Schäfer, Dorothea (contributor); Werwatz, Axel (contributor) - 2004
finance. This result is quite robust. It also emerges if only the choice be-
tween equity investment with management or … financial
risk are more likely to be equity than debt financed.
To our knowledge to date, only three papers analyze the … follows from the fact that firms in their very
early phases of development do not possess a track record for management …