Accesso libero

Crowdfunding in a Context of Financing Firms Through Their Life Cycle

INFORMAZIONI SU QUESTO ARTICOLO

Cita

Agrawal, A., Catalini, C. & Goldfarb, A. (2014). Some Simple Economics of Crowdfunding. Innovation Policy and the Economy. 14(1), 63-97. DOI: 10.3386/w1913310.3386/w19133Open DOISearch in Google Scholar

Ahlers, G., Cumming, D., Günther, C. & Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice. 39(4), 955-980. DOI: 10.1111/etap.1215710.1111/etap.12157Open DOISearch in Google Scholar

Ang, S. (1991). Small Business Uniqueness and the Theory of Financial Management. Journal of Small Business Finance. 1(1), 1-13. Retrieved February 25, 2017, from: http://digitalcommons.pepperdine.edu/cgi/viewcontent.cgi?article=1108&context=jef10.57229/2373-1761.1108Search in Google Scholar

Ang, S., Lin J.W. & Tyler, F. (1995). Evidence on the Lack of Separation between Business and Personal Risks among Small Businesses. Journal of Small Business Finance. 4(2), 197-210. Retrieved February 25, 2017, from: http://digitalcommons.pepperdine.edu/cgi/viewcontent.cgi?article=1176&context=jef10.57229/2373-1761.1176Search in Google Scholar

Ang, S. & Peterson, P. (1984). The Leasing Puzzle. The Journal of Finance. 39(4), 1055-1065. DOI: 10.2307/232761210.1111/j.1540-6261.1984.tb03892.xOpen DOISearch in Google Scholar

BBVA Research (2013). Economic Outlook, Second Quarter 2013. Retrieved February 28, 2017, from: https://www.bbvaresearch.com/KETD/fbin/mult/1306_EEUUOutlook_2Q13_tcm348-392269.pdfSearch in Google Scholar

Belleflamme, P., Lambert, T. & Schwienbacher, A. (2014). Crowdfunding: Tapping the Right Crowd. Journal of Business Venturing. 29(5), 585-609. DOI: 10.2139/ssrn.157817510.2139/ssrn.1578175Open DOISearch in Google Scholar

Berger, A. & Udell, G. (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of banking and Finance, 22(6-8), 613-673. DOI: 10.1016/S0378-4266(98)00038-710.1016/S0378-4266(98)00038-7Open DOISearch in Google Scholar

Bhaird, C. & Lucey, B. (2007) The Financial Growth Life Cycle: An Empirical Examination of Irish SMEs. Retrieved February 19, 2017, from Social Science Research Network: https://ssrn.com/abstract=991296 DOI: 10.2139/ssrn.99129610.2139/ssrn.991296Search in Google Scholar

Blackwell, D. & Kidwell, D. (1988). An investigation of cost differences between public sales and private placements of debt. Journal of Financial Economics. 22(1), 253-278. DOI: 10.1016/0304-405X(88)90071-210.1016/0304-405X(88)90071-2Open DOISearch in Google Scholar

Castro, P., Tascón, M. & Amor-Tapia, B. (2016). The role of life cycle on the firm’s capital structure. Pecvnia Revista de la Facultad de Ciencias Económicas y Empresariales. 19, 131-155. 10.18002/pec.v0i19.358510.18002/pec.v0i19.3585Search in Google Scholar

Chemmanur, T. & Fulghieri, P. (2014). Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research. Review of Financial Studies. 27(1), 1-19. DOI: 10.1093/rfs/hht06310.1093/rfs/hht063Open DOISearch in Google Scholar

Churchill, N.C. & Lewis, V.L. (1983). The five stages of small business growth. Harvard Business Review. 61(3), 30-50.Search in Google Scholar

Collins, L. and Pierrakis, Y. (2012). The venture crowd crowdfunding Equity Investment into Business. Nesta. Retrieved March 1, 2017, from: https://www.nesta.org.uk/sites/default/files/the_venture_crowd.pdfSearch in Google Scholar

Čondić-Jurkić, I. (2015). Crowdfunding - what do we know about this alternative source of financing?. Notitia-časopis za održivi razvoj. 1(1), 71-83.Search in Google Scholar

Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review. 86(6), 1969-1994. DOI: 10.2308/accr-1013010.2308/accr-10130Open DOISearch in Google Scholar

Fisher, A. J. & Donaldson, G. (1962). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. The Journal of Finance. 17(3), 554-555. DOI: doi.org/10.2307/297708410.2307/2977084Open DOISearch in Google Scholar

Durand, D. (1952). Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement. In Conference of Research in Business Finance, (pp. 215-261). New York: National Bureau of Economics Research.Search in Google Scholar

Frielinghaus, A., Mostert, B. & Firer C. (2005). Capital structure and the firm’s life stage. South African Journal of Business Management. 36(4), 9-18.10.4102/sajbm.v36i4.640Search in Google Scholar

Gregory, B., Rutherford, M., Oswald, S. & Gardiner, L. (2005). An Empirical Investigation of the Growth Cycle Theory of Small Firm Financing. Journal of Small Business Management. 43(4), 382-392. DOI: 10.1111/j.1540-627X.2005.00143.x10.1111/j.1540-627X.2005.00143.xOpen DOISearch in Google Scholar

Harris, M. & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance. 46(1), 297-355. DOI: 10.2307/232869710.1111/j.1540-6261.1991.tb03753.xOpen DOISearch in Google Scholar

Harrison, R. (2013). Crowdfunding and the revitalization of the early stage risk capital market: catalyst or chimera. Venture Capital: An International Journal of Entrepreneurial Finance. 15(4), 283-311. DOI: 10.1080/13691066.2013.85233110.1080/13691066.2013.852331Open DOISearch in Google Scholar

Hass, P., Blohm, I. & Leimeister, J.M. (2014). An Empirical Taxonomy of Crowdfunding Intermediaries. In: 35th International Conference on Information Systems, 14-17 December 2014. Auckland, New ZealandSearch in Google Scholar

Hornuf, L. & Schwienbacher, A. (2015). The Emergence of Crowdinvesting in Europe. Discussion Paper. Retrieved February 22, 2017, from: https://epub.ub.uni-muenchen.de/21388/1/Hornuf%20Schwienbacher%20-%20The%20Emergence%20of%20Crowdinvesting%20in%20Europe.pdfSearch in Google Scholar

Kraus, A. & Litzenberger, R.H. (1973). A State-Preference Model of Optimal Financial Leverage. Journal of Finance: 28(4), 911-922. DOI: 10.2307/297834310.2307/2978343Open DOISearch in Google Scholar

La Rocca, M., La Rocca, T. & Cariola, A. (2009). Capital Structure Decisions During a Firm’s Life Cycle. Small Business Economics. 37(1), 107-130. DOI: 10.18002/pec.v0i19.358510.18002/pec.v0i19.3585Open DOISearch in Google Scholar

Lasrado, L.A. & Lugmayr, A. (2013). Crowdfunding in Finland - A new Alternative Disruptive Funding Instrument for Business. In the 17th International Academic MindTrek Conference on Making Sense of Converging Media, 01-04 October 2013 (pp. 194-201). New York: ACMSearch in Google Scholar

Massolution (2016). Crowdfunding Industry 2015 Report. Available at: http://reports.crowdsourcing.org/index.php?route=product/productandpath=20andproduct_id=54Search in Google Scholar

Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance. 39(3), 574-592. DOI: 10.1111/j.1540-6261.1984.tb03646.x10.1111/j.1540-6261.1984.tb03646.xOpen DOISearch in Google Scholar

Modigliani, F. & Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review. 53(3), 433-443.Search in Google Scholar

Modigliani, F. & Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review. 48(3), 261-297.Search in Google Scholar

Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing. 29(1), 1-16. DOI: 10.1016/j.jbusvent.2013.06.00510.1016/j.jbusvent.2013.06.005Open DOISearch in Google Scholar

Motylska-Kuzma, A. (2015). Cost of Crowdfunding as a Source of Capital for the Small Company. In Proceedings of International Academic Conferences, September 2015 (pp. 462-474). London: International Institute of Social and Economic SciencesSearch in Google Scholar

Paschen, J. (2017). Choose wisely: Crowdfunding through the stages of the startup life cycle. Business Horizons. 60(2), 179-188. DOI: 10.1016/j.bushor.2016.11.00310.1016/j.bushor.2016.11.003Open DOISearch in Google Scholar

Penrose, E.T. (1952). Biological analogies in the theory of the firm. American Economic Review. 42(5), 804-819.Search in Google Scholar

Ordanini, A., Miceli, L., Pizzetti, M. & Parasuraman, A. (2011). Crowd‐funding: transforming customers into investors through innovative service platforms. Journal of Service Management. 22(4), 443-470. DOI: 10.1108/0956423111115507910.1108/09564231111155079Open DOISearch in Google Scholar

Orsag, S. (2015). Poslovne financije. Zagreb: Masmedia, HUFA.Search in Google Scholar

Orsag, S. & Dedi, L. (2011). Budžetiranje kapitala: Procjena investicijskih projekata 2. izdanje. Zagreb: Masmedia.Search in Google Scholar

Rajan, R. & Zingales, L. (1998). Debt, Folklore and Cross-country Differences in Financial Structure. Journal of Applied Corporate Finance. 10(4), 102-107. DOI: 10.1111/j.1745-6622.1998.tb00313.x10.1111/j.1745-6622.1998.tb00313.xOpen DOISearch in Google Scholar

Robb, A. & Robinson, D. (2010). The Capital Structure Decisions of New Firms. Review of Financial Studies. 27(1), 153-179. DOI: 10.1093/rfs/hhs07210.1093/rfs/hhs072Open DOISearch in Google Scholar

Rossi, M. (2014). The New Ways to Raise Capital: An Exploratory Study of Crowdfunding. International Journal of Financial Research. 5(2), 8-18. DOI: 10.5430/ijfr.v5n2p810.5430/ijfr.v5n2p8Open DOISearch in Google Scholar

Scott, M. & Bruce, R. (1987). Five Stages of Growth in Small Business. Long Range Planning. 20(3), 45-52. DOI: 10.1016/0024-6301(87)90071-910.1016/0024-6301(87)90071-9Open DOISearch in Google Scholar

Sogorb-Mira, F. & López-Gracia, J. (2003). Pecking Order Versus Trade-Off: An Empirical Approach to the Small and Medium Enterprise Capital Structure. Retrieved February 19, 2017, from Social Science Research Network: https://ssrn.com/abstract=393160. DOI: 10.2139/ssrn.39316010.2139/ssrn.393160Open DOISearch in Google Scholar

Teixeira, G. & Coutinho dos Santos, M. J. (2014). Do firms have financing preferences along their life cycle? Evidence from Iberia. Retrieved February 22, 2017, from Social Science Research Network: https://ssrn.com/abstract=676869. DOI: 10.2139/ssrn.67686910.2139/ssrn.676869Search in Google Scholar