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Rational actors, knowledgeable agents:extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks

Atherton, Andrew (2009) Rational actors, knowledgeable agents:extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks. International Small Business Journal, 27 (4). pp. 470-495. ISSN 0266-2426

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Abstract

Standard explanations of the decisions made by new firm founders when acquiring financing to start ventures tend to refer to the efficiency and economic rationales underpinning such choices. In this article, pecking order approach is applied to 26 cases of new venture creation to test such 'rational actor' approaches.When pecking order considerations are extended to incorporate previous experiences of acquiring finance and perceptions of the ease and feasibility of doing so, a fuller explanation of decisions and patterns in new venture financing emerges.A key implication of this analysis is the need to consider the experiential and knowledge base of founders when seeking to understand the dynamics and drivers of new business funding.

Item Type: Article
Journal or Publication Title: International Small Business Journal
Subjects:
Departments: VC's Office
ID Code: 64780
Deposited By: ep_importer_pure
Deposited On: 24 May 2013 11:32
Refereed?: Yes
Published?: Published
Last Modified: 17 Nov 2017 11:27
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/64780

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