Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264411 
Year of Publication: 
2020
Citation: 
[Journal:] The Journal of Entrepreneurial Finance (JEF) [ISSN:] 1551-9570 [Volume:] 22 [Issue:] 1 [Publisher:] The Academy of Entrepreneurial Finance (AEF) [Place:] Los Angeles, CA [Year:] 2020 [Pages:] 27-60
Publisher: 
The Academy of Entrepreneurial Finance (AEF), Los Angeles, CA
Abstract: 
Attracting investors and generating funding is a key issue for all start-ups. The information asymmetries between investor and start-up need to be reduced. Despite the overwhelming literature on venture capital financing and different signals reflecting venture quality, pinpointing the signals which impact funding decisions remains an open issue. This study presents an empirical examination of the effectiveness of different signals to convince investors and generate funding. We examine the impact of signals concerning venture quality (classic ones such as human capital, intellectual capital and social alliance/network capital as well as the strategic orientation in terms of business model patterns. Based on a comprehensive sample of more than 101 German FinTechs, our study delivers empirical evidence that human capital as well as the strategic orientation positively impacts a FinTech's attractiveness. However, our chosen measures for intellectual capital and social network/alliance capital result in negative effects.
Subjects: 
Alliance capital
Intellectual capital
human capital
Strategic Orientation
FinTechs
Funding
JEL: 
M13
G24
L26
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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