Pecking order and debt capacity considerations for high-growth companies seeking financing

By Tom Vanacker, Sophie Manigart. 2010

206 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/61e62347b6ef61c896ab4560ea2401aa6f4a15fa

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Citations in the corpus

Innovation, SMEs and the liability of distance: the demand and supply of bank funding in UK peripheral regions (2016, background): “Due to information asymmetries, small firms “do not seem to follow a pecking order” of preferences (Vanacker and Manigart, 2010, 55), as investors perceive them to be ‘riskier bets’.”
Entrepreneurial finance: new frontiers of research and practice (2017, unknown): “Vanacker and Manigart (2010), for instance, show that external sources of equity are important for the financing of extraordinary high-growth firms with limited debt capacity.”
Bank credit and trade credit: Evidence from SMEs over the financial crisis (2016, unknown): “High growth and innovative SMEs that invest in intangible activity are often restricted in accessing bank finance due to their lack of tangible assets (Vanacker and Manigart, 2010).”
The Impact of Human and Social Capital on Entrepreneurs’ Knowledge of Finance Alternatives (2012, background): “Entrepreneurs with higher growth aspirations are known to realize higher growth rates (Wiklund and Shepherd 2003) and hence are more likely to need multiple sources of finance besides owner funds (Vanacker and Manigart 2010).”
The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: The Role of Venture Capital and Angel Investors (2013, unknown): “First, we develop selection models predicting the receipt of VC or angel financing respectively using insights from previous research on financing decisions in entrepreneurial firms (Cosh et al., 2009; Vanacker and Manigart, 2010).”
Equity crowdfunding: First resort or last resort? (2017, background): “…negative shareholders‘ equity will find it very difficult to attract additional debt financing (due to the lack of an equity buffer and the high probability of going bankrupt), while they will need additional equity financing to strengthen their financial position (Vanacker and Manigart, 2010).”
Exploring entrepreneurial legitimacy in reward-based crowdfunding (2014, background): “As Ward and Ramachandran (2010) illustrate, projects have increased challenges to effectively build and maintain project momentum the longer their funding period is.”
What do we know about entrepreneurial finance and its relationship with growth? (2015, background): “As the firm grows and gains a track record, it is more likely to become ‘investor ready’ to access external finance such as bank debt, VC and public debt/equity (Vanacker and Manigart, 2010).”
Financing patterns of European SMEs – an empirical taxonomy (2016, background): “Separate streams of literature have emerged on specific financing instruments (Cosh et al. 2009; Hall et al. 2004; Harris and Raviv 1991; Hutchinson 1995; Michaelas et al. 1999; Vanacker and Manigart 2010).”