IDEAS home Printed from https://ideas.repec.org/a/ehu/cuader/56551.html
   My bibliography  Save this article

Bibliometric analysis of alternative financing for entrepreneurship

Author

Listed:
  • Coronel Pangol, Katherine
  • Orden Cruz, Carmen
  • Paule Vianez, Jéssica

Abstract

[EN] One of the main limitations of entrepreneurship is access to finance, especially in the early stages. Over the years, new sources of finance have evolved to respond to this need and provide new options for entrepreneurs. Using a bibliometric analysis, this paper examines the evolution of the academic literature and analyses the relationship between entrepreneurship and alternative financing over three periods of time (1975-1999, 2000-2010, and 2011-2020). This work aims to provide a clearer view of the evolution of this relationship and identifies current trends and future lines of research. The data were obtained from the Web of Science (WOS) database and systematized using SciMAT software. Results show that venture capital and business angels have become the main financing sources for entrepreneurs, being the most studied from different approaches, especially since 2000. Incubators in universities and research centers, corporate governance, and development of this type of financing in emerging countries are emerging as potential areas for further research in this field.

Suggested Citation

  • Coronel Pangol, Katherine & Orden Cruz, Carmen & Paule Vianez, Jéssica, 2022. "Bibliometric analysis of alternative financing for entrepreneurship," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    • Handle: RePEc:ehu:cuader:56551
    as

    Download full text from publisher

    File URL: https://addi.ehu.es/handle/10810/56551
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    2. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
    3. Kaplan, Steven & Strömberg, Per, 2002. "Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses," CEPR Discussion Papers 3243, C.E.P.R. Discussion Papers.
    4. Joshua Abor & Nicholas Biekpe, 2009. "How do we explain the capital structure of SMEs in sub‐Saharan Africa?," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 36(1), pages 83-97, January.
    5. Youtie, Jan & Shapira, Philip, 2008. "Building an innovation hub: A case study of the transformation of university roles in regional technological and economic development," Research Policy, Elsevier, vol. 37(8), pages 1188-1204, September.
    6. Daniel Hain & Sofia Johan & Daojuan Wang, 2016. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust," Journal of Business Ethics, Springer, vol. 138(4), pages 743-764, November.
    7. Parhankangas, Annaleena & Ehrlich, Michael, 2014. "How entrepreneurs seduce business angels: An impression management approach," Journal of Business Venturing, Elsevier, vol. 29(4), pages 543-564.
    8. Tiessen, James H., 1997. "Individualism, collectivism, and entrepreneurship: A framework for international comparative research," Journal of Business Venturing, Elsevier, vol. 12(5), pages 367-384, September.
    9. Thomas J. Chemmanur & Elena Loutskina & Xuan Tian, 2014. "Corporate Venture Capital, Value Creation, and Innovation," The Review of Financial Studies, Society for Financial Studies, vol. 27(8), pages 2434-2473.
    10. Norton, Edgar & Tenenbaum, Bernard H., 1993. "Specialization versus diversification as a venture capital investment strategy," Journal of Business Venturing, Elsevier, vol. 8(5), pages 431-442, September.
    11. Bascha, Andreas & Walz, Uwe, 2001. "Convertible securities and optimal exit decisions in venture capital finance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 285-306, September.
    12. Baum, Joel A. C. & Silverman, Brian S., 2004. "Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups," Journal of Business Venturing, Elsevier, vol. 19(3), pages 411-436, May.
    13. Cobo, M.J. & López-Herrera, A.G. & Herrera-Viedma, E. & Herrera, F., 2011. "An approach for detecting, quantifying, and visualizing the evolution of a research field: A practical application to the Fuzzy Sets Theory field," Journal of Informetrics, Elsevier, vol. 5(1), pages 146-166.
    14. Di Gregorio, Dante & Shane, Scott, 2003. "Why do some universities generate more start-ups than others?," Research Policy, Elsevier, vol. 32(2), pages 209-227, February.
    15. Lechner, Christian & Dowling, Michael & Welpe, Isabell, 2006. "Firm networks and firm development: The role of the relational mix," Journal of Business Venturing, Elsevier, vol. 21(4), pages 514-540, July.
    16. Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
    17. Wright, Mike & Lockett, Andy & Clarysse, Bart & Binks, Martin, 2006. "University spin-out companies and venture capital," Research Policy, Elsevier, vol. 35(4), pages 481-501, May.
    18. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    19. Ole Ellegaard & Johan A. Wallin, 2015. "The bibliometric analysis of scholarly production: How great is the impact?," Scientometrics, Springer;Akadémiai Kiadó, vol. 105(3), pages 1809-1831, December.
    20. Rossi, Stefania Patrizia Sonia & Bonanno, Graziella & Giansoldati, Marco & Gregori, Tullio, 2021. "Export starters and exiters: Do innovation and finance matter?," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 280-297.
    21. Ratnatunga, Janek & Romano, Claudio, 1997. "A "citation classics" analysis of articles in contemporary small enterprise research," Journal of Business Venturing, Elsevier, vol. 12(3), pages 197-212, May.
    22. José L. González-Pernía & Graciela Kuechle & Iñaki Peña-Legazkue, 2013. "An Assessment of the Determinants of University Technology Transfer," Economic Development Quarterly, , vol. 27(1), pages 6-17, February.
    23. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    24. Ranjay Gulati & Monica C. Higgins, 2003. "Which ties matter when? the contingent effects of interorganizational partnerships on IPO success," Strategic Management Journal, Wiley Blackwell, vol. 24(2), pages 127-144, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. S. Lacárcel, Francisco Javier & González-Padilla, P. & Matos, Nelson & B. Correia, Marisol, 2024. "Bibliometric measurement of the resource curse and its implication for sustainable development," Resources Policy, Elsevier, vol. 89(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paolo Gubitta & Alessandra Tognazzo & Federica Destro, 2016. "Signaling in academic ventures: the role of technology transfer offices and university funds," The Journal of Technology Transfer, Springer, vol. 41(2), pages 368-393, April.
    2. Rin, Marco Da & Hellmann, Thomas & Puri, Manju, 2013. "A Survey of Venture Capital Research," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 573-648, Elsevier.
    3. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    4. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    5. Gotsopoulos, Aleksios & Pitsakis, Konstantinos, 2024. "United we stand? Organizational groups and spinoff mortality in the context of academic entrepreneurship," Journal of Business Venturing, Elsevier, vol. 39(1).
    6. Alex Murray & Suresh Kotha & Greg Fisher, 2020. "Community-Based Resource Mobilization: How Entrepreneurs Acquire Resources from Distributed Non-Professionals via Crowdfunding," Organization Science, INFORMS, vol. 31(4), pages 960-989, July.
    7. Mariluz Fernández-Alles & Carmen Camelo-Ordaz & Noelia Franco-Leal, 2015. "Key resources and actors for the evolution of academic spin-offs," The Journal of Technology Transfer, Springer, vol. 40(6), pages 976-1002, December.
    8. Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October.
    9. T. Vanacker, 2009. "A Longitudinal Study on the Impact of Venture Capital Firm Heterogeneity on Portfolio Company Growth," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/552, Ghent University, Faculty of Economics and Business Administration.
    10. Christopher S. Hayter & Andrew J. Nelson & Stephanie Zayed & Alan C. O’Connor, 2018. "Conceptualizing academic entrepreneurship ecosystems: a review, analysis and extension of the literature," The Journal of Technology Transfer, Springer, vol. 43(4), pages 1039-1082, August.
    11. Damiano Bonardo & Stefano Paleari & Silvio Vismara, 2011. "Valuing University–Based Firms: The Effects of Academic Affiliation on IPO Performance," Entrepreneurship Theory and Practice, , vol. 35(4), pages 755-776, July.
    12. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    13. Jue Wang & Philip Shapira, 2012. "Partnering with universities: a good choice for nanotechnology start-up firms?," Small Business Economics, Springer, vol. 38(2), pages 197-215, February.
    14. Li, Yong & Vertinsky, Ilan B. & Li, Jing, 2014. "National distances, international experience, and venture capital investment performance," Journal of Business Venturing, Elsevier, vol. 29(4), pages 471-489.
    15. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2020. "Does a Local Bias Exist in Equity Crowdfunding?," CESifo Working Paper Series 8154, CESifo.
    16. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    17. Wang, Lanfang & Wang, Susheng, 2012. "Economic freedom and cross-border venture capital performance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 26-50.
    18. Insu Cho & Young Hoon Kwak & Jaehyeon Jun, 2019. "Sustainable Idea Development Mechanism in University Technology Commercialization (UTC): Perspectives from Dynamic Capabilities Framework," Sustainability, MDPI, vol. 11(21), pages 1-16, November.
    19. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    20. Chia-Ling Chang & Yen-Sheng Lee & Han-Kun Tien, 2021. "Does Venture Capital Affect Crowdfunding Performance?," Economic Review: Journal of Economics and Business, University of Tuzla, Faculty of Economics, vol. 19(2), pages 53-64, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ehu:cuader:56551. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alcira Macías Redondo (email available below). General contact details of provider: https://edirc.repec.org/data/ieahues.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.