Table 1. Synopsis of research (empirical, conceptual/review*) on - PowerPoint PPT Presentation

Table 1. Synopsis of research (empirical, conceptual/review*) on Bootstrap Finance (BF) in the post-2000 literature. Study Main contributions Type and size of Data source; Research method; Variables and (Operationalization): (published); firms; Industry Survey Data analysis; D: Dependent; Country respondents Reference to results I: Independent; Summary of findings Theoretical framework (period covered) of previous research C: Control Vanacker, T., Confirms that firms with Resource Dependence Startups, newly 1) quantitative 1) yearly financial D: Startup growth as ability to create Manigart, S., strong dependence on Theory (RDT) created small data tracked from accounts and 2) Value Added over time (VA measured Meuleman, M., financial investors employed as the central firms employing 2003 until 2007 questionnaires as difference between sales and cost of (RR=29.4%); N=205 , Sels, L. largely benefit from the theoretical framework to < 50 persons at in governmental inputs); I: Bootstrapping use interacted (working paper use of BF techniques develop four startup; Multiple database of firms four multivariate with time: Y0,Y1,Y2,Y3,Y4 (13 BF at Ghent when their use does not hypotheses; First study industries formally regression models; methods measured as continuous University, create new strong to examine the incorporated in longitudinal study that industry-adjusted variables whenever Sep-2011); dependencies, while contingent nature of the Flanders, follows six categories available, otherwise dummies were Belgium firms with weak association between BF Belgium between of BF methods defined used); C: CF problems, Growth (2003-2007) dependence on financial methods and the growth Sep.2001 and by Winborg and ambitions (both dichotomously investors may hamper of startups Aug.2002, 2) Landström (2001) classified: Y or N), No. of founders, their growth when using qualitative survey Management experience (No. of yrs), BF methods that create data from Education (1-lowest thru 5-highest), new interorganizational questionnaires Initial size (natural logarithm of total dependencies mailed in Sep. assets in Y0), Innovation strategy 2003; unspecified (process or product), Industry effects survey subjects (industry dummy variables) Perry, J., Finds evidence Arguments grounded in Nascent The first Panel The PSED I dataset D: Organizational emergence (the Chandler, G., suggesting that when the Resource-Based ventures which Study of from initial screening, transition point at which a nascent 2 nd , and 3 rd waves Yao, X., bootstrapping a new View (RBV) of the firm had negative CF Entrepreneurial venture becomes operational, i.e. when (without 4 th wave); Wolff, J. venture, externally and Institutional Theory at the beginning Dynamics (PSED CF becomes positive); I: Founder’s use N=207 at time 1 (one (2011); oriented BF techniques, are utilized to develop of the study, I) dataset limited of 10 BF techniques separated into 4 USA both cash-increasing and two testable hypotheses excluding spin- to only new year after the categories, i.e. 2x2 matrix (% of all (1998-2000, cost-decreasing, are regarding the offs; Agriculture ventures with the beginning of the techniques used); C: Entrepreneurial 2001 and 2002) positive predictors of effectiveness of /forestry/fishery, use of a SPSS PSED study) and experience (the No. of new ventures an N=157 at time 2 (two subsequent positive cash different categories of construction, syntax file – entrepreneur or entrepreneurial team has flow, i.e. one and two BF techniques; the manufacturing, ‘kscleans’; years after), binary helped start), Industry experience (the years later; at the same bootstrapping and transport/ individuals who logistic regression; No. of cumulative years of experience of time, internally oriented organizational communication/ were in the new summarizes work on all team members in the venture’s BF techniques are not emergence literature is utilities, venture process BF by Van Auken & industry), Total money raised (from related to subsequent CF reviewed and integrated wholesale, Neeley (1998), Van traditional sources), Growth propensity retail, financial/ Auken (2004), Ebben (dichotomous, i.e. size manageable by

insurance/real & Johnson (2006), respondent him/herself or with a few estate, public Carter & Van Auken key employees or as large as possible), administration (2005) Industry (8 categories) Vanacker, T., Overall, new ventures Resource-based theories Startup ventures 1) longitudinal 1) yearly financial D: Value Added defined as sales income Manigart, S., that use more owner are contrasted with with < 50 data (2003-2007) accounts and 2) minus materials and services purchased Meuleman, M., funds, employ more traditional finance employees, only from BEL-FIRST questionnaires (Ln); I: 13 BF methods (numeric, Ln, or (RR=29.4%); N=214 , Sels, L. interim personnel, theories in the literature newly created (Bureau van Dijk) binomial dummies, mostly industry- (2011); encourage review to compare two companies; database of firms Generalized adjusted); C: No. of founders, Belgium customers to pay more perspectives, i.e. BF Business incorporated in Estimating Equation Education (5 levels), [Team] (2003-2007) quickly, and apply for strategies are generally services, Flanders, (GEE) approach, one- Management experience ([average] No. more subsidies, all positive for growth and wholesale/retail, Belgium between period autoregressive of yrs), Innovation strategy (product or exhibit steeper growth in enhance flexibility on restaurants and Sep.2002 and correlation structure, process), Growth ambition value added over time the one hand, or BF hotels, Aug.2003, 2) data five multivariate (dichotomous), CF problems in year 0 strategies are only construction, from surveys regression models; (nine different types), Initial size (Ln of second-best alternatives, and other mailed in compares BF variables assets in year 0), Industry (eight dummy on the other hand industries Sep.2003; and their data source options) entrepreneurs with Winborg and (owners) Landström (2001) surveyed *Tomory, E. Synthesizes literature on BF of innovation since N/A N/A Searches in all major N/A (working paper 1986; concludes that although BF is a widely article databases for at the University recognized entrepreneurial activity, the literature is business and of Pécs) limited, most research focuses on various BF management at the methods, textbooks and courses do not cover BF in University of Toronto depth, and knowledge appears fragmented rather Library; double-blind than cumulative; consequently, formal theoretical reviewed articles in frameworks need to be generated by scholars English Winborg, J., Overall, concludes that Discusses research in New limited 1) register 1) collection of D: Overall bootstrapping orientation Politis, D. the total impact of entrepreneurship and businesses supplied by secondary data (sum of two five-scaled items, each (2009); human capital on strategy, i.e. its focus on registered in Statistics Sweden, available in the referring to a separate statement); I: Sweden bootstrapping orientation the potential role of 2004, randomly 2) postal survey; register, 2) Human capital: General HC (formal (2006) is not as strong as human capital, both selected; Executive questionnaires education of entrepreneur, coded ‘1’ if (RR=24%); N=231 , predicted; furthermore, general and specific, for Various manager or CEO university level, and ‘0’ in case of no concludes that formal firm performance; refers industries of the business four multiple linear university education) and specific HC, education, which to the substitutability of surveyed regression models i.e. Industry-specific (No. of years the represents general human and financial (OLS); compares its business is active in the industry) and