- Page 1 and 2: Faculty of Economics and Business A
- Page 3: Financing Unquoted High-Growth Comp
- Page 7 and 8: Acknowledgements This dissertation
- Page 9 and 10: calls. We know everything about eac
- Page 11 and 12: 1.4. Company Growth as a Complex Or
- Page 13 and 14: 3.5.3. Alternative Explanations for
- Page 15: List of Tables Chapter 1 Table 1.1
- Page 19 and 20: De tweede studie gaat na hoe versch
- Page 21 and 22: Executive Summary High-growth compa
- Page 23 and 24: development as a whole. The process
- Page 25 and 26: The rest of this introduction is st
- Page 27 and 28: More significantly, finance scholar
- Page 29 and 30: Furthermore, in light of current fi
- Page 31 and 32: 1.2.1. Amount of Finance A first di
- Page 33 and 34: Empirical research confirms that co
- Page 35 and 36: the static trade-off theory are onl
- Page 37 and 38: track record, will heavily rely on
- Page 39 and 40: 1.2.4. Dynamics Companies have to m
- Page 41 and 42: focusing on the acquisition of vent
- Page 43 and 44: Moreover, historical finance decisi
- Page 45 and 46: I. TELEOLOGY FIGURE 1.3 Process Mod
- Page 47 and 48: 1.4.1. Growth Indicators, Growth Fo
- Page 49 and 50: TABLE 1.2 Overlap (%) between Diffe
- Page 51 and 52: Study 1: Incremental Finance Decisi
- Page 53 and 54: accessible for a limited number of
- Page 55 and 56: FIGURE 1.4 Early-Stage Entrepreneur
- Page 57 and 58: Overall, a low level of entrepreneu
- Page 59 and 60: timeframe of the study 3 . However,
- Page 61 and 62: are collect through the financial a
- Page 63 and 64: Two drawbacks of the Zephyr databas
- Page 65 and 66: accurately remembering finance even
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experience of venture capital firms
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founding. The increased professiona
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investments internally and not to a
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contribute to the acquisition of ot
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constraints (Himmelberg and Peterse
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1.9. Structure of the Dissertation
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Chandler G.N. and Hanks S.H. (1998)
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Gregory B.T., Rutherford M.W., Oswa
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Manigart S., De Waele K., Wright M.
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Van Auken H. (2001) “Financing sm
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2.1. Abstract This study examines i
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Companies do not continuously raise
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future expansion, financial distres
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Despite contradictory empirical fin
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lowers company value and in turn in
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Hypothesis 2: High-growth companies
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had to be for at least two years am
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2.4.2. Dependent Variables: Finance
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Percentage of firms using: TABLE 2.
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Noteworthy is the high correlation
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Internal finance: TABLE 2.4 Variabl
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Internal finance: (EARNINGS/TOTAL A
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in the probability of raising exter
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Additional analyses on smaller sub-
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Our results are important for acade
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Barclay M.J., Smith Jr., C.W. and M
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Helwege J. and Liang N. (1996) “I
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Ou C. and Haynes G.W. (2006) “Acq
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Chapter 3: Seeking Experienced or L
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(Rindova, Williamson, Petkova and S
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higher growth paths both in employm
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The accumulated experience may not
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offer finance by venture capital in
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around three to five years (Zarutsk
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effects of this potential confound.
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It is conceptually convenient to de
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it indicates how the mean initial s
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The results of the unconditional an
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significant quadratic trend. In thi
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exhibit steeper growth curves both
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obustness of the positive relations
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employment and intangible assets ra
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3.6. Discussion and Conclusion Most
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suggest that venture capital firms
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Baum J.A.C., Calabrese T. and Silve
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Hoang H. and Rothaermel F.T. (2005)
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Peixoto J.L. (1987) “Hierarchical
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Appendix 1: Robustness Check In the
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Chapter 4: Early Differences and Pe
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financial resource mobilization fro
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processes that make it difficult fo
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Biotechnology, 2002). The biotechno
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Table 4.2 differentiates between hi
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to follow-up interviews, (4) financ
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informants had difficulties in accu
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for ventures to replicate the succe
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A good illustration is the differen
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corporate investor related to a big
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In contrast to the image portrayed
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4.5.2. Initial Differences in Growt
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TABLE 4.6 Local Search and the Impa
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investors related to the venture, a
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persist across time and suggest it
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performing biotechnology parent com
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“In our venture capital firm the
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Additionally, our cases illustrate
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(Gargiulo, 1993). He approached not
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that the availability and suitabili
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and Eisenhardt, 2008). In this cont
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ventures are often depicted as pass
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Eisenhardt K.M. (1989b) “Agency t
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Katila R., Rosenberger J.D. and Eis
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Sorenson O. and Stuart T.E. (2001)
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Chapter 5: Limitations, Avenues for
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and despite these low leverage rati
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Additionally, early investors may i
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5.2.1. Entrepreneurs By studying th
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investment strategy. Given the requ
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Lerner J. (1999) “The government