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Dissertations / Theses on the topic 'Entrepreneurial finance'
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Bernstein, Shai. "Essays in Entrepreneurial Finance." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10299.
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In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that completed their filing and went public with that of firms that withdrew their filing and remained private. I use NASDAQ fluctuations during the book-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using this approach, I find that the quality of internal innovation declines by 50 percent relative to firms that remained private. The decline in innovation is driven by both an exodus of skilled inventors and a decline in productivity among remaining inventors. However, going public allows firms to attract new human capital and purchase externally generated innovations through mergers and acquisitions. In the second essay, we explore the effects of private equity investments on the industries they invest at. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. Finally, in the third essay we model situations in which a principal offers a set of contracts to a group of agents to participate in a project. Agents’ benefits from participation depend on the identity of other participating agents. We show that when assuming multilateral externalities, the optimal contracts’ payoff relies on a ranking of the agents, which can be described as arising from a tournament among the agents. Rather than simply ranking agents according to a measure of popularity, the optimal contracting scheme makes use of a more refined two-way comparison between the agents. We derive results on the principal’s revenue extraction and the role of the level of externalities’ asymmetry.Economics
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Nanda, Ramana. "Essays in entrepreneurial finance." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/40885.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2007."June 2007."
Includes bibliographical references.
There is growing belief that countries with better financing environments are associated with higher economic growth because they facilitate entrepreneurship and hence the Schumpeterian process of 'creative destruction'. This dissertation explores this hypothesis in more detail by understanding how the financing environment for new ventures impacts outcomes such as individuals' decision to become entrepreneurs, their sources of financing and the growth and survival of their firms. Rather than performing cross-country analyses however, the approach used in this dissertation is to perform within-country studies that shed more light on the mechanisms through which the financing environment impacts entrepreneurial activity. The first two essays in the dissertation exploit institutional reforms - one in Denmark and another in the US - that changed the financing environment for new businesses to study how they impacted individuals' entry and survival. These natural experiments are supplemented with detailed and comprehensive micro data that allow me to both explore and the refine the mechanisms at play in more detail. The final paper is more descriptive in nature and examines how the variation in entrepreneurs' use of Diaspora networks in developing countries is related to the financing and networking environment of the city in which they are based.
by Ramana Nanda.
Ph.D.
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Bozkaya, Ant. "Essays in entrepreneurial finance." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210683.
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This thesis aims to better understand the process of the funding of young innovativeventures, and how a deeper understanding of this process can help public policy to better
stimulate entrepreneurial firms—especially in high-technology industries. I interpret
entrepreneurial finance broadly to mean financing issues facing young innovative
ventures. It includes three essays which deal with a set of economic, institutional, and
public policy issues to examine entrepreneurial finance.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
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Sannino, Francesco. "Essays in entrepreneurial finance." Thesis, London School of Economics and Political Science (University of London), 2018. http://etheses.lse.ac.uk/3721/.
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In Chapter 1, a theory of optimal fund size in venture capital is developed. Fund managers - the VCs - add value to the projects they finance, but their human capital is scarce. A matching model is proposed where VCs span their nurturing activity over more projects, and entrepreneurs, who own the projects, direct their search to VCs based on their projects’ quality. The work provides necessary and sufficient conditions for positive and negative assortative matching over VC attention and project quality to emerge and shows when VCs fundraising decision is distorted by selection considerations. The chapter ends with an investigation of the effects of entry of less skilled intermediaries. By attracting the worse entrepreneurs, these new agents alleviate the adverse selection problem associated to managing a larger fund. This offers a new angle to think about policies encouraging entry in the venture capital industry. In Chapter 2, the model developed in Chapter 1 is extended to a dynamic setting, where projects need time to develop and produce returns. VCs can choose to enter in a short-term contract with investors, giving them access to investors liquidity for a given period of time, and an open credit relationship that allows them to raise investors money at any point in time. The model illustrates a novel advantage of closed, finite-horizon funds, which emerge in equilibrium even when they are socially undesirable: they attract the best entrepreneurs, who value the most the exclusive relationship that only a closed-end fund can guarantee. The interpretation is that VCs benefit from committing to a size in the first place. In Chapter 3, the focus moves to the study of the distortions in fund managers’ behavior that may occur within a fund’s life. A setting is introduced where information about a manager’s ability is imperfect and managers are interested in their reputation. Given the application to investments in young firms, managers in the model are agents that create value because they can experiment and learn about a projects potential. Their incentive to take on risk is distorted by career concerns, and can result in under or over risk-taking. The result contrasts with Holmstrom (1999) where managers directly affect the project’s success rate, and career concerns can only produce inefficiently low risk-taking. It is shown that the inefficiency is reduced when the market can also observe the outcome of projects with the same fundamental.
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Liu, Zilong. "Two Essays on Entrepreneurial Finance." Kent State University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=kent1463607076.
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Sewaid, Ahmed. "Entrepreneurial Finance: Three Essays on Crowdfunding." Doctoral thesis, Universitat Autònoma de Barcelona, 2020. http://hdl.handle.net/10803/670854.
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En aquesta dissertació, ens acostem a tres línies úniques de la literatura de crowdfunding. En el primer capítol, desenvolupem un model teòric que avalua el finançament òptim de l'emprenedor i l'elecció de llançament a l'triar entre crowdfunding basat en recompenses i finançament de deute. Contràriament a la literatura anterior, vam mostrar que quan s'utilitza el crowdfunding basat en recompenses, l'estratègia òptima de fixació de preus de l'empresari implica comprometre amb el preu minorista futur durant la campanya de crowdfunding i que aquesta estratègia òptima única implica recompensar els patrocinadors amb un descompte en relació amb els futurs clients minoristes. A l'triar entre finançament de deute i crowdfunding basat en recompenses, vam mostrar que no hi ha una estratègia òptima única. L'estratègia òptima dependria dels requisits de capital de el projecte i la taxa d'interès vigent. Vam descobrir que els projectes amb requisits de capital més baixos preferiran llançar-mitjançant crowdfunding, ja que no necessiten apartar-se dels preus òptims de crowdfunding. Mentre que per requisits de capital més alts, l'estratègia òptima depèn dels nivells de taxa d'interès. En el segon capítol, ens vam separar de l'anàlisi clàssica dels motius no financers en el crowdfunding basat en recompenses i investiguem com els empresaris poden incentivar financerament als patrocinadors per millorar el rendiment de la campanya. Mostrem específicament com es pot utilitzar l'estratègia de fixació de preus de l'emprenedor per indicar la qualitat de el projecte i la recompensa financera que reben els patrocinadors en relació amb els clients minoristes. El nostre estudi implica l'anàlisi de dos senyals costoses, compromís de preu i descompte, i un senyal sense cost, el nombre de classes de recompensa. Els nostres resultats mostren que l'ús de l'compromís de preus i el descompte per part de l'emprenedor està positivament associat amb l'exercici de la campanya. El nombre de classes de recompensa exhibeix una relació similar amb el rendiment de l'crowdfunding. No obstant això, destaquem que els senyals no funcionen de manera aïllada i que, en presència dels senyals costoses, l'efecte del senyal sense cost es debilita. Això proporciona suport addicional per l'argument que quan els senyals costoses i sense cost interactuen, els patrocinadors donen prioritat a les primeres. El tercer capítol d'aquesta tesi amplia la literatura incipient sobre el crowdfunding en sèrie a l'tenir en compte la dimensió contextual de les campanyes a la plataforma, prèviament descurada. Investiguem els efectes dels contextos canviants (indústria i / o ubicació geogràfica) en el rendiment de la campanya. Presumim de canviar el context afectarà negativament el resultat de la campanya, ja que parteix de el coneixement adquirit de campanyes anteriors és específic de l'context. A més, postulem que els emprenedors amb un major nivell d'experiència en crowdfunding estan en millors condicions per fer generalitzacions a partir de l'experiència prèvia i aplicar-les a diferents contextos, de manera que pateixen menys els canvis en els contextos. Una anàlisi empírica de l'univers de crowdfunders en sèrie en Kickstarter recolza les nostres hipòtesis. A més, vam mostrar que canviar el context després de l'fracàs afegeix una capa de complexitat que intensifica la relació negativa entre canviar el context i el resultat de la campanya.En esta disertación, nos acercamos a tres líneas únicas de la literatura de crowdfunding. En el primer capítulo, desarrollamos un modelo teórico que evalúa el financiamiento óptimo del emprendedor y la elección de lanzamiento al elegir entre crowdfunding basado en recompensas y financiamiento de deuda. Contrariamente a la literatura anterior, mostramos que cuando se utiliza el crowdfunding basado en recompensas, la estrategia óptima de fijación de precios del empresario implica comprometerse con el precio minorista futuro durante la campaña de crowdfunding y que esta estrategia óptima única implica recompensar a los patrocinadores con un descuento en relación con los futuros clientes minoristas. Al elegir entre financiamiento de deuda y crowdfunding basado en recompensas, mostramos que no existe una estrategia óptima única. La estrategia óptima dependería de los requisitos de capital del proyecto y la tasa de interés vigente. Descubrimos que los proyectos con requisitos de capital más bajos preferirán lanzarse mediante crowdfunding, ya que no necesitan apartarse de los precios óptimos de crowdfunding. Mientras que para requisitos de capital más altos, la estrategia óptima depende de los niveles de tasa de interés. En el segundo capítulo, nos separamos del análisis clásico de los motivos no financieros en el crowdfunding basado en recompensas e investigamos cómo los empresarios pueden incentivar financieramente a los patrocinadores para mejorar el rendimiento de la campaña. Mostramos específicamente cómo se puede utilizar la estrategia de fijación de precios del emprendedor para indicar la calidad del proyecto y la recompensa financiera que reciben los patrocinadores en relación con los clientes minoristas. Nuestro estudio implica el análisis de dos señales costosas, compromiso de precio y descuento, y una señal sin costo, el número de clases de recompensa. Nuestros resultados muestran que el uso del compromiso de precios y el descuento por parte del emprendedor está positivamente asociado con el desempeño de la campaña. El número de clases de recompensa exhibe una relación similar con el rendimiento del crowdfunding. Sin embargo, destacamos que las señales no funcionan de forma aislada y que, en presencia de las señales costosas, el efecto de la señal sin costo se debilita. Esto proporciona soporte adicional para el argumento de que cuando las señales costosas y sin costo interactúan, los patrocinadores dan prioridad a las primeras. El tercer capítulo de esta tesis amplía la literatura incipiente sobre el crowdfunding en serie al tener en cuenta la dimensión contextual de las campañas en la plataforma, previamente descuidada. Investigamos los efectos de los contextos cambiantes (industria y / o ubicación geográfica) en el rendimiento de la campaña. Presumimos que cambiar el contexto afectará negativamente el resultado de la campaña, ya que parte del conocimiento adquirido de campañas anteriores es específico del contexto. Además, postulamos que los emprendedores con un mayor nivel de experiencia en crowdfunding están en mejores condiciones para hacer generalizaciones a partir de la experiencia previa y aplicarlas a diferentes contextos, de modo que sufren menos los cambios en los contextos. Un análisis empírico del universo de crowdfunders en serie en Kickstarter respalda nuestras hipótesis. Además, mostramos que cambiar el contexto después del fracaso agrega una capa de complejidad que intensifica la relación negativa entre cambiar el contexto y el resultado de la campaña.
In this dissertation, we approach three unique strands of the crowdfunding literature. In the first chapter, we develop a theoretical model evaluating the entrepreneur’s optimal financing and launching choice when choosing between reward-based crowdfunding and debt financing. Contrary to previous literature, we show that when using reward-based crowdfunding, the entrepreneur’s optimal pricing strategy involves committing to the future retail price during the crowdfunding campaign and that this unique optimal strategy involves rewarding backers with a discount relative to future retail customers. When choosing between debt financing and reward-based crowdfunding, we show that there is no unique optimal strategy. The optimal strategy would depend on the project capital requirements and the prevailing interest rate. We find that projects with lower capital requirement will prefer to launch via crowdfunding since they do not need to diverge away from the optimal crowdfunding prices. Whereas for higher capital requirements, the optimal strategy depends on the interest rate levels. In the second chapter, we diverge from the classical analysis of non-financial motives in reward-based crowdfunding and investigate how entrepreneurs can financially incentivize backers in order to improve campaign performance. We specifically show how the entrepreneur’s pricing strategy can be used to signal the project’s quality and the financial reward that backers receive relative to retail customers. Our study involves the analysis of two costly signals, price commitment and discount, and a costless signal, the number of reward classes. Our results show that the use of price commitment and discount by the entrepreneur is positively associated with the campaign performance. The number of reward classes exhibits a similar relationship with crowdfunding performance. However, we highlight that signals do not work in isolation and that in the presence of the costly signals, the effect of the costless signal is weakened. This provides additional support for the argument that when costly and costless signals interact, backers prioritize the former. The third chapter of this thesis extends the nascent literature on serial crowdfunding by accounting for the previously neglected contextual dimension of campaigns on the platform. We investigate the effects of changing contexts (industry and/or geographic location) on the campaign performance. We hypothesize that changing context will adversely affect the campaign outcome as some of the acquired knowledge from previous campaigns is context-specific. Moreover, we posit that entrepreneurs with higher level of crowdfunding experience are better able to make generalizations from previous experience and apply them to different contexts such that they suffer less from changing contexts. An empirical analysis of the universe of serial crowdfunders on Kickstarter provides support for our hypotheses. We additionally show that changing context following failure adds a layer of complexity which intensifies the negative relationship between changing context and campaign outcome.
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Leboeuf, Gael. "Design des Campagnes de Crowdfunding." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20012/document.
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Si le succès d'une campagne de crowdfunding dépend du projet qui est financé, il est aussi fortement lié aux choix stratégiques faits par l'entrepreneur et par le design de la campagne de financement en elle-même. Cette thèse étudie trois composants principaux du design d'une campagne de crowdfunding en se basant sur une base de données unique de plus de 22 000 projets présentés sur la plateforme Indiegogo. Premièrement, en choisissant entre les modèles de financement "keep-it-all" et "all-or-nothing", l'entrepreneur a la possibilité de transférer lerisque entre lui-même et la foule. Cela aura un impact sur la quantité d'informations qu'il divulguera et sur le comportement des participants. Deuxièmement, la personnalité de l'entrepreneur, et plus particulièrement son niveau de narcissisme, affecte également la manière dont la campagne est mise en place (taille, informations,...) et du soutien qu'il/elle obtient de la foule. Enfin, étant donné que nous savons que les entrepreneurs en série bénéficient habituellement de leur expérience via leur réseau et leur réputation, nous analysons sa capacité à recommencer une seconde campagne, la manière dont l'entrepreneur la conçoit et sa capacité à gagner, ou pas, le soutien du public après un premier succès ou un premier échecIf the crowdfunding campaign success depends on the project that is financed, it is also closely linked to the strategic choices of the entrepreneur and by the design of the financing campaign in itself. This thesis investigates three main components of the campaign design by using a unique database of more than 22,000 crowdfunding projects presented on the Indiegogo platform. First, by choosing between the keep-it-all and the all-or-nothing funding model, the entrepreneur is able to shift the risk between himself and the crowd. This will impact thecampaign disclosures and the behavior of the participants. Second, the personality of the entrepreneur and more precisely his level of narcissism also affects the way that the campaign is set up (size, soft information,...) and the support he/she receives from the crowd. Finally, since we know that serial entrepreneurs usually benefit from experience through network and reputation, we analyze his/her ability to restart a second campaign, the way that entrepreneurs design it and his/her capacity to gain, or not, support from the crowd after a first success or after a first failure
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Imai, Yasuharu. "Financial evaluation of entrepreneurial strategic choice." Thesis, Normandie, 2019. http://www.theses.fr/2019NORMC022/document.
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L’objectif de cette thèse est de développer des modèles quantitatifs utilisant les options réelles pour une évaluation financière des choix stratégiques entrepreneuriaux. Cependant, il ne s’agit pas seulement de développer des aspects techniques (ou manipulations mathématiques). Les modèles proposés dans la thèse visent également à fournir des informations pratiques utiles à la fois aux entrepreneurs et aux investisseurs, afin de faciliter la prise de décision dans les négociations contractuelles pour le financement et l'investissement dans les start-ups et les firmes entrepreneuriales.Cette thèse se compose de deux parties. La première partie définit les concepts utilisés afférents à la question de recherche. L’adoption de la perspective proposée par la finance entrepreneuriale nous permet de centrer notre approche sur la négociation et une relation d'égalité entre les participants dans le processus de prise de décision, alors que la finance d’entreprise traditionnelle s’intéresse à la relation principal-agent. En effet, les méthodes généralement utilisées comme les cash-flows actualisés (DCF) ou le Taux de Rendement Interne (TRI) ne sont pas adéquates pour effectuer une évaluation financière dans un contexte entrepreneurial. Ainsi, la problématique de cette thèse peut être formulée de la manière suivante : Comment les choix stratégiques des start-ups et firmes entrepreneuriales devraient-ils être évalués dans le cadre des négociations contractuelles ?Afin de traiter cette problématique, trois problèmes particuliers seront exposés dans la deuxième partie. Nous proposerons de les étudier à partir de l’approche par les options réelles qui convient parfaitement à l'analyse des choix stratégiques dans un contexte de finance entrepreneuriale.Le premier article analyse l’évaluation d’un contrat de licence dans le secteur biopharmaceutique. En résumé, lors de la conclusion d’un contrat de licence, les dirigeants et les responsables de la négociation doivent prendre en compte de nombreux facteurs tels que la phase de développement, la prévision des coûts d'investissement et la volatilité des marchés. De plus, la prise en compte des interactions comportementales des deux parties lors de la négociation du contrat de licence est essentielle pour la construction d'un modèle de simulation, notamment en ce qui concerne l’interaction dynamique entre le donneur de licence et le preneur de licence.Le deuxième article s’intéresse à la question de la dilution pour les nouveaux actionnaires lors du deuxième tour de financement en présence de détenteurs d’obligations convertibles. Selon les résultats de la simulation, il est possible de vérifier que le taux de « discount » et le « valuation cap » ont un impact important sur le coût de la prise de décision en matière d’investissement en actions. Les résultats montrent également que plus le taux de discount est élevé et moins le valuation cap est important, plus les coûts sont élevés, et la probabilité de succès de la négociation devient donc faible. Par conséquent, l’entrepreneur doit en tenir compte lorsqu’il entre en négociation lors du deuxième tour de financement.Le troisième article aborde le choix d’une stratégie de sortie pour un entrepreneur (acquisition ou introduction en bourse) notamment « The IPO valuation premium puzzle » proposé par Bayar et Chemmanur (2011). Bien qu'il soit normal que l’entrepreneur et les investisseurs en capital-risque envisagent l’introduction en bourse, il est également possible qu'ils choisissent l'acquisition comme stratégie de sortie. En utilisant la théorie des jeux, ce phénomène contradictoire peut être expliqué par l’existence de deux équilibres de Nash. En complément de la gestion des risques afférents au marché, l’entrepreneur doit prêter attention à la relation avec le capital-risqueur lorsqu’il choisit la stratégie de sortieThe objective of this dissertation is to develop the quantitative models that adopt the real options analysis for financially evaluating the entrepreneurial strategic choices. However, it does not only focus on the technical aspects (or its mathematical methodologies). The models proposed in the dissertation aim to provide the practically useful information in order for both entrepreneurs and investors to make decisions in the contractual negotiation of financing and investing in the start-ups and ventures.This dissertation consists of two parts. The first part gives the definitions of the essential concepts that shall be incorporated into the research question. Adopting the perspectives that are provided in entrepreneurial finance leads us to focus on the fair negotiations among participants in the process of decision-making, while the traditional corporate finance emphasises the principal-agent problem. Actually, the common methods, such as Discounted Cash-Flows and Internal Rate of Return, are not always suitable for implementing financial valuations in the context of entrepreneurial finance. Therefore, the research question of this dissertation can be set as follows: How should strategic choices in contract negotiation be financially evaluated?In order to deal with this problem, three particular issues are introduced in the second part. The real options analysis is utilised in all of the three issues, which is quite suitable for analysing them.The first article deals with the issue of licensing contract with bio-pharma venture. In summary, when closing a licensing contract negotiation, those in charge of the negotiation must consider many factors, such as the phases of R&D, the investment costs and the market volatility. In addition to those, the interaction of the participants of the contractual negotiation should be taken into account. For modelling this relationship, the assumption of dynamic interaction between licensor and licensee is introduced.The second article focuses on the dilution problem in the second financing round under the existence of convertible note holders. According to the simulation results, “discount” and “valuation cap” have a great impact on the equity decision-making cost. The results also show that the costs increase when the degree of discount becomes greater and the valuation cap becomes smaller. This may jeopardize the success of negotiation. Entrepreneurs should take these factors into consideration in the second financing round.The third article analyses the exit choice (acquisition or IPO), especially the “IPO valuation premium puzzle” proposed by Bayar et Chemmanur (2011). While entrepreneurs and venture capitalists prefer an IPO, acquisition can be chosen. Utilising the game theory, this contradictory phenomenon can be explained as the two Nash equilibria. In addition to financial market risks, entrepreneurs should pay attention to the relationship with venture capitalists, when they choose the exit strategy
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Howell, Sabrina T. "Essays in Energy Economics and Entrepreneurial Finance." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17467337.
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When does government intervention successfully correct perceived market failures? What effects do such interventions have on firm decisions? These questions are especially vital to the energy sector, which features large negative externalities, volatile commodity prices, and intensive regulation. My dissertation examines energy policies in three otherwise disparate contexts: a U.S. national research and development (R&D) subsidy intended to expedite clean energy technology deployment; a U.S. state-level oil price risk management policy targeting highway paving firms; and a Chinese fuel economy standard aimed at reducing oil consumption and hastening technology adoption among Chinese automakers. Each analysis evaluates the public policy and uses it to glean insight into firm financial constraints and innovation investment. Together, the three chapters contribute to the literatures on entrepreneurial finance, corporate risk management, innovation, and industrial policy.
Motivating the first paper is the observation that governments regularly subsidize new ventures to spur innovation, often in the form of R&D grants. I examine the effects of such grants in the first large-sample, quasi-experimental evaluation of R&D subsidies. I implement a regression discontinuity design using data on ranked applicants to the Small Business Innovation Research grant program at the U.S. Department of Energy. An award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and the likelihood of achieving revenue. The effects are stronger for more financially constrained firms. In the second part of the paper, I use a signal extraction model to identify why grants lead to future funding. The evidence is inconsistent with a certification effect, where the award contains information about firm quality. Instead, the grant money itself is valuable, possibly because it funds proof-of-concept work that reduces investor uncertainty about the technology.
The second chapter examines how firms manage oil price risk when oil is an important input cost. Despite a rich theoretical literature, there is little empirical evidence about risk management heterogeneity across firm types. I evaluate a policy that shifts oil price risk in highway procurement
from the private sector to the government, reducing the cost of hedging to zero. In a triple-differences design using data from Kansas and Iowa, I show that firms value hedging oil price risk between the auction and commencement of work. Consistent with the prediction that hedging is more valuable for financially constrained firms, I find higher risk premiums in private vis-à-vis public firms and in smaller vis-à-vis larger firms. I also find that family ownership and a lack of diversification are associated with higher risk premiums. Competition is highly imperfect in this industry. Monopoly power in product markets, together with market frictions in derivative hedging, may limit the pass- through of risk to financial markets, and thus prevent efficient allocation of risk.
I turn to China - a very different economic setting - in the third chapter. Technology absorption is critical to emerging market growth. To study this process I exploit fuel economy standards, which compel automakers to either acquire fuel efficiency technology or reduce vehicle quality. With novel, unique data on the Chinese auto market between 1999 and 2012, I evaluate the effect of China’s 2009 fuel economy standards on firms’ vehicle characteristic choices. Through differences-in-differences and triple differences designs, I show that Chinese firms responded to the new policy by manufacturing less powerful, cheaper, and lighter vehicles. Foreign firms manufacturing for the Chinese market, conversely, continued on their prior path. For example, domestic firms reduced model torque and price by 12% and 13% of their respective means relative to foreign firms. Private Chinese firms outperformed state-owned firms and were less affected by the standards, but Chinese firms in joint ventures with foreign firms suffered the largest negative effect regardless of ownership. My evidence suggests that fuel economy standards and joint venture mandates - both intended to increase technology transfer - have instead retarded Chinese firms’ advancement up the automotive manufacturing quality ladder.Political Economy and Government
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Rajaiya, Harshit. "Three Essays in Corporate and Entrepreneurial Finance:." Thesis, Boston College, 2020. http://hdl.handle.net/2345/bc-ir:108781.
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Thesis advisor: Thomas ChemmanurMy dissertation consists of three chapters. In the first chapter, I analyze the impact of firms' innovation success on their corporate financial policies. I hypothesize that innovation success reduces the information asymmetry facing firms and, through the information channel, affects their capital structure and dividend policies. I measure innovation success using the quantity and quality of patents. I show that firms with higher innovation success face lower information asymmetry, measured using analyst coverage, dispersion, and forecast error. Further, I show that firms with higher innovation success have lower leverage ratios; have a greater propensity to issue equity rather than debt; and have lower dividend payout ratios. I establish causality using instrumental variable analyses with patent examiner leniency as an instrument for patent grants. In the second chapter, co-authored with Thomas Chemmanur, Xuan Tian, and Qianqian Yu, we analyze the impact of trademarks in entrepreneurial firms' success. We hypothesize that trademarks play two economically important roles for entrepreneurial firms: a “protective” role, leading to better product market performance; and an “informational” role, signaling higher firm quality to investors. We develop testable hypotheses based on the above two roles of trademarks, relating the trademarks held by private firms to the characteristics of venture capital (VC) investment in them, their probability of successful exit, their valuations at their initial public offering (IPO) and in the immediate secondary market; institutional investor IPO participation; post-IPO information asymmetry; and post-IPO operating performance. We test these hypotheses using a large and unique dataset of trademarks held by VC-backed private firms. We establish causality using an instrumental variable (IV) analysis using trademark examiner leniency as the instrument. For private firms, we find that the number of trademarks held by the firm is positively related to the total amount invested by VCs and negatively related to the extent of staging by VCs. We show that the number of trademarks held by a firm increases its probability of successful exit (IPOs or acquisitions). Further, for the subsample of VC-backed firms going public, we show that the number of trademarks held by the firm leads to higher IPO and immediate secondary market firm valuations; greater IPO participation by institutional investors; a lower extent of information asymmetry in the equity market post-IPO; and better post-IPO operating performance. In the third chapter, co-authored with Thomas Chemmanur and Jinfei Sheng, we develop testable hypotheses and empirically analyze the effects of outside investors having access to soft information such as online employee ratings from the Glassdoor website on firms' financing and investment policies. We find that higher online employee ratings are associated with larger equity issue announcement effects; a greater propensity to have positive announcement effects and to issue equity rather than debt to raise external financing; higher investment expenditures; greater equity issue participation by institutional investors; and better long-run post-issue operating performance. We establish causality using a difference-in-differences methodology relying on the staggered adoption of anti-SLAPP laws across U.S. states
Thesis (PhD) — Boston College, 2020
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Yu, Qianqian. "Three Essays in Entrepreneurial and Corporate Finance." Thesis, Boston College, 2017. http://hdl.handle.net/2345/bc-ir:107427.
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Thesis advisor: Thomas J. ChemmanurMy dissertation is comprised of three chapters. In the first chapter, I analyze the effect of top management changes on subsequent corporate innovation in venture capital-backed private firms using a hand-collected dataset. I find that top management changes are associated with significantly more and higher quality corporate innovation (as measured by their patenting activity). I show that top management changes are likely to be venture-driven and that the effect of top management changes on corporate innovation is stronger for firms where venture capitalists have greater power. An instrumental variable analysis using an exogenous shock to the supply of outside managers available for hire implies a causal effect of top management changes on corporate innovation. I establish that one mechanism through which top management changes enhance corporate innovation is through new management teams hiring more inventors for a given investment size. I also show that both top management changes and corporate innovation have a positive impact on firms' successful exits. In the second chapter, co-authored with Thomas Chemmanur and Karthik Krishnan, we hypothesize that VC-backing garners greater “investor attention” (Merton (1987)) for IPOs, allowing IPO underwriters to perform two information-related roles more efficiently during the book-building and road-show process: information dissemination, where the lead underwriter disseminates noisy information about various aspects of the IPO firm to institutional investors; and information extraction, where the lead underwriter extracts information useful in pricing the IPO firm equity from institutional investors. Using pre-IPO media coverage as a proxy, we show empirically that VC-backed firm IPOs indeed obtain greater investor attention, causally yielding them more favorable IPO characteristics such as higher IPO and secondary market valuations. In the third chapter, co-authored with Thomas Chemmanur, Lei Kong, and Karthik Krishnan, using panel data on top management characteristics and a management quality factor constructed using common factor analysis on individual management quality proxies, we analyze the relation between the human capital or “quality” of firm management and its innovation inputs and outputs. We control for the endogenous matching between firm and management quality using a plausibly exogenous shock to the supply of new managers as an instrument, thereby finding a causal relationship between management quality and innovation activities. We show that higher management quality firms achieve greater innovation output by hiring more and higher quality inventors
Thesis (PhD) — Boston College, 2017
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Wallmeroth, Johannes. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures : a conceptual framework and selected examples." Thesis, Lyon, 2017. http://www.theses.fr/2017LYSE3034.
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Le financement institutionnel du capital initial, l’investissement providentiel le financement collectif des entreprises entrepreneuriales : un cadre conceptuel et quelques exemples » est une thèse de doctorat qui décrit un cadre conceptuel global des différentes facettes financières de l'entrepreneuriat et propose une étude empirique approfondie de certains éléments. Le nouvel apport de ce travail consiste à identifier les complexités croissantes du marché du financement en fonds propres de l’entreprenariat en développant un cadre conceptuel qui met l'accent aussi bien sur l'interaction croissante des acteurs du marché que sur de nouvelles recherches empiriques. Les thèmes choisis utilisent un ensemble de données uniques qui vont au-delà des études de recherches existantes et sont les premiers dans leur domaine à explorer de nouvellespistesInstitutional Seed Financing, Angel Financing, and Crowdfunding of EntrepreneurialVentures : a conceptual framework and selected examples is a doctoral dissertation that outlines an overall conceptual framework for the financial facets of entrepreneurship and proposes an empirical in-depth exploration of designated components. The novel contribution of this work lies in identifying the increasing complexities of the entrepreneurial equity finance market by developing this conceptual framework that emphasizes the growing interaction of the market players as well as investigating additional empirical topics. The selected topics use unique datasets that go beyond existing research studies and are the first in their fields to explore new avenues
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Han, Liang. "Collateralisation, interest rates and signalling in entrepreneurial finance." Thesis, University of Warwick, 2005. http://wrap.warwick.ac.uk/51523/.
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Berger and Udell (1990) made an important distinction between sorting-byobserved- risk (SBOR) and sorting-by-private-information (SBPI) as responses to asymmetric information in financing entrepreneurial ventures. The current research seeks not to distinguish, but to integrate, these responses in what is called Signalling and Self-Selection (SASS) model. By developing Bester’s (1985) model, the SASS model is one in which the type (high or low) of the entrepreneur is private information known only to the entrepreneur and the bank offers a menu of contracts as a self-selection mechanism. The SASS model proposes that high-type entrepreneurs, who have a high probability of success and high project returns, are more likely to choose a contract with high collateral but low interest rate. Low-type entrepreneurs, who have a low probability of success and low project returns, are more likely to choose a contract with low collateral but high interest rate. The SASS model predicts that the arrangement and choice of debt contracts is influenced by loan characteristics, signals transferred by entrepreneurs and the relationship between the entrepreneur and the bank. The 1998 U.S. Survey of Small Business Finances is used to empirically test the hypotheses derived from the SASS model. This research includes, for the first time, many personal characteristics of the entrepreneur in regressions seeking to explain collateralisation and interest rates. The empirical results imply that both the signalling process and the self-selection mechanism influence the outcome of entrepreneurial debt finance, which in turn depends on the scale of asymmetric information. Less risky entrepreneurs are more likely to pledge collateral, suggesting that private information strongly influences the collateralisation decision. It also seems that the signals of the entrepreneur are as important as the signals of the business, since entrepreneurs with ‘good’ signals enjoy more favourable contracts than those with ‘bad’ signals. The evidence from this thesis emphasises that there are considerable returns to the ‘good’ entrepreneur, in conditions of asymmetric information, in signalling her ability to the lender. Moreover, it also finds that relationship lending significantly reduces the interest rates charged on loans. Another contribution of this research is that, by investigating discouraged borrowers, it empirically examines the degree of problem of information asymmetries in small business financial markets, on which the above hypotheses tests are based. This research, for the first time, reports evidence that information asymmetries influence the discouragement of high-risk and low-risk small business from applying external finance in opposite directions. It also suggests that small business financial markets are informationally efficient because bad borrowers are more likely to be discouraged by symmetric information than good borrowers by asymmetric information.
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Hamnca, Ephraim Monde. "Venture capital and entrepreneurial development in Gauteng." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/29000.
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Venture capital as a source of finance and non-financial services has gained popularity among start-up and existing businesses worldwide in recent years. Venture capital has been synonymous with high technology start-ups in the United States and of late has emerged as a recognizable source of finance in South Africa. South Africa has a healthy VC industry and growing number of SMEs. The SMEs in the country however have a challenge when it comes to accessing financial resources for starting businesses and for expansion purposes despite the existence of VC companies. It would have been the popular belief that the emergence of VC companies in the country would have increased the alternatives to the financing sources for SMEs but this seems to not have been the case. The VC companies are still not popular among the small business sector and their services are still not accessible as well. The aim of the study was to explore the state of venture capital market in South Africa and find out how it can accelerate entrepreneurial development. The researcher selected VC companies who are associated to the South Africa Venture Capital and Private Equity Association (SAVCA) and SMEs based Johannesburg area to take part in the study. The target sample was 70 venture capital firms and 200 SMEs from the Johannesburg area. The response rate from the VC companies was 53% and it was 67% from SMEs. The results obtained from the study indicated that there was a need for VC companies to impart more information concerning their services to SMEs. The SMEs generally did not have much knowledge of venture capital, how and where ton access it hence the low accessibility of this finance source to South African SMEs. The empirical study revealed that only 17% of SMEs in the study had knowledge of VC financing and only 6% of the SMEs had approached VC companies in the past. It was also discovered that 85% of the VC companies believed that the conveyance of information relating to their services contributed to the challenges SMEs faced in accessing VC sector. Of the SMEs taking part in the study 45% strongly believed that the development of the VC sector will drive SME growth and survival in South Africa.
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Rostamkalaei, Anoosheh. "Essays on entrepreneurial finance : small firms and their banks." Thesis, Lancaster University, 2017. http://eprints.lancs.ac.uk/87800/.
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This thesis is a collection of four empirical essays. The essays are linked by their concern with a particular topic in the financing of smaller businesses – viz. small firms and their banks. The first essay discusses the pricing of the bank loan for growing SMEs. The second essay examines the role of financial advice to small firms in alleviating credit constraints. The third essay explores patterns of SMEs’ discouragement towards borrowing in the aftermath of the 2008 financial crisis. The final empirical essay introduces a novel concept (“informal turndown”) designed to further illuminate contemporary discussions of discouraged borrowing amongst SMEs and empirically compares the profile of firms who discouragement stems from informal talks with their banks with those that feared rejection. These empirical essays draw on two UK datasets: UK survey of SME Finance (2007) and UK SME Finance Monitor (2011-2016).
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Bartkus, James. "The Determinants of Success in Venture Capital Finance." ScholarWorks@UNO, 2005. http://scholarworks.uno.edu/td/146.
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The determinants of success in venture capital financing are explored in this manuscript. 1247 venture capital funds formed over a twenty-year time period are empirically analyzed with results that support theoretical research from extant finance and economics literature. Venture capitalists' choices of portfolio size, distance from portfolio firms, location, and to some extent, level of diversification in their investment portfolio, are all significant factors in explaining the success rates of venture capital funds. These results are robust even when controlling for other characteristics of venture funds and entrepreneurial firms, such as the stage of development and industry of the portfolio firms, which may affect success rates of venture capitalist portfolios.
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Hackober, Christian [Verfasser], Carolin [Akademischer Betreuer] Bock, and Alexander [Akademischer Betreuer] Kock. "Exploring Recent Phenomena in Entrepreneurial Finance / Christian Hackober ; Carolin Bock, Alexander Kock." Darmstadt : Universitäts- und Landesbibliothek, 2021. http://d-nb.info/1229624481/34.
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Cavagna, Numa. "Trajectoire de financement et gouvernance de l’entreprise innovante : une approche par la certification." Electronic Thesis or Diss., Université de Montpellier (2022-....), 2023. http://www.theses.fr/2023UMOND020.
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À travers l'acte de certification à l'amorçage, nous cherchons à avoir une meilleure compréhension de la construction de la trajectoire de financement et de la gouvernance entrepreneuriale. Situant notre travail dans un champ émergent de la finance entrepreneuriale, notre travail se compose de trois axes d'approche. Le premier essai propose un modèle conceptuel de la certification à l'amorçage. Cette revue de la littérature a permis de mettre en évidence un nouvel acteur de la certification : les plateformes de notation de startups. Le deuxième article est une étude qualitative reposant sur l'étude de cas d'une plateforme de notation dédiée aux startups. La certification émise par un tel acteur se véhicule notamment par son processus d'évaluation. Nous cherchons ainsi à mieux comprendre les déterminants de la notation de la firme entrepreneuriale et leur incidence sur sa trajectoire de financement. Nous émettons plusieurs propositions ainsi qu'un modèle d'intermédiation informationnelle. Le dernier volet de la thèse traite des questions de gouvernance posées par l'implication d'un acteur tiers. La notation externe réalisée par la plateforme, dans une perception élargie de la gouvernance, semble agir sur les mécanismes disciplinaires et cognitifs, notamment les activités de monitoring et de mentoring. Nous cherchons, à travers une étude exploratoire menée sur la base d'entretiens avec des acteurs de l'écosystème, à comprendre l'impact de la notation sur le contexte informationnel, sur la gestion de l'innovation ainsi que sur la construction de la gouvernanceThrough the act of certification at the seed stage, we seek to gain a better understanding of the construction of the financing trajectory and entrepreneurial governance. Situating our work in an emerging field of entrepreneurial finance, our work consists of three approaches. The first essay proposes a conceptual model of seed-stage certification. This literature review has highlighted a new player in certification: startup rating platforms. The second article is a qualitative study based on a case study of a startup rating platform. Certification issued by such a player is conveyed notably through its evaluation process. We aim to better understand the determinants of entrepreneurial firm ratings and their impact on its financing trajectory. We put forward several propositions as well as an informational intermediation model. The final part of the thesis addresses governance issues raised by the involvement of a third-party actor. External rating conducted by the platform, within a broader perception of governance, appears to influence disciplinary and cognitive mechanisms, particularly monitoring and mentoring activities. Through an exploratory study conducted through interviews with ecosystem actors, we seek to understand the impact of rating on informational context, innovation management, and governance construction
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Metawa, Noura s. "The Impact of Governance Mechanism on Performance and Survival of Entrepreneurial Firms." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2475.
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The dissertation consists of two essays.
The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, the separation between the person holding the CEO position and the chair of the board. From the startup survival perspective, we show that the presence of one or more independent board member(s), the separation between CEO and board chair, and external funding are effective factors that promote a start-up's longevity.
The second essay studies the direct and indirect relations between Governance and firm survival and performance through Entrepreneurial Orientation. Entrepreneurial orientation (EO) is defined as the attributes, including innovativeness, autonomy, risk-taking attitude, proactiveness, and competitive aggressiveness, that a business organization displays at the time of entry. Several researchers have studied the linkage between EO and organizational performance as well as the survival rate of new firms and find conflicting results. Reasons for the contradictory results might very well be the way the researchers have defined the EO attributes and the data source they use which is based on subjective responses. In the hopes of reducing inconsistent results, we propose that it is the governance factors that influence the performance and survival of these firm via mediating role of entrepreneurial orientation. Governance factors remove the definition as well as data measurement problems. By using the 8-year longitudinal data of 4928 startups, we show that governance system significantly impacts a start-up’s performance and survival via entrepreneurial orientation.
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Kang, Hyunsung Daniel. "Essays on entrepreneurial finance: the role of corporate venture capital and its performance implications." Diss., Georgia Institute of Technology, 2012. http://hdl.handle.net/1853/44793.
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My dissertation is focused on developing a better understanding of the technology and innovation strategies of corporations and their impacts on firm performance. I am particularly interested in corporate venture capital (CVC), which serves as a strategy for accessing external technology for corporate investors and as an alternative source of financing and complementary assets for start-ups. I have investigated the conditions under which corporate investors and start-ups achieve the strategic goals by establishing CVC ties, and on estimating the technological and financial gains created by the CVC ties. Specifically, I have concentrated on when and where CVC ties are established in order to maximize economic value. The former relates to a timing issue, whereas the latter is a space issue of CVC investments.
In the first essay, I examine corporate investors' decisions to establish CVC ties and their subsequent strategic actions. Consistent with the real options perspective on CVC investments, I find that CVC investments can help corporate investors effectively search for and select future acquisition or licensing partners by reducing asymmetric information and uncertainty that may characterize markets for technology. Specifically, CVC investments facilitate the external acquisition of technology by substituting for a corporate investor's absorptive capacity, as reflected by its upstream research capabilities. CVC investments instead complement the portfolio of internally generated new products, since they allow highly productive corporate investors to shift their focus onto exploratory initiatives with the objective of selecting future technology and partners. Finally, CVC investments facilitate exploratory investments in distant technological areas
that are subsequently integrated through licensing or acquisitions. These findings contribute to emerging research on the organization and financing patterns of external R&D activities.
In the second essay, I investigate the nature of the relationship between technological spillovers and capital gains created by CVC investments for corporate investors. Using a simple equilibrium model and data from the global bio-pharmaceutical industry between 1986 and 2007, I find that these technological spillovers and capital gains are complements. This complementarity is enhanced when CVC investments are made in post-IPO and technologically diversified start-ups. Beyond providing a broad benchmark for heterogeneous returns on CVC investments, this study has important implications for corporate investors and start-ups. In particular, to the extent that capital gain is greatly determined by changes in the market values of start-ups, it implies that CVC investments can create value for start-ups as well as corporate investors. These mutual benefits can be greatly determined by when (e.g., post-IPO start-ups) and where (e.g., technologically diversified start-ups) CVC investments are made.
In the third essay, I analyze the contextual factors that impact the probability of start-ups' obtaining financing through independent venture capitalists and corporate investors. The systematic empirical evidence based on a three-stage game theoretic model suggests that start-ups that possess better evaluated technology tend to be financed through independent venture capitalists, rather than corporate investors. In contrast, start-ups tend to be financed through corporate investors, rather than independent venture capitalists, when their intellectual properties are effectively protected and their research pipelines contain multiple products. These findings provide a theoretical basis to explain why several types of investors co-exist in the entrepreneurial financing market. Moreover, the existence of such determinants indicates that, although investors traditionally have been viewed as the powerful partner that dominates the investment decision, start-ups are also active decision makers in investment ties.
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Bennot, Adam. "Crowdfunding's potential in the South African entrepreneurial ecosystem: Is there a role to play in catalysing venture capital?" Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28994.
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The purpose of this research is to examine the potential influence crowdfunding could have on the early-stage financing ecosystem in South Africa. Particularly, how it could affect entrepreneurial deal flow as well as inform the venture capital decision-making process. The primary aim of this research is to explore the due diligence practices and perceptions of venture capital fund managers, angel investors and entrepreneurs to ascertain the extent to which crowdfunding can be incorporated into the South African entrepreneurial ecosystem and inform the investment process. The researcher, therefore, intends that this research enhance venture capital investment decision-making capabilities while adding to the existing body of knowledge on early-stage investing. Ultimately, it is hoped that the results of this in-depth study will accelerate the development of the venture capital industry in South Africa and unlock early-stage seed capital whilst promoting entrepreneurial activity and possibly providing insight and guidance to entrepreneurs faced with the challenging task of accessing financing. The researcher anticipates that the finding of this research will likely be of interest to players in the VC and early-stage new venture financing industry, including fund managers, investors, entrepreneurs and crowdfunding providers. The findings might impact the investment process, which has direct implications for capital providers, fund managers and fund seekers. Furthermore, this research might be of interest to researchers and those in academia concerned with this field, who might then conduct similar studies or decide to expand the research in new directions. By investigating crowdfunding's potential within the VC investment decision-making process, it is anticipated that the findings might be fed back into the marketplace and inform future VC investments in South Africa.
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Moeung, Makara. "Integrated micro-finance a banking and financial management model for grassroots entrepreneurial development in Cambodia /." Swinburne Research Bank, 2009. http://hdl.handle.net/1959.3/48729.
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Thesis (PhD) - Faculty of Business and Enterprise, Swinburne University of Technology, 2009.Thesis is submitted in fulfilment of the requirements for the degree Doctor of Philosophy, Faculty of Business and Enterprise, Swinburne University of Technology - 2009. Typescript. Includes bibliographical references (p. 190-197) Restricted: no access. Release date 1st January 2011.
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Lins, Elmar [Verfasser], and Christoph J. [Gutachter] Börner. "Five Essays on Entrepreneurial Finance: Exploring New Ventures’ Financing Sources / Elmar Lins ; Gutachter: Christoph J. Börner." Düsseldorf : Universitäts- und Landesbibliothek der Heinrich-Heine-Universität Düsseldorf, 2017. http://d-nb.info/1130785378/34.
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Röhm, Patrick [Verfasser], and Andreas [Akademischer Betreuer] Kuckertz. "The phenomenon of corporate venture capital from an entrepreneurial finance perspective / Patrick Röhm ; Betreuer: Andreas Kuckertz." Hohenheim : Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim, 2019. http://d-nb.info/1175558265/34.
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Tetteh-Odonkor, Osaka Kugblenu. "Managerial Strategies to Sustain Small Auto Repair Businesses." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/6380.
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Small auto repair business owners need strong operational skills; however, some lack expertise in managerial strategy. The purpose of this multiple case study was to identify managerial strategies small auto repair business owners use to sustain businesses in Columbus, Ohio with respect to strategy, time management, and alteration of value chain services. Based on the Vroom expectancy theory of motivation, small auto repair business owners may use effectiveness and efficiency of business performance with particular emphasis on managerial strategic development and execution to enhance financial results and rewards. Data collection involved face-to-face, semistructured interviews with 5 small auto repair business owners. Analysis of the interview transcripts involved coding data to identify key themes. Themes that emerged from the study included effective managerial strategies for small auto repair business owners, business plans, initial challenges and addressing subsequent changes, education and certification, customer satisfaction and business knowledge, and financial analysis and reporting. Recommendations for enhanced small auto repair business ownership focus included adequate access to resources to achieve operational competence and achieve managerial success. Findings from this study might engender positive social change by providing owners of small auto repair businesses ways to improve planning processes and make prudent investments to ensure long-term, viable, and sustainable businesses.
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Schlosser, Alexander P. "Unpacking Crowdfunding: Signaling in the Early Years of U.S. Unaccredited Equity Crowdfunding." Ohio University Honors Tutorial College / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1587650249091429.
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Alsharif, Ahmed Abdullatif. "Entrepreneurial finance in Egypt : examination of the opportunities for a venture capital industry from an institutional perspective." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11104/.
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This thesis aims to generate an understanding on entrepreneurial finance in Egypt. Furthermore it explores the opportunities for a venture capital industry as a promising tool in entrepreneurial finance. As one of the MENA region’s emerging economies, Egypt is facing economic challenges and high unemployment rates. The Arab spring uprisings added to the pressures upon the economy of Egypt; however, it managed to ignite an entrepreneurial spark among the youth population. Access to finance is an evident hurdle facing entrepreneurship in Egypt. Thus promoting entrepreneurial finance as a growth engine in anticipation to overcome unemployment and slow rates of start-ups might be a plausible solution. Through utilising an institutional theory lens and its institutional determinants, regulatory, normative, and cognitive forces, were found useful to analyse the current entrepreneurial finance environment. This research is an exploratory research; it takes into account both the supply side and demand side of entrepreneurial finance in Egypt. It adopts a qualitative approach for in-depth understanding of the domain and a grounded approach in regard to data gathering for its limited availability on the subject taking the form of a naturalistic enquiry. In doing so it follows an inductive approach to understand the interaction among the supply and demand of finance and the determinants shaping it. This thesis built on secondary data supplied by current research and reports and the primary research conducted via in-depth interviews and participant observations and analysed it from an institutional perspective. According to the findings of this research, it was plausible to argue that the regulatory pillar was held most accountable for the under development of entrepreneurial finance in Egypt. The normative and cognitive pillars both have supportive and inhibiting factors. However, the overall effect of normative and cognitive pillars could be positive if policy makers were able to factor in the cultural and normative forces in policies promoting entrepreneurial finance. The thesis further suggests policy recommendations to enhance entrepreneurship, entrepreneurial finance, and a vivid venture capital industry in Egypt.
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Li, Aijie. "The Indirect Impact of Entrepreneurial Gender on Innovation of Enterprises in China." Thesis, Université d'Ottawa / University of Ottawa, 2020. http://hdl.handle.net/10393/41553.
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This research examines the mediation effects of prior experience, access to finance, government regulation, and workforce skills on entrepreneurial gender and corporate innovation in China. The aim is to study the factors that influence innovation decisions of women entrepreneurs and to promote corporate innovation in women-owned enterprises in developing countries like China. The data of this research comes from China Enterprise Survey conducted by World Bank in 2012. The findings revealed that prior experience, government regulation, and workforce skills have significant individual mediation effect on the relationship between entrepreneurial gender and corporate innovation. Also, prior experience, access to finance, government regulation, and workforce skills together played a significant overall mediating effect on corporate innovation in women-owned enterprises. The results of this study will provide important insights to women owners of enterprises, policy makers, and researchers to further understand the influence of prior experience, access to finance, government regulations, and workforce skills on corporate innovation in China and other emerging countries.
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Van, Deventer Johanna Elizabeth. "Motivation and proposal for an integrated rural entrepreneurial developement agency for the Western Cape." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/18208.
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Thesis (MDF)--Stellenbosch University, 2011.The purpose of the research report is to propose a model for an integrated rural entrepreneurial development agency in the Western Cape. In September 2010, it was reported that the economic development landscape in the Western Cape could expect significant changes in the coming months. Urban economic development has received a lot of attention in the past and probably will in the future as urban areas are densely populated with high incidences of poverty and unemployment. Rural areas on the other hand has not received the deserved attention and the work that are done somehow seem not to have the desired impact. The proposed model was developed from models available in literature and practical experience gained at Casidra (Pty) Ltd. Casidra is currently the implementing agent for the Western Cape Provincial Government with a focus on rural development. From the literature study, it is clear that entrepreneurial development in rural areas have some basic requirements such as community buy in into the process, a catalyst to start the process, skills and entrepreneurial training, access to markets and the establishment of a network of role players to drive the process of development. The proposed model explores possible opportunities and relationship that could assist in the process of rural entrepreneurial development. The proposed model could be standalone agency and function as such or it could be part of the proposed Economic Development Agency in the Western Cape driving rural development in the Province.
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Prasad, Raghav. "Deal Or No Deal: The Relationship Between Firm Determinants & Venture-Capital Financing Decisions." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2233.
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In this paper, I analyze how firm attributes such as their age, industry, nature of industry, spinoff status and debt ratio influence venture-capital financing decision. I look at a sample of 280 firms that went public in the United States between 2015- 2019. This paper finds that firm age and debt are negatively related to the likelihood of being venture-capital backed. It also finds that firms in technology and biotechnology industries are more likely to be backed by a venture-capitalist.
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Khalsa, Ameet Singh, Emil Isayev, and Sidra Mehdi. "Empirical study of process of obtaining finance for non-Swedish entrepreneurs : In context of Kronoberg Region." Thesis, Linnéuniversitetet, Institutionen för organisation och entreprenörskap (OE), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-85948.
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Abstract: Previous literature suggests that there are significant differences among Swedish and NonSwedish groups, as the non-Swedish counterpart of the system face more challenges and hurdles while obtaining finance for their businesses. The aim of the research paper is to map the processes of the obtaining finance from both private and government institutions and gather intelligence on the criteria to ascertain if there are any explicit difference in the processes a non-Swedish entrepreneur has to go through before it gets funded. Qualitative research approach is used in this thesis where we performed in-depth interviews in the form of open discussion with five organizations which includes government institutions and network of private of Investor. We identified two different mindsets and processes i.e. Government and Private Investors where they focus on different aspects of process even though the pre-requisite documents are similar and overlapping. The empirical data collected using qualitative methods were converted into narratives and build into process map to see whether there are any explicit differences in the processes defined for obtaining finance for non-Swedish entrepreneur. Our conclusion is that there is no difference in the processes but there are many elements which can lead to non-Swedish entrepreneur to fall out of the system. So, it‟s matter of small improvements of the system which will make it more efficient, transparent and inclusive for all the participants within the system. The research shows that there are some nuances which can add up and lead to the NonSwedish entrepreneur to be excluded from the system but there are no explicit differences in the process. In the suggested improvement, these gaps and loopholes can be covered to make the system more efficient, transparent and inclusive which can lead to equal opportunities for everyone and also increasing the economic activity within the Kronoberg region.
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Henn, Marisa [Verfasser], Eva [Gutachter] Lutz, and Christian [Gutachter] Schwens. "Entrepreneurial Finance in Familienunternehmen: Vier Aufsätze zu Private-Equity-Finanzierungen und strategischen Investitionsentscheidungen / Marisa Henn ; Gutachter: Eva Lutz, Christian Schwens." Düsseldorf : Universitäts- und Landesbibliothek der Heinrich-Heine-Universität Düsseldorf, 2018. http://d-nb.info/1157092322/34.
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Mbidi, Elizabeth Nane-Ovanhu. "Junior achiever as a tool for entrepreneurial development : a case study of the Junior Achiever Namibia Programme." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95583.
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Thesis (MDF)--Stellenbosch University, 2012.This study was based on a key question: “Are the developing countries putting adequate effort into entrepreneurship education to develop and grow their economies to become developed countries?” Since it is believed that entrepreneurship education is not fully harnessed in Africa, it is imperative to promote entrepreneurship education (EE) in order to enhance economic growth. This could be achieved by educating young people about the principle of entrepreneurship at an early stage and this will promote enterprise creation, job creation and poverty alleviation. Many developed countries acknowledge that enterprises contribute significantly toward the economy of a country. Entrepreneurial development is therefore seen as a potential resource that contributes toward development. According to various entrepreneurship education models discussed in this study, the challenge of entrepreneurship is to create awareness of self-employment and encourage people to develop interest to engage in entrepreneurial activities. Institutions should therefore be created to develop people in the field of entrepreneurship to foster entrepreneurial activities. EE should be presented at primary, secondary and tertiary institutions to encourage more participation at a much earlier stage. This study assessed the impact of entrepreneurship education on entrepreneurial attitude within secondary schools in Windhoek, Namibia and sought to identify the impact of the Junior Achiever Namibia programme (JA NAM) on young learners, who attended the programme 2005 -2010. The study also assessed whether entrepreneurial attitudes were developed and opportunities identified, and whether innovation, enterprise and employment opportunities were created by learners who attended the programme. The study employed both a qualitative and quantitative methodology in the form of a questionnaire to evaluate students’ opinions about the JA NAM programme after attending the programme.
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Burtch, David Gordon. "An Empirical Examination of Factors Influencing Participant Behavior in Crowdfunded Markets." Diss., Temple University Libraries, 2013. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/230239.
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Business Administration/Management Information SystemsPh.D.
Crowdfunded marketplaces have recently emerged as a novel avenue for entrepreneurs to raise capital in support of innovative ideas and ventures. In these markets, any individual can propose a project, and interested others can contribute their funds to support it. The economic potential of these markets has recently become apparent and, as a result they have begun gaining significant attention from legislators and regulators, who see crowdfunding as a possible solution to the economic woes currently facing the country. However, the behavior of participants in these marketplaces, a key factor that must be accounted for in any effort to formulate policy or regulation, or to identify appropriate design practices, remains poorly understood, primarily due to the many novelties of crowdfunding. Bearing in mind the need to ensure crowdfunding's sustainability as an industry, the formulation of policy and regulation, as well as best practices for participants, I report on three empirical studies that seek to identify and quantify a variety of important aspects of, and influences upon, participant behavior in crowdfunded markets. These three studies, presented as separate essays herein, i) explore the influence upon subsequent contributors from social information about prior others' actions, ii) examine the frictions that arise due to cultural differences between and amongst users, and iii) assess crowdfunders' use of information-hiding mechanisms, and the subsequent impact on later contributors in the market. In regard to each, I discuss the relevant theory, the methodology, data sources, results and implications. I conclude by highlighting the contributions of my work, and possible avenues for future research.
Temple University--Theses
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Cohen, Melissa. "Crowdfunding as a Financing Resource for Small Businesses." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3757.
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Although small businesses borrowed $1 trillion in 2013 from traditional lenders, 35% of small business owners were unable to obtain adequate financing and subsequently sought alternative sources such as crowdfunding. Guided by the pecking order theory, the purpose of this exploratory case study was to explore how 6 small business owners in Tennessee successfully used crowdfunding to start, grow, or sustain their businesses. Data were collected from semistructured interviews and a review of crowdfunding project data on the internet platform including the project description, target goal, amount achieved, number of backers, and locations of the funders. Data were inductively analyzed, first into coded phrases, then categories, and finally emergent themes. Findings revealed that these small business owners tapped into a strong social media network of potential funders for increased funding opportunities. They also advocated that project descriptions consist of high-quality project content and videos, 9 to 11 reward levels, and valuable rewards to entice funders to contribute to the campaign. These small business owners also noted that they devoted more time than originally anticipated during the planning, execution, and fulfillment phases, and they all faced preliminary transaction, fulfillment, and shipping costs when using crowdfunding. The risks included not receiving any funding, negative customer feedback, and poor reputation. These stories have implications for positive social change by illuminating the necessary resources to establish a successful business through employment of a social change mechanism. With funding for growth, the small business owner, family, and local community will promote economic prosperity.
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Adia, Ibrahim. "Strategies to Secure Sustainable Funding for the Successful Conclusion of Infrastructure Projects." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7581.
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Construction industry leaders who neglect to implement appropriate project funding strategies harm business operations and lose profits. Inadequate funding is also a significant cause of project failures in the global construction sector. The purpose of this qualitative multiple case study was to explore strategies construction project owners use to secure sustainable funding for the successful conclusion of infrastructure projects. The population comprised 5 leaders of organizations owning construction projects in the Middle Eastern Gulf Cooperation Council states, with successful strategies to acquire adequate funding for completing infrastructure projects. Data were collected from semistructured interviews with the business leaders and reports published by prominent organizations involved in funding infrastructure projects. The modern portfolio theory formulated the conceptual framework. Through thematic analysis, 5 themes emerged: address project funding issues promptly, select projects with high returns and low risks, use project financial management processes to manage project funds, apply a project finance structure for large-scale projects, and implement an Islamic finance scheme for eligible projects. The potential contributions of the study include communities benefitting from improved well-being and construction business employees enjoying higher job security, enhanced working conditions, and better standards of living for their families.
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Tomusange, Robert Lumbuye. "Factoring as a Financing Alternative for African Small and Medium-Sized Enterprises." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1578.
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Small and medium-sized enterprises (SMEs) are the main drivers of economic growth and employment. African SMEs are constrained by a lack of access to finance. In line with the pecking order theory, capital-constrained SMEs are expected to seek external finance. However, due to credit rationing, African SMEs have limited success raising finance. Factoring could enable African SMEs to gain access to finance, as underwriters mainly place the risk on the receivables as opposed to the firm itself. Despite its benefits, factoring has not taken root in sub-Saharan Africa. The purpose of this phenomenological study was to explore the obstacles and prospects to stimulating awareness, availability, acceptance, and utilization of factoring in Africa. Data on the lived experiences of 22 executives providing or promoting factoring in 16 African countries were collected through semistructured interviews; these data were analyzed using the Braun and Clarke thematic approach. Four themes emerged: supply-side conditions, demand-side conditions, business environment conditions, and facilitating institutions and industries. Results suggest high factoring prospects, legal and regulatory impediments, low awareness levels, reluctance of banks to avail factoring, high entry barriers for nonbank factors, a lack of credit insurance, and a lack of an open account trade culture. A framework was recommended, based on these findings, along with actions for factoring development in Africa. Implications for positive social change include increased awareness which may boost factoring availability, acceptance, and utilization. Improved financing options may yield improved African SME competitiveness, which in turn, may result in improved job opportunities, household incomes, quality of life, and more broadly, Africa's economic growth.
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Le, Pendeven Benjamin. "Emerging approaches for financing innovation." Thesis, Paris, CNAM, 2018. http://www.theses.fr/2018CNAM1169.
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Portés par des changements technologiques, des cadres juridiques nouveaux, une demande de financement croissante de la part des entreprises innovantes et une montée en maturité des opérateurs du marché, les professionnels du financement de l’innovation ont pour partie modifié leurs pratiques et de nouveaux outils émergent. Ces nombreuses évolutions posent des questionnements théoriques essentiels.La thèse vise à investiguer trois de ces modes de financement. Le premier, les Social Impact Bonds (autrement dénommés en France Contrats à Impact Social) sont un mode de financement de l’innovation sociale non entrepreneuriale apparu en 2010 en Grande-Bretagne. Le second outil analysé est celui du financement participatif (crowdfunding). Forme émergente de financement des projets entrepreneuriaux par la foule sur internet, il connait une croissance forte depuis une décennie. La thèse questionne l’impact du degré d’innovation sur la réussite des campagnes. Le troisième et dernier outil évoqué dans la thèse est celui des fonds de Multi Corporate Venture Capital (MCVC), et leurs formes organisationnellesDriven by technological change, new legal frameworks, growing demand for cash from start-ups, and a growing maturity of market operators, innovation finance professionals have partly modified their practices. On the one hand, traditional financing tools have modernized their organizations and methods, and on the other, new forms of financing have emerged. These numerous evolutions open essential theoretical questions, while questioning the traditional theories of the financing of innovation as well as suggesting new theoretical considerations.The thesis investigates three of these modes of financing. The first, the Social Impact Bonds (otherwise known as Contrats à Impact Social, in France) are a way of financing the non-entrepreneurial social innovation that appeared in 2010 in Great Britain. The second tool analyzed is about equity crowdfunding. Emerging form of financing entrepreneurial projects by the crowd on the internet, it knows a strong growth since a decade. The thesis analyzes the impact of innovation degree on campaigns’ success. The third and last tool mentioned in this thesis is that of the funds of Multi Corporate Venture Capital (MCVC)
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Röhm, Andrea [Verfasser], Reiner [Akademischer Betreuer] Braun, Reiner [Gutachter] Braun, and Ann-Kristin [Gutachter] Achleitner. "Patent-based investment funds as an emerging business model in entrepreneurial finance / Andrea Röhm ; Gutachter: Reiner Braun, Ann-Kristin Achleitner ; Betreuer: Reiner Braun." München : Universitätsbibliothek der TU München, 2017. http://d-nb.info/1153545772/34.
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Röhm, Andrea Verfasser], Reiner [Akademischer Betreuer] [Braun, Reiner [Gutachter] Braun, and Ann-Kristin [Gutachter] Achleitner. "Patent-based investment funds as an emerging business model in entrepreneurial finance / Andrea Röhm ; Gutachter: Reiner Braun, Ann-Kristin Achleitner ; Betreuer: Reiner Braun." München : Universitätsbibliothek der TU München, 2017. http://nbn-resolving.de/urn:nbn:de:bvb:91-diss-20171129-1369763-1-4.
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Fisch, Christian [Verfasser]. "Essays on new and established types of entrepreneurial finance: venture capital, business angels, and the emergence of initial coin offerings (ICOs) / Christian Fisch." Trier : Universität Trier, 2020. http://d-nb.info/1214884830/34.
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Malmgren, Johanna, Freja Holm, and Susanna Bertilsson. "Equity crowdfunding: Is it really "Dumb money"? : An exploratory study on the non-financial value added by equity crowdfunding investors from Swedish entrepreneurs’ perspective." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-30179.
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Abstract Background: In an equity crowdfunding campaign, the investor receives shares in the company in return for the investment, which makes equity crowdfunding similar to traditional sources of equity funding. Nevertheless, skeptics have referred to equity crowdfunding as “dumb money”, since it might not provide similar non-financial value added as realized from professional investors. The main literature used for the frame of reference were Boué (2007), Macht and Robinson (2008) and Macht and Weatherston (2014). The literature worked as a basis for deriving a table, outlining the non-financial value added received by venture capitalists and business angels, as well as showing where literature is lacking regarding non-financial value added by equity crowdfunding investors. Purpose: The purpose of this thesis was to explore the non-financial value added by equity crowdfunding investors to the entrepreneur. This purpose was answered by two research questions: (1) Do equity crowdfunding investors provide similar non-financial value added to the entrepreneur as traditional equity funding investors do? (2) Are there any additional non-financial value added realized from equity crowdfunding? Method: This thesis follows the interpretivist research paradigm and undertakes an abductive research approach in order to explore the purpose. Primary data was collected through semi-structured interviews with seven entrepreneurs who had successfully conducted an equity crowdfunding campaign in Sweden. Secondary data was collected from peer-reviewed articles containing relevant theories and models. Conclusion: This research suggests that there are similarities between professional investors and equity crowdfunding investors in terms of non-financial value added. The contribution from equity crowdfunding investors seems to be dependent on the effort that the entrepreneur puts into the relationship with the investors. Furthermore, equity crowdfunding also allows the entrepreneur to maintain ownership and control over the company. However, each equity crowdfunding case is different and there are no guarantees of receiving certain types of investors.
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Järvinen, Siiri, and Duc Nguyen. "The role of LinkedIn in Equity Crowdfunding." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-351499.
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Traditional investment practices have been revamped with more and more modern methodsto fit entrepreneurial settings. The evolution of equity crowdfunding has created an alternative to venture capital,bank loans and business angels. Due its novelty, recent studieshave onlyfocusedon its mechanisms and financial regulations. We draw from crowdfunding concept and social theories to develop an understandingonthe connection between social media networkand equity crowdfunding success.Utilizingdata from LinkedIn and a leading equity crowdfunding platform in the Nordics, we explore the impact of social media network to funding campaigns’ success. We collected data on every company on the platform, and we collected data on the key members’ LinkedIn connections. The results propose that it is possible to predict certain types of success in equity crowdfunding based on the number of LinkedIn connections. This study contributes to existing literature by providing better understanding on another social network, LinkedIn, which is often connected to project pages on crowdfunding platforms. We contribute even for improved insight in decision making processes behind the investments; which is in high interest of entrepreneurs, investors and platforms
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Sabbi, Enrico, and Triantafyllia Karampini. "Venture Capital & Green Ventures : Developing an Understanding of the Investment Decision." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-161360.
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There has been a continuous interest in academia with regard to the venture capital (VC) as themain flourishing aid to new business. Nowadays, academia and the public consider it ‘hot‘ to argue and invest in business that define their activities with sustainable goals, and callthemselves ‘green’, ‘clean’ or ‘eco’. Furthermore, circles of discussions about sustainability, triple bottom line, green, clean, eco, and other terms related with positive impact towards society environment alongside financial returns have created uncertainty with respect to what defines an entity as green and how this can be used as a competitive advantage in the attractiveness of the business in the very first steps of its existence. However, green startups are considered a strong tool for the emergence of the environmentally friendly solutions needed in order to avoid dangerous and irreversible climate change. Furthermore, venture capitalists (VCs) are a key provider of financial capital for emerging firms. Therefore, given the complex nature of the VC investment decision, it is paramount to understand the VCs perspective on what are the factors andcharacteristics that attract and repel investors toward green startups. By undertaking this investigation, we seek to create an understanding of the evaluation criteria, as well as, characteristics and challenges related to VC investments in green startups. Therefore, contributing to the fields of environmental entrepreneurship and entrepreneurial finance, by identifying what VCs take in consideration when evaluating green startups. To develop this understanding of the VCs perspective on green startups we first developed an in-depth literature review of the extant research, then we conducted in-depth semi-structured interviews with practitioners from the mainstream and the greenVC industry operating in Sweden. Furthermore, we implemented an interpretative approach which enabled us to analyze the individual perspectives of VC depending on the context in which they operate. This study provided interesting results that complement the existing literature and provide useful insights on the current state of green VC. Combining the findings of our study with the theories discussed in our comprehensive literature review on green entrepreneurs, green startups and venture capital, we provide an understanding of the evaluation criteria and investment thesis relevant to green startups as well as, insight on characteristics, challenges and opportunities related to investments in green startups. Therefore, this study generates new knowledge in this scarcely studied area of research and provide interesting insights for future research. To the end of this continuum, both actors involved - VCs and green entrepreneurs - will benefit from the findings which provide: green entrepreneurs with the tools to develop green startups with more potential to attract investors; and VCs with an understanding of the nature, challenges and opportunities of green startups´ investments.
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Roski, F. "Entrepreneurial finance management in the German service sector : (financial management as a pragmatic implementation approach for the easing of the capital scarcity of young service enterprises in Germany)." Thesis, University of Surrey, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.590660.
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In Germany, business start-up persons in the service sector have experienced some difficulty in obtaining classical finance for start-up projects. Despite their importance for the national economy, these service-oriented entrepreneurs often lack expertise in financial management. Furthermore, no proven business models for start-up-specific financing requirements are available in the service sector to guide founders of new businesses. In an attempt to close this gap, the author develops an "entrepreneurial finance management (EFM) field of activity". This EFM-business model provides a description of the EFM-environment and the EFM-courses of action for business start-up persons in the service sector. Nine German business start-up persons are interviewed by means of a guide-supported expert survey. The collected data is analysed by applying a grounded theory strategy. The inductively generated patterns are synthesized and used to elaborate and to develop existing approaches to entrepreneurial finance. By doing this, it is hoped that they can be made more compatible with the needs of business start-up persons in the service sector in the German context. The detailed findings presented here show the target parameters of founders of business in the service sector (such as start-up motives, financial objectives and financial management strategies); the essential conditions (characterization and tasks of the financial manager, funding requirements of start-up service enterprises, and start-up financing); and the design parameters (CPDS-methods and instruments).
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Reddy, Pooja. "Gender Disparity Among Entrepreneurs Seeking Venture Capital Funding in the U.S." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/728.
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In the United States, the number of female entrepreneurs who receive venture capital funding is significantly lower than the number of male entrepreneurs who receive venture capital funding. This thesis explores some of the economic, sociological, and psychological principles behind why this gender disparity in venture capital might exist. This thesis then surveys the current efforts in place to lessen the disparity, and lastly prescribes future ways in which female entrepreneurs can gain more access to capital for their businesses.
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Lee, Hoan Soo. "Essays on Applied Microeconomics." Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:10837.
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Empirical and theoretical topics in applied microeconomics are discussed in this dissertation. The first essay identifies and measures managerial advantages from access to high-quality deals in venture capital investments. The underlying social network of Harvard Business School MBA venture capitalists and entrepreneurs is used to proxy availability of deal access. Random section assignment of HBS MBA graduates provides a key exogenous variation for identification. Being socially connected to peer venture capital firms and private equity seeking startups leads to more deal flow, larger asset under management and better performance in the inaugural funds of HBS-executive run venture capital firms. The second essay presents a two-stage model of competing ad auctions. Search engines attract users via Cournot-style competition. Meanwhile, each advertiser must pay a participation cost to use each ad platform. Advertiser entry strategies using symmetric Bayes-Nash equilibrium that lead to the Vickrey-Clarke-Groves outcome of the ad auctions are derived. Consistent with the model predictions, empirical evidence shows that multi-homing advertisers are larger than single-homing advertisers. Comparative statics on consumer choice parameters, quality, and user welfare are used to analyze the prospect of joining auctions to mitigate participation costs. The analysis provides conditions when such joins do and do not increase welfare. The third essay develops and computes a dynamic model of search in internet advertising. Micro-level browsing data from Microsoft's Bing.com (formerly known as Live.com) is used for structural estimations. The model predicts that users do not click on any ad with weak signals due to accumulating search cost and monotonicity of the value function. Rational search reveals a cascading pattern: the user clicks on a sufficiently high, highest-signal ad first, then moves on to the ad with the next highest conditionally expected probability of match once his assessment on the current ad degrades over time. The user exits when maximum assessment of likelihood of match over all ads is below a threshold value. The essay provides a novel approach to understanding rational herding behavior when product quality is only partially unraveled.
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Basch, Richard. "Capitalization Strategies for Small Business Sustainability." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4500.
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Over the past 15 years, privately held small businesses generated nearly two-thirds of the net job growth in the United States, yet much of what scholars know regarding the capitalization challenges faced by small businesses is limited to data from large corporations. In 2013 alone, business bankruptcies numbered 33,212, and each year approximately 10% to 12% of U.S. small businesses close. Ineffective capitalization strategies coupled with a limited understanding of funding options frequently results in unsustainable business practices. In this multiple case study, the capital budgeting theory was utilized to explore the capitalization strategies small business owners in the greater Phoenix, Arizona metropolitan area employed to achieve sustainability beyond 5 years of business inception. Participants were purposefully selected based on their tenure in business, number of employees, and geographic location. Data were collected via in-person semistructured interviews with 4 small business owners, coupled with a review of financial archival documents. Data were analyzed using theme interpretation, data grouping, and word frequency tabulation. Three themes emerged: a preference for self-funded, personal capitalization; the leveraging of personal relationships as a primary educational strategy; and a general aversion to debt and high interest rates. Implementing sound capitalization strategies contributes to social change by improving the likelihood of long-term sustainability. Sustainable small businesses increase employment opportunities, wage growth, and community-based services while enhancing the overall quality of life for local families and the community.
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Miranda, Vianka. "Strategies to Sustain a Real Estate Small Business in Postnatural-Disaster Area." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/6458.
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Many small real estate business leaders lack effective strategies to resume and sustain operations in a postnatural-disaster environment. This multiple case study investigated strategies that 3 small real estate business leaders in southeastern Louisiana used to resume and sustain operations in the aftermath of a natural disaster. The chaos theory and stakeholder theory were the conceptual frameworks for this study. Data were collected from semistructured interviews, and reviews of business continuity plan documents and member checking. The themes that emerged from data analysis were leaders' strategies relating to business planning and innovation, stakeholder engagement, operations management, and disaster responsiveness. Implications of the findings of this study for social change include identification of effective strategies for increasing the sustainability of small businesses in the real estate industry through implementation of proven business continuity strategies that might help keep communities intact, reestablish commerce, and contribute to regional economic sustainability in the aftermath of a natural disaster.
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Dyer, Melissa Renee. "Financial Strategies for Long-Term Success in Women-Owned Small Businesses." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7633.
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In the United States, many small businesses fail within the first 5 years due to poor implementation of long term financial strategies. Researchers and business practitioners indicated that women small business owners face challenges in financing their small businesses beyond 5 years due to a lack of long-term financial strategies. The purpose of this qualitative multiple case study was to explore long term financial strategies women use to sustain their small businesses beyond 5 years. The general theory of entrepreneurship was the conceptual framework for this study. Data were collected from semistructured interviews with 11 women small business owners in Cleveland County, North Carolina, who had been in business beyond 5 years and the U.S. Bureau of Economic Analysis data. The 3 themes discovered were methods of funding small businesses, challenges for women as small business owners, and entrepreneurial spirit. The implications for positive social change include the potential to affect the long term success of women entrepreneurs by providing knowledge on financial strategies. The success of women small business owners strengthens local economies by stimulating economic growth, increasing the employment rate, and improving the standard of living of the area.