literature to empirically test which characteristics help explain the choice to seek either equity or debt funding among firms … using crowdfunding. We use 713 equity and 403 debt campaign announcements registered with the U.S. Securities and Exchange … issue equity, whereas firms with strong growth momentum and larger funding needs prefer debt. …

Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash …? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture … puzzle of venture debt by revealing that a start-up's VC backing and intellectual property substitute for traditional loan …

The purpose of this paper is to explore determinants of the debt financing of FinTech start-ups. Using a new hand …-term debt and hence to finance their growth. The analysis is primarily conducted via a Tobit regression model. This paper … demonstrate that unregulated FinTech start-ups are more likely to be financed with long-term debt. Asset structure, owner …

This paper investigates how entrepreneur’s characteristics determine debt financing of small manufacturing firms. In … entrepreneur’s educational level on small firm debt financing. Research results show that small firm debt financing is determined …