NDLI: New venture financing in Germany: Effects of firm and owner characteristics

Content Provider	Springer Nature Link
Author	Achleitner, Ann Kristin Braun, Reiner Kohn, Karsten
Copyright Year	2011
Abstract	Entrepreneurial activity by new ventures is an important driver of economic growth. Yet obtaining sufficient and/or appropriate financial means often represents a considerable challenge to entrepreneurs. Notably, reliable empirical evidence on financing patterns of young enterprises in Germany has so far been scarce. Using data from the KfW/ZEW Start-up Panel, a new large-scale dataset of newly founded ventures, we provide a comprehensive overview of financing structures and their firm- and owner-related drivers in German start-ups within the first months of their existence. Conceptually, we find pecking-order theory to hold for new ventures in Germany, although individual motives lead to partially deviant financing patterns. Moreover, our findings indicate that the extent of financing and the choice of capital sources are both driven by a multitude of firm as well as owner characteristics.
Starting Page	263
Ending Page	294
Page Count	32
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	81
Issue Number	3
e-ISSN	18618928
Language	English
Publisher	SP Gabler Verlag
Publisher Date	2011-02-12
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Entrepreneurship Business Start-up New Venture Financing Start-up Financing KfW/ZEW Start-up Panel Production/Logistics Personnel Management Business/Management Science Management/Business for Professionals Accounting/Auditing Organization/Planning
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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