Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264407 
Year of Publication: 
2019
Citation: 
[Journal:] The Journal of Entrepreneurial Finance (JEF) [ISSN:] 1551-9570 [Volume:] 21 [Issue:] 1 [Publisher:] The Academy of Entrepreneurial Finance (AEF) [Place:] Los Angeles, CA [Year:] 2019 [Pages:] 38-56
Publisher: 
The Academy of Entrepreneurial Finance (AEF), Los Angeles, CA
Abstract: 
Using panel data models and two research sub-samples composed of smaller and larger VC-backed, this study seeks to analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC-backed SMEs.
Subjects: 
Internal cash flows
Debt
Growth Opportunities
Investment in Fixed Assets
SMEs
Venture Capital
JEL: 
C33
G23
G24
G32
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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