Entrepreneurial Ownership and New Venture Finance

Ownership and finance are crucial for governance, decision-making, and strategic objectives in entrepreneurial ventures. They affect how firms raise capital, scale, and navigate risks, ultimately impacting both success and sustainability.

By examining ownership structures in relation to emerging financing models like equity crowdfunding, ICOs, and blockchain-based solutions, our research provides a comprehensive view of how entrepreneurs secure and manage resources. We also uncover strategies and best practices that can be adopted by new ventures. As such, our research also seeks to provide insights into the evolving landscape of entrepreneurial finance and governance. Some of the research projects in this area include:

Business angels and exit strategies
Capital structure of high-tech startups
Venture boards
Corporate governance practices in entrepreneurial ventures

Our most recent publications:

Civardi, C, Moro, A. Winborg J, (2024). All that glitters is not gold!”: The (Unexplored) Side of Equity Crowdfunding. Small Business Economics, 63: 299-324. https://doi.org/10.1007/s11187-023-00813-y

Gartner, J., Maresch, D., & Tierney, R. (2024) The key to scaling in the digital era: Simultaneous automation, individualization and interdisciplinarity. Journal of Small Business Management, 62(2), 628-655. https://doi.org/10.1080/00472778.2022.2073361

Gartner, J. & Moro, A. (2024) C-level managers and born digitals’ scaling: The case of Initial Coin Offerings (ICOs), Technological Forecasting and Social Change, 198; 122943. https://doi.org/10.1016/j.techfore.2023.122943

Gartner, J., Fink, M., & Maresch, D. (2022). The Role of Fear of Missing Out and Experience in the Formation of SME Decision Makers’ Intentions to Adopt New Manufacturing Technologies. Technological Forecasting and Social Change, 180, 121723. https://doi.org/10.1016/j.techfore.2022.121723

Gartner, J., Maresch, D., & Tierney, R. (2022). The key to scaling in the digital era: Simultaneous automation, individualization and interdisciplinarity. Journal of Small Business Management, 1-28. https://doi.org/10.1080/00472778.2022.2073361

Sarwary, Z., & Uman, T. (2022). Managerial discretion and the choice of capital budgeting techniques. International Journal of Managerial and Financial Accounting, 14(3), 197-216. https://doi.org/10.1504/IJMFA.2022.123870

Venâncio, A., & Jorge, J. (2022) The role of accelerator programmes on the capital structure of start-ups. Small Business Economics, 59, 1143–1167. https://doi.org/10.1007/s11187-021-00572-8