Financial Management Competence of Founding Teams and Growth of New Technology–Based Firms

Brinckmann, Jan; Salomo, Søren; Gemuenden, Hans Georg

doi:10.1111/j.1540-6520.2009.00362.x

Cited by 131 publications

(93 citation statements)

References 126 publications

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“…Similar conclusions can be found among other authors who have worked in this direction (Beck et al, 2006;Oliveira & Fortunato, 2006). Brinckmann et al (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information.…”

Section: Introductionsupporting

confidence: 89%

The Role of Banks in Small and Medium Enterprises Financing: A Case Study from Kosovo

Tmava¹,

Peci²,

Luboteni³

2013

IJEF

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In this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.

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Section: Introductionsupporting

confidence: 89%

The Role of Banks in Small and Medium Enterprises Financing: A Case Study from Kosovo

Tmava¹,

Peci²,

Luboteni³

2013

IJEF

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“…it still looks like these are written by scientists that work on a scientific project." These quotes illustrate that scientific founders often lack the social competence or ability to effectively interact with investors (Baron & Markman, 2003), and hence the possibility to establish investment ties with new partners is limited (Brinckmann, Salomo, & Gemuenden, 2011). As a result, firms affiliating early on with inexperienced investors typically find it difficult to obtain follow-on finance from new investors.…”

Section: Professionalization Of the Management Team And Investment Timentioning

confidence: 99%

Path–Dependent Evolution versus Intentional Management of Investment Ties in Science–Based Entrepreneurial Firms

Vanacker

Manigart

Meuleman

2014

Entrepreneurship Theory and Practice

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This paper studies the role of entrepreneurs in investment tie formation in science-based entrepreneurial firms. Specifically, we address why investment tie formation is path dependent for some firms but more amenable to intentional management for others. Using longitudinal case studies, our evidence suggests that early investment tie formation is path dependent because scientific entrepreneurs typically approach only one or a few prospective investors from within their institutional context. Differences in experience between early investors affect the professionalization of entrepreneurial teams (or lack thereof), which influences the extent to which subsequent investment tie formation becomes more amenable to intentional management or remains path dependent.

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“…Conclusion of the research states that enabling environment is more important than the size of the firm or the bank (Beck et al, 2005). and growth (Brinckmann et al, 2011;Zhao et al, 2006;Deakins et al, 2008;EBRD, 1999;Pissardies et al, 2003;Klapper et al, 2002).…”

Section: Introductionmentioning

confidence: 99%

What determines the allowance of bank loans for investment – an overview of Kosovo SMEs

Peci¹

2015

IJIED

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Abstract:The present study determines firm and entrepreneurship characteristics of small and medium enterprises (SMEs) active in international trade towards investment and growth. Using data collected through self-administered interviews with 180 SMEs in Kosovo, we investigated factors that influence the investment growth financed by bank loans. Econometric model of linear regression indicates that a large number of firm and entrepreneur characteristics including experience, sector, business plan, audit statements, collateral significantly affect investment growth. Our findings suggest that especially education of SMEs managers have higher rate of financing sources through bank loan. The study concludes with respective findings translated into recommendations, which have to be considered by relevant stakeholders active in entrepreneurship and policymaking.

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Financial Management Competence of Founding Teams and Growth of New Technology–Based Firms

Cited by 131 publications

References 126 publications

The Role of Banks in Small and Medium Enterprises Financing: A Case Study from Kosovo

The Role of Banks in Small and Medium Enterprises Financing: A Case Study from Kosovo

Path–Dependent Evolution versus Intentional Management of Investment Ties in Science–Based Entrepreneurial Firms

What determines the allowance of bank loans for investment – an overview of Kosovo SMEs

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