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| Author: | Atherton, A. |
| Title: | Rational actors, knowledgeable agents. Extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks |
| Journal: | International Small Business Journal
2009 : AUG, VOL. 27:4, p. 470-495 |
| Index terms: | new enterprise entrepreneurship small and medium-sized enterprises (SMEs) financing |
| Freeterms: | new business ventures start-ups |
| Language: | eng |
| Abstract: | In this article, pecking order approach is applied to 26 cases of new venture creation to test 'rational actor' approaches. When pecking order considerations are extended to include previous experiences of acquiring finance and perceptions of the ease and feasibility of doing so, there comes up a more complete explanation of decisions and patterns in new venture financing. An important implication of this analysis is the need to consider the experiential and knowledge base of founders when aiming to understand the dynamics and drivers of new business funding. |
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