Financing Unquoted High-Growth Companies: From Extending

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you were willing to become part of my exam committee. I consider you to be one of the most influential organizational growth scholars and knowing that you appreciate my research gives me even more energy to rewrite my papers and target for high-quality publications. Peter, I first met you as a discussant for one of my papers on the corporate finance day in Rotterdam where you provided me extremely valuable feedback. I would like to thank you for your time and energy in evaluating and improving this dissertation. Mirjam, I have been lucky to previously work with you on the Global Entrepreneurship Monitor (Belgium) struggling through T.E.A. calculations. Thank you for your constructive feedback not only during the final stages of writing my dissertation but on many occasions. Ignace, I would like to thank you for your interest in my research. Moreover, as department chair you provided me a great workplace over the past years. My stay at the Carlson School of Management (University of Minnesota) provided me with knowledge, professional contacts, but also deep friendship. I am especially appreciative to Shaker Zahra and Patricia Zahra. Shaker and Patricia, thank you for making me feel more than welcome in Minneapolis. <strong>From</strong> day one you have both amazed me with your hospitality and friendship. Thank you for showing me around the many beautiful places in Minneapolis and surroundings, inviting me at your home for lunch and dinner on many many occasions, being there to discuss my research and having long talks about things besides research. You have made my visiting scholarship in the United States an unforgettable experience. I am also grateful to Daniel Forbes, who contributed immeasurably and beyond the call to the process of improving my case study paper. Dan, thank you for your interest in my research and the fun times outside academia. Veroniek, you deserve a special word of thanks. Some 10 years ago we had one thing in common: we did not want to know each other. We could not have imaged this would quickly change when we started our doctoral studies together. You have been an inspirational colleague: extremely intelligent and dedicated. You have shaped my dissertation in more ways than you probably imagine. More importantly, we developed a deep friendship and I am extremely proud you are my best friend. Even after two years when we have hardly seen each other and were busy with studying and meeting new people we did not loose contact. On the contrary, we had weekly and some weeks even daily telephone iv
calls. We know everything about each other although we often mention the juicy details with (some) delay. I am looking forward to having fun, laughing and traveling with you in the future. I would also like to thank my current and former accounting and corporate finance colleagues, many who became good friends. A special word of thanks goes to (in a random order): Elisabeth, Katleen, Sofie, Wouter, Christof, Miguel, Sofie, Christophe, Dries, Lotte, Nick, David, Hannes, Andy, Pieterjan, Arnout, Bivas and last but not least Sonia. Many of the doctoral students at Carlson also deserve a special note. This not only for their valuable feedback during our entrepreneurship sessions, but for some also for the Friday night social events: Jaume, John, Mazhar, Nachiket, Hans, Carla, Zeke, Isil and Youngeun. I have been lucky Sofia joined me as a visiting doctoral student for a couple of months. We combined hard work at our shared office with great experiences outside work. I would also like to thank my friends from outside academia (sorry for not listing all your names, this does not mean I do not appreciate you all). This research and my stay at the Carlson School of Management would not have been possible without the financial support of the Intercollegiate Center for Management Science (I.C.M.). A special thanks goes to Françoise Degembe and Dirk Symoens. <strong>Financing</strong> from our Faculty of Economics and Business Administration (including Impulsfonds) played a critical role in allowing me to optimize this dissertation and attending international conferences as well. Tenslotte wens ik mijn familie en in het bijzonder mijn ouders te bedanken. Ik wens jullie uit de grond van mijn hart te bedanken voor jullie constant geloof in mijn kunnen en onvoorwaardelijke toewijding. Ik apprecieer ontzettend dat jullie mij altijd de vrijheid hebben gegeven mijn eigen weg te gaan. Ondanks de vele stemmen die twijfel hadden of ik zou slagen eerst in het secundair onderwijs, later op universitair niveau, zijn jullie mij steeds blijven steunen zonder mij in een andere richting te willen duwen. Zonder jullie was ik nooit geworden wie ik nu ben. Tom Vanacker, May 2009 v
Page 1 and 2: Faculty of Economics and Business A
Page 3: Financing Unquoted High-Growth Comp
Page 7: Acknowledgements This dissertation
Page 11 and 12: 1.4. Company Growth as a Complex Or
Page 13 and 14: 3.5.3. Alternative Explanations for
Page 15 and 16: List of Tables Chapter 1 Table 1.1
Page 17 and 18: List of Figures Chapter 1 Figure 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
Page 67 and 68:
experience of venture capital firms
Page 69 and 70:
founding. The increased professiona
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investments internally and not to a
Page 73 and 74:
contribute to the acquisition of ot
Page 75 and 76:
constraints (Himmelberg and Peterse
Page 77 and 78:
1.9. Structure of the Dissertation
Page 79 and 80:
Chandler G.N. and Hanks S.H. (1998)
Page 81 and 82:
Gregory B.T., Rutherford M.W., Oswa
Page 83 and 84:
Manigart S., De Waele K., Wright M.
Page 85 and 86:
Van Auken H. (2001) “Financing sm
Page 87 and 88:
2.1. Abstract This study examines i
Page 89 and 90:
Companies do not continuously raise
Page 91 and 92:
future expansion, financial distres
Page 93 and 94:
Despite contradictory empirical fin
Page 95 and 96:
lowers company value and in turn in
Page 97 and 98:
Hypothesis 2: High-growth companies
Page 99 and 100:
had to be for at least two years am
Page 101 and 102:
2.4.2. Dependent Variables: Finance
Page 103 and 104:
Percentage of firms using: TABLE 2.
Page 105 and 106:
Noteworthy is the high correlation
Page 107 and 108:
Internal finance: TABLE 2.4 Variabl
Page 109 and 110:
Internal finance: (EARNINGS/TOTAL A
Page 111 and 112:
in the probability of raising exter
Page 113 and 114:
Additional analyses on smaller sub-
Page 115 and 116:
Our results are important for acade
Page 117 and 118:
Barclay M.J., Smith Jr., C.W. and M
Page 119 and 120:
Helwege J. and Liang N. (1996) “I
Page 121 and 122:
Ou C. and Haynes G.W. (2006) “Acq
Page 123 and 124:
Chapter 3: Seeking Experienced or L
Page 125 and 126:
(Rindova, Williamson, Petkova and S
Page 127 and 128:
higher growth paths both in employm
Page 129 and 130:
The accumulated experience may not
Page 131 and 132:
offer finance by venture capital in
Page 133 and 134:
around three to five years (Zarutsk
Page 135 and 136:
effects of this potential confound.
Page 137 and 138:
It is conceptually convenient to de
Page 139 and 140:
it indicates how the mean initial s
Page 141 and 142:
The results of the unconditional an
Page 143 and 144:
significant quadratic trend. In thi
Page 145 and 146:
exhibit steeper growth curves both
Page 147 and 148:
obustness of the positive relations
Page 149 and 150:
employment and intangible assets ra
Page 151 and 152:
3.6. Discussion and Conclusion Most
Page 153 and 154:
suggest that venture capital firms
Page 155 and 156:
Baum J.A.C., Calabrese T. and Silve
Page 157 and 158:
Hoang H. and Rothaermel F.T. (2005)
Page 159 and 160:
Peixoto J.L. (1987) “Hierarchical
Page 161 and 162:
Appendix 1: Robustness Check In the
Page 163 and 164:
Chapter 4: Early Differences and Pe
Page 165 and 166:
financial resource mobilization fro
Page 167 and 168:
processes that make it difficult fo
Page 169 and 170:
Biotechnology, 2002). The biotechno
Page 171 and 172:
Table 4.2 differentiates between hi
Page 173 and 174:
to follow-up interviews, (4) financ
Page 175 and 176:
informants had difficulties in accu
Page 177 and 178:
for ventures to replicate the succe
Page 179 and 180:
A good illustration is the differen
Page 181 and 182:
corporate investor related to a big
Page 183 and 184:
In contrast to the image portrayed
Page 185 and 186:
4.5.2. Initial Differences in Growt
Page 187 and 188:
TABLE 4.6 Local Search and the Impa
Page 189 and 190:
investors related to the venture, a
Page 191 and 192:
persist across time and suggest it
Page 193 and 194:
performing biotechnology parent com
Page 195 and 196:
“In our venture capital firm the
Page 197 and 198:
Additionally, our cases illustrate
Page 199 and 200:
(Gargiulo, 1993). He approached not
Page 201 and 202:
that the availability and suitabili
Page 203 and 204:
and Eisenhardt, 2008). In this cont
Page 205 and 206:
ventures are often depicted as pass
Page 207 and 208:
Eisenhardt K.M. (1989b) “Agency t
Page 209 and 210:
Katila R., Rosenberger J.D. and Eis
Page 211 and 212:
Sorenson O. and Stuart T.E. (2001)
Page 213 and 214:
Chapter 5: Limitations, Avenues for
Page 215 and 216:
and despite these low leverage rati
Page 217 and 218:
Additionally, early investors may i
Page 219 and 220:
5.2.1. Entrepreneurs By studying th
Page 221 and 222:
investment strategy. Given the requ
Page 223:
Lerner J. (1999) “The government
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