Rational actors, knowledgeable agents: extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks
Rational actors, knowledgeable agents: extending pecking order considerations of new venture financing to incorporate founder experience, knowledge and networks
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.
470-493
Atherton, Andrew Michael
f9cd4f73-4bd9-4546-803d-0a382be1cd72
August 2009
Atherton, Andrew Michael
f9cd4f73-4bd9-4546-803d-0a382be1cd72
Atherton, Andrew Michael
(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), .
(doi:10.1177/0266242609334969).
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.
This record has no associated files available for download.
More information
Published date: August 2009
Identifiers
Local EPrints ID: 499072
URI: http://eprints.soton.ac.uk/id/eprint/499072
ISSN: 0266-2426
PURE UUID: 0d2be2b9-d3f0-4fbc-bc1c-995502d0cc45
Catalogue record
Date deposited: 07 Mar 2025 17:43
Last modified: 08 Mar 2025 03:07
Export record
Altmetrics
Contributors
Author:
Andrew Michael Atherton
Download statistics
Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.
View more statistics