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Capital Acquisition Attitudes: Gender and Experience

Author

Listed:
  • Richard B. Carter

    (Iowa State University)

  • Howard Van Auken

    (Iowa State University)

Abstract

In this research we provide evidence on small firm owners' attitudes and approaches to capital acquisition. The most surprising finding is their general dissatisfaction with the capital acquisition process. Yet we found no evidence that this dissatisfaction translates into poor performance. Our analysis indicates that male-owned business were older, more likely to be technology-based, and bigger in terms of sales and assets. Male respondents were also better educated. We found no significant results for the firms owned by more experienced respondents. However, more experienced owners and male respondents were more likely to look outside resources, like governments, to provide guidance and assistance in the capital acquisition process. Implications from the results can be used by owners to better understand capital acquisition decisions and to develop better capital acquisition, by government agencies that develop public policy on small firms, and consultants that assist small firms with capital acquisition.

Suggested Citation

  • Richard B. Carter & Howard Van Auken, 2007. "Capital Acquisition Attitudes: Gender and Experience," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 12(2), pages 55-74, Fall.
  • Handle: RePEc:pep:journl:v:12:y:2007:i:2:p:55-74
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    References listed on IDEAS

    as
    1. 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.
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    4. Sophie Manigart & Koen De Waele* & Mike Wright & Ken Robbie & Philippe Desbrières & Harry Sapienza & Amy Beekman, 2000. "Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland," European Financial Management, European Financial Management Association, vol. 6(3), pages 389-403.
    5. Wiklund, Johan & Shepherd, Dean, 2005. "Entrepreneurial orientation and small business performance: a configurational approach," Journal of Business Venturing, Elsevier, vol. 20(1), pages 71-91, January.
    6. Richard B. Carter & Howard Van Auken, 2005. "Bootstrap financing and owners’ perceptions of their business constraints and opportunities," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 17(2), pages 129-144, March.
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    More about this item

    Keywords

    Capital Acquisition; Gender; Small Business;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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