New venture financing in Germany: Effects of firm and owner characteristics |
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Authors: | Ann-Kristin Achleitner Reiner Braun Karsten Kohn |
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Institution: | 1.KfW-Stiftungslehrstuhl für Entrepreneurial Finance,Technische Universit?t München,München,Deutschland;2.KfW Bankengruppe Frankfurt und IZA Bonn. KfW,Abteilung Volkswirtschaft,Frankfurt a.?M.,Deutschland |
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Abstract: | Entrepreneurial activity by new ventures is an important driver of economic growth. Yet obtaining sufficient and/or appropriate
financial means often represents a considerable challenge to entrepreneurs. Notably, reliable empirical evidence on financing
patterns of young enterprises in Germany has so far been scarce. Using data from the KfW/ZEW Start-up Panel, a new large-scale
dataset of newly founded ventures, we provide a comprehensive overview of financing structures and their firm- and owner-related
drivers in German start-ups within the first months of their existence. Conceptually, we find pecking-order theory to hold
for new ventures in Germany, although individual motives lead to partially deviant financing patterns. Moreover, our findings
indicate that the extent of financing and the choice of capital sources are both driven by a multitude of firm as well as
owner characteristics. |
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