Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202424
Authors: 
Schulte, Reinhard
Year of Publication: 
2018
Series/Report no.: 
Lüneburger Beiträge zur Gründungsforschung No. 13
Publisher: 
Leuphana Universität Lüneburg, Lehrstuhl Gründungsmanagement, Lüneburg
Abstract: 
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.
Subjects: 
new ventures
start-up
investment pattern
investment trajectory
fixed effects model
panel data
JEL: 
D92
G31
L25
M13
M21
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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