Laitinen, Erkki K. - In: Journal of entrepreneurial finance : JEF ; official … 19 (2017) 2, pp. 1-28
This study develops a mathematical framework to analyze the time series of profitability ratios in the early stages of a startup. It is assumed that the expenditure of the startup grows at a steady rate and generates a proportionally identical flow of revenue in each period. The profitability in...