New Venture Investing Trajectories - A Large Scale Longitudinal Study
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Lüneburg: Universität Lüneburg, 2018. (LÜNEBURGER BEITRÄGE ZUR GRÜNDUNGSFORSCHUNG; No. 13).
Research output: Working paper › Working papers
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TY - UNPB
T1 - New Venture Investing Trajectories - A Large Scale Longitudinal Study
AU - Schulte, Reinhard
N1 - DOI 10.2139/ssrn.3458905
PY - 2018/12/1
Y1 - 2018/12/1
N2 - Investment trajectories of new enterprises are a largely neglected but important issue of new firms’ business behavior. This paper debuts in showing robust evidence of new venture investment time patterns by using investment time series of 4.733 new businesses. Based on a fixed effects nonlinear panel regression approach, the study models the trajectory of new venture asset acquisition in the first years after market entry. The results unveil durations and levels of investment patterns. Showing a first investment peak at market entry and a second peak years later, an initial new venture investment cycle is bimodal. Its peak-to-peak duration yields approximately nine years on average. New venture investment can be staggered into three stages, namely an initial, a plateau, and a replacement and expansion stage.
AB - Investment trajectories of new enterprises are a largely neglected but important issue of new firms’ business behavior. This paper debuts in showing robust evidence of new venture investment time patterns by using investment time series of 4.733 new businesses. Based on a fixed effects nonlinear panel regression approach, the study models the trajectory of new venture asset acquisition in the first years after market entry. The results unveil durations and levels of investment patterns. Showing a first investment peak at market entry and a second peak years later, an initial new venture investment cycle is bimodal. Its peak-to-peak duration yields approximately nine years on average. New venture investment can be staggered into three stages, namely an initial, a plateau, and a replacement and expansion stage.
KW - Entrepreneurship
KW - new ventures
KW - start-up
KW - investment pattern
KW - investment trajectory
KW - fixed effects model
KW - panel data
KW - Management studies
UR - https://www.mendeley.com/catalogue/d933f46e-ac24-323a-add9-0ed913552b0e/
U2 - 10.2139/ssrn.3458905
DO - 10.2139/ssrn.3458905
M3 - Working papers
T3 - LÜNEBURGER BEITRÄGE ZUR GRÜNDUNGSFORSCHUNG
BT - New Venture Investing Trajectories - A Large Scale Longitudinal Study
PB - Universität Lüneburg
CY - Lüneburg
ER -