Browse ORBilu by Open Access
- What it is and what it isn't
- Green Road / Gold Road?
- Ready to Publish. Now What?
- How can I support the OA movement?
- Where can I learn more?
ORBilu is a project developed by
   VC investors’ venture screening: the role of the decision maker’s education and experience; ; et al in Journal of Business Economics (2022), 92(1), 27-63 We assess whether and how VC investors’ education and experience influence their screening decisions of potential investee candidates. Empirically, we perform an experimental choice-based-conjoint (CBC ... [more ▼] We assess whether and how VC investors’ education and experience influence their screening decisions of potential investee candidates. Empirically, we perform an experimental choice-based-conjoint (CBC) analysis with 564 individual VC investors. Our results highlight that the level and field of education, as well as the decision maker’s investment and entrepreneurial experience, moderate the relative importance of different screening criteria. More specifically, we find that international scalability seems to become more important for decision makers with higher education and those with entrepreneurial experience. Whereas decision makers with a background in natural science focus on the value-added of the product or service, engineers seem to value a break even profitability and focus less on the management team. Investment experience, on the other hand, leads to a stronger focus on the management team. Our study contributes to the literature investigating the influence of human capital characteristics of the decision maker in venture financing. Practical implications exist for entrepreneurial ventures seeking financing and for risk capital investors making investments in such ventures. [less ▲] Detailed reference viewed: 34 (3 UL) Motives, Supporting Activities, and Selection Criteria of Social Impact Incubators: An Experimental Conjoint StudyHirschmann, Mirko  ; ; in Nonprofit and Voluntary Sector Quarterly (2021), 51(5), 1095-1133 Social impact incubators (SIIs) are a new type of incubator that support social enterprises (SEs) in their early business stages to foster and develop their hybrid objectives. However, research on SIIs is ... [more ▼] Social impact incubators (SIIs) are a new type of incubator that support social enterprises (SEs) in their early business stages to foster and develop their hybrid objectives. However, research on SIIs is still scarce, and little is known about SIIs’ motives, supporting activities, and selection criteria. In investigating 71 SII decision- makers, we find the societal duty motive stated as “most important,” while the financial motive is stated as “least important.” Furthermore, we identify the authenticity of the founding team and the importance of the societal problem addressed as SIIs’ most important selection criteria. However, significant heterogeneity exists within the group of SIIs with regard to their selection criteria. In particular, SIIs with strong innovation and societal duty motives stand out and differ in their SE selection criteria from other SIIs. Our results extend prior research on SIIs and contribute to the discussion on the selection criteria of SE supporters. [less ▲] Detailed reference viewed: 21 (3 UL)Social finance in Europe: The transition from grants to follow-up financing for social enterprisesHirschmann, Mirko ; in Moritz, Alexandra; Block, Jörn; Golla, Stephan (Eds.) et al Social finance in Europe: The transition from grants to follow-up financing for social enterprises (2020) A large number of social enterprises (SEs) use grants as early-stage financing to establish their ventures. However, we know little about the requirements for SEs to receive grants and their follow-up ... [more ▼] A large number of social enterprises (SEs) use grants as early-stage financing to establish their ventures. However, we know little about the requirements for SEs to receive grants and their follow-up financing opportunities. Based on an interview study with 13 European SEs, we show that SEs need to go through a resource-intensive application process to be able to receive a grant. To finally receive a grant, we find that nonfinancial aspects (e.g., involved people’s passion) and financial sustainability are the most important factors for convincing possible grant providers to finance an SE’s venture. Furthermore, based on signaling theory, we demonstrate that obtaining a grant increases the likelihood of finding follow-up investors. We suggest that further quantitative research should test our conceptual model, which is built on four propositions we formulate. [less ▲] Detailed reference viewed: 11 (1 UL)Die Unterstützungslandschaft für Social Entrepreneurship im DACH-Raum – ein Überblick; Hirschmann, Mirko ; et alin ZfKE: Zeitschrift für KMU und Entrepreneurship (2020), 68(3-4), 219-257 Dieser Beitrag befasst sich mit der Unterstützungslandschaft für Social Entrepreneurship (SE) im DACHRaum und liefert Antworten auf die Fragen, welche Organisationen SE im DACH-Raum fördern, wie und warum ... [more ▼] Dieser Beitrag befasst sich mit der Unterstützungslandschaft für Social Entrepreneurship (SE) im DACHRaum und liefert Antworten auf die Fragen, welche Organisationen SE im DACH-Raum fördern, wie und warum 4diese Organisationen SE fördern und welche Typen von Sozialunternehmen gefördert werden. Zur Beantwortung dieser Forschungsfragen wurden in einer quantitativ empirischen Datenerhebung Entscheidungsträger aus Organisationen im DACH-Raum befragt, die SE finanziell und nicht-finanziell unterstützen. Die Ergebnisse zeigen sowohl ein starkes Wachstum des SE-Unterstützungsbereichs über die letzten Jahre als auch eine zunehmende Heterogenität der verschiedenen Organisationsarten, Unterstützungsinstrumente und geförderten Sozialunternehmen. Im Gegensatz zu Forschungsergebnissen im verwandten Forschungsfeld der Corporate Social Responsibility, zeigen wir, dass die Unterstützungsmotive „Employer Branding“ und „Reputation“ für Unterstützende von Sozialunternehmen eine nachrangige Rolle spielen. Vielmehr scheinen das Bestreben nach Veränderung und die Förderung der Ausbreitung von SE im DACH-Raum bei Unterstützenden im Vordergrund zu stehen. Wir identifizieren eine Unterstützungslücke insbesondere in der Wachstumsphase von Sozialunternehmen, die mithilfe von politischer und privatwirtschaftlicher Unterstützung geschlossen werden könnte. [less ▲] Detailed reference viewed: 15 (1 UL)Financing patterns of European SMEs – an empirical taxonomy; ; Heinz, Andreas in Venture Capital (2016), 18(2), 115-148 This paper develops an empirical taxonomy of SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in ... [more ▼] This paper develops an empirical taxonomy of SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally financed SMEs. These SME financing types differ according to the number of financing instruments used and the combinations thereof. Furthermore, the SME financing types can be profiled according to their firm-, product-, industry- and country-specific characteristics. Our findings support policy-makers in assessing the impact of policy changes on SME financing and in designing financing programmes tailored to the specific needs of SMEs. [less ▲] Detailed reference viewed: 308 (6 UL)Financing Patterns of European SMEs: An Empirical Taxonomy; ; Heinz, Andreas E-print/Working paper (2015) This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that ... [more ▼] This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally-financed SMEs. These SME financingtypes differ according to the number of financing instruments used and the combinations thereof. Furthermore, the SME financing types can be profiled according to their firm-, product-, industry- and country- specific characteristics. Our findings can support policy makers in assessing the impact of policy changes on SME financing and in designing financing programs tailored to the specific needs of SMEs. [less ▲] Detailed reference viewed: 135 (1 UL)Financing patterns of European SMEs – An empirical taxonomy; ; Heinz, Andreas Scientific Conference (2015, October 08) Detailed reference viewed: 141 (2 UL) |
||
