The existing finance literature is inadequate with respect to its coverage of the debt structure of small and medi-um sized enterprises (SMEs). In addition, the role of trust in accessing finance for such enterprises is under-investigated. This paper presents a mathematical model for optimizing...

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...

Do firms select their main bank relationship according to their risk or risk preferences? Relationship banking is attractive for high risk firms since it improves their access to finance and provides liquidity insurance. Low risk firms instead may not want to bear the additional costs. I employ...

Does intellectual property positively affect the success of the equity crowdfunding campaigns? By using a unique dataset of 191 equity crowdfunding campaigns, gathered from the Italian platforms over the period 2014-2018, we answer this question, focusing on the effect of patents on funding...

Differences in financial behaviour are explained in the literature by reference to the theory of asymmetrical information, and in particular to the concept of information opacity. The same literature indicates that because SMEs are an opaque type of company, they tend to have relational...

The aim of this work is the analysis of the problems affecting financial institutions in technology based companies financing. First, the question whether a specific type of financial system is more suitable than others in allocating financial resources to independent technology based companies...

This work wants to demonstrate that complexity is a relevant factor in order to distinguish inside the SMEs aggregate different enterprise typologies and that complex companies have different and more sophisticated financial needs in comparison with simple enterprises. The study carried out on a...

The paper deals with the issues of investment of hybrid and public venture capital funds. The results show that hybrid and public venture capital funds in Latvia in most cases are the first investors. Only a smaller part of these investments are investments of the early stages of funding. The...

This study examines and compares characteristics, financing patterns, and performance outcomes of women-owned and men-owned young entrepreneurial firms. Using fully imputed data from the Kauffman Firm Surveys of U.S. start-up firms, we first examine the differences in firm and owner...