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dc.contributor.authorGavious, Ilaniten
dc.contributor.authorSchwartz, Dafnaen
dc.date.accessioned2012-03-15T14:01:59Z-
dc.date.available2012-03-15T14:01:59Z-
dc.date.issued2009-
dc.identifier.citation|aThe Journal of Entrepreneurial Finance (JEF)|c1551-9570|v13|h2|nThe Academy of Entrepreneurial Finance (AEF)|lMontrose, CA|y2009|p1-24en
dc.identifier.urihttp://hdl.handle.net/10419/55917-
dc.description.abstractWe examine whether and how investors' reliance on financial information is affected by the rate of sales growth of a start-up venture. We find that investors discern between firms by the extent to which their products are adopted by the market. For firms that failed to increase their sales since IPO, investors perceive financial data as not providing relevant or predictive information for investment decision making. In contrast, investors seem to rely heavily on financial information provided by firms presenting a continuous increase in sales. We suggest that investors may perceive firms with a continuous increase (decrease) in sales as those that are (un)able to transfer through the technology adoption lifecycle and make the transition from an early market dominated by a few visionary customers to a mainstream market. Whereas prior studies relate changes in the value-relevance of financial statements to a firm's maturity, as measured on the basis of time (firm age), our findings indicate that the main factor affecting value-relevance is a firm's degree of market penetration.en
dc.language.isoengen
dc.publisher|aThe Academy of Entrepreneurial Finance (AEF) |cMontrose, CAen
dc.subject.jelG1en
dc.subject.jelL26en
dc.subject.jelM13en
dc.subject.jelM41en
dc.subject.ddc650en
dc.subject.keywordfinancial statementsen
dc.subject.keywordmarket penetrationen
dc.subject.keywordstart-upen
dc.subject.keywordsales growthen
dc.subject.keywordtechnology adoptionen
dc.subject.keywordvalue-relevanceen
dc.subject.keywordvaluation implicationsen
dc.subject.keywordventure capital.en
dc.titleThe valuation implications of sales growth in start-up ventures-
dc.typeArticleen
dc.identifier.ppn663303192en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
econstor.citation.journaltitleThe Journal of Entrepreneurial Finance (JEF)en
econstor.citation.issn1551-9570en
econstor.citation.volume13en
econstor.citation.issue2en
econstor.citation.publisherThe Academy of Entrepreneurial Finance (AEF)en
econstor.citation.publisherplaceMontrose, CAen
econstor.citation.year2009en
econstor.citation.startpage1en
econstor.citation.endpage24en

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