We demonstrate that the capital structures of small business is mainly driven by asset-backed concept, particularly by the most liquid part of them, i.e. the operating working capital. Return-to-risk analysis is very less relevant because of its misrepresentation in standard financial reporting...

The aim of this paper is to better understand how entrepreneurial equity finance interacts with the complex growth process of young technological ventures. More specially, we investigate how different growth paths are influenced by the entrepreneurs' interactions with different categories of...

Start-up growth is often treated as a stylised fact, despite an extensive research body composed of divergent theories and empirical findings. Against this background, this work contributes to the literature by analysing a hand-collected dataset of 2,951 EIF-backed VC start-ups. Section 2...

New industry finance has the following five characteristics. First, information asymmetry problem appears relatively stronger in the new industry finance compared to the normal industry finance. Asymmetry of information between trading partners means that the amount of information is on...

Why are we rich and others poor? What is preventing the less-developed countries from catching up with the more developed? How did we become rich? Underlying these questions are more fundamental ones: What is the nature of economic progress? What are its causes? I seek the answers to these...

The European Commission has adopted an Entrepreneurship 2020 Action Plan as its answer to challenges brought by the gravest economic crisis in the last 50 years. Governments of European countries all habour high expectations that entrepreneurship will contribute towards ending the continent's...

The change in the business model of venture capitalists from investing locally towards investing across borders started to intensify in the late 1990s. According to a dataset of European and North-American countries, we find that countries with higher expected growth and higher lagged stock...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...