order Theory by investigating the role of start-ups' strategic posture for financial decision-making. Using a contingency approach, it proposes that a start-up's entrepreneurial orientation differently affects the costs and benefits associated with external debt and equity financing, and thereby its use of the respective financing forms; with the strength of these relationships depending on industry-level risk and venture development stage. The study tests and confirms these hypotheses on a sample of 4456 German start-ups. It advances the entrepreneurial finance literature by taking strategic posture and its contingencies into account, and adds insight in the relationship between entrepreneurial orientation and firm performance. It also provides valuable practical implications for start-up founders and external financiers.
Keywords
Entrepreneurial finance, Entrepreneurial orientation, Industry-level risk, Development stage, Start-ups, CAPITAL STRUCTURE, BUSINESS PERFORMANCE, STRATEGIC MANAGEMENT, VENTURE CAPITALISTS, HIGH-TECHNOLOGY, SMALL FIRMS, BANKS, INVESTMENT, SELECTION, GROWTH

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MLA
Vaznyte, Egle, and Petra Andries. “Entrepreneurial Orientation and Start-Ups’ External Financing.” JOURNAL OF BUSINESS VENTURING , vol. 34, no. 3, 2019, pp. 439–58.
APA
Vaznyte, E., & Andries, P. (2019). Entrepreneurial orientation and start-ups’ external financing. JOURNAL OF BUSINESS VENTURING , 34(3), 439–458.
Chicago author-date
Vaznyte, Egle, and Petra Andries. 2019. “Entrepreneurial Orientation and Start-Ups’ External Financing.” JOURNAL OF BUSINESS VENTURING 34 (3): 439–58.
Chicago author-date (all authors)
Vaznyte, Egle, and Petra Andries. 2019. “Entrepreneurial Orientation and Start-Ups’ External Financing.” JOURNAL OF BUSINESS VENTURING 34 (3): 439–458.
Vancouver
1.
Vaznyte E, Andries P. Entrepreneurial orientation and start-ups’ external financing. JOURNAL OF BUSINESS VENTURING . 2019;34(3):439–58.
IEEE
[1]
E. Vaznyte and P. Andries, “Entrepreneurial orientation and start-ups’ external financing,” JOURNAL OF BUSINESS VENTURING , vol. 34, no. 3, pp. 439–458, 2019.
@article{8601503,
  abstract     = {This study extends the Pecking Order Theory by investigating the role of start-ups' strategic posture for financial decision-making. Using a contingency approach, it proposes that a start-up's entrepreneurial orientation differently affects the costs and benefits associated with external debt and equity financing, and thereby its use of the respective financing forms; with the strength of these relationships depending on industry-level risk and venture development stage. The study tests and confirms these hypotheses on a sample of 4456 German start-ups. It advances the entrepreneurial finance literature by taking strategic posture and its contingencies into account, and adds insight in the relationship between entrepreneurial orientation and firm performance. It also provides valuable practical implications for start-up founders and external financiers.},
  author       = {Vaznyte, Egle and Andries, Petra},
  issn         = {0883-9026},
  journal      = {JOURNAL OF BUSINESS VENTURING },
  keywords     = {Entrepreneurial finance,Entrepreneurial orientation,Industry-level risk,Development stage,Start-ups,CAPITAL STRUCTURE,BUSINESS PERFORMANCE,STRATEGIC MANAGEMENT,VENTURE CAPITALISTS,HIGH-TECHNOLOGY,SMALL FIRMS,BANKS,INVESTMENT,SELECTION,GROWTH},
  language     = {eng},
  number       = {3},
  pages        = {439--458},
  title        = {Entrepreneurial orientation and start-ups' external financing},
  url          = {http://dx.doi.org/10.1016/j.jbusvent.2019.01.006},
  volume       = {34},
  year         = {2019},
}

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