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What do we know about entrepreneurial finance and its relationship with growth?
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Fraser, Stuart, Bhaumik, S. K. and Wright, M. (2015) What do we know about entrepreneurial finance and its relationship with growth? International Small Business Journal, 33 (1). pp. 70-88. doi:10.1177/0266242614547827 ISSN 0266-2426.
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Official URL: http://dx.doi.org/10.1177/0266242614547827
Abstract
This article explores what we do (and do not) know about entrepreneurial finance and its relationship with growth. Broadly, there is a need for research to go beyond traditional supply side/market failure issues to better understand the role of entrepreneurial cognition, objectives, ownership types and firm life-cycle stages in financing/investment decisions. We show that little is known about the pivotal relationship between access to external finance and growth due to limitations in current approaches to testing financial constraints. Instead, we propose that the relationship between funding gaps and business performance as a direct and nuanced approach to identifying financial constraints in different entrepreneurial finance markets requires scrutiny. There is also a necessity for research to disentangle cognitive from financial constraints and to better understand the role of financiers in enabling growth. In particular, there is a need to explore the relationship between non-bank sources of finance and growth, shorn of inherent survival and selection bias. We outline an agenda for future research to address gaps in our understanding.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | International Small Business Journal | ||||
Publisher: | Sage Publications Ltd. | ||||
ISSN: | 0266-2426 | ||||
Official Date: | February 2015 | ||||
Dates: |
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Volume: | 33 | ||||
Number: | 1 | ||||
Page Range: | pp. 70-88 | ||||
DOI: | 10.1177/0266242614547827 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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