Year: 2015
Author: Pinkwart, Andreas, Proksch, Dorian, Schefczyk, Michael, Fiegler, Torsten, Ernst, Cornelia
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 4 : pp. 597–627
Abstract
We analyzed the determinants for the business failure of German New Technology-Based Firms (NTBF) in different financial stages. This included a literature review and creation of a set of propositions for the determinants within the individual stages. On the basis of an empirical and longitudinal dataset including data of 82 NTBFs, we tested a subset of our assumptions. With this, we could prove that the technology, the market, the financing and the management competencies comprise important factors as identified in previous studies. Further, we proved that the factors differ in each investment stage as shown by the significance and the connotation of the correlations. The area of technology was not significant in the first investment stage but in the second. While the determinants proved to be the same in the market area, the connotations of the variables differ in the financial and human resource variables. We showed that the different financial states should be analyzed separately when determining factors of business failure.
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/ccm.48.4.597
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 4 : pp. 597–627
Published online: 2015-12
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 31
Keywords: L260 M130 G240 G330 Business Failure New Technology-Based Firms Venture Capital Longitudinal Study
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| Section Title | Page | Action | Price |
|---|---|---|---|
| Andreas Pinkwart et al.: Reasons for the Failure of New Technology-Based Firms: A Longitudinal Empirical Study for Germany | 1 |