Tom Vanacker
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View article: It Is Not All in the Debt Level: Debt Maturity Structure and Complete Export Withdrawal in International New Ventures
It Is Not All in the Debt Level: Debt Maturity Structure and Complete Export Withdrawal in International New Ventures Open
Past research shows that firms with constrained access to debt are more likely to withdraw from exporting. We argue that firms’ debt maturity structure – that is their use of short‐term versus long‐term debt – also matters, because differe…
View article: False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform
False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform Open
In equity crowdfunding (ECF), early investments serve as signals of venture potential to prospective investors, making them more likely to join an offering. We argue that ECF platform team members can exploit this mechanism and convey fals…
View article: (De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency
(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency Open
Drawing on institutional and demand-side perspectives, we investigate performance implications of (de)centralized governance modes in platform-based new ventures, and the conditions under which (de)centralization generates more value. Usin…
View article: Digitalization and Resource Mobilization
Digitalization and Resource Mobilization Open
Digitalization can profoundly change resource mobilization, including the search, access and governance of resources. In this introductory paper to the Special Issue on Digitalization and Resource Mobilization, we review existing research …
View article: Entrepreneurial Team Size and Fundraising Success: Evidence From Equity Crowdfunding
Entrepreneurial Team Size and Fundraising Success: Evidence From Equity Crowdfunding Open
How does entrepreneurial team size affect fundraising success? Theory and prior evidence are contradictory or inconclusive at least. Indeed, a resource dependency theory perspective suggests that larger teams have access to more resources,…
View article: Same owner, different impact: How responses to performance feedback differ across a private equity investor's portfolio firms
Same owner, different impact: How responses to performance feedback differ across a private equity investor's portfolio firms Open
Research Summary Private equity (PE) investors invest in a portfolio of firms, setting new, ambitious performance aspirations and providing monitoring and value‐adding services to help management attain these aspirations. Integrating a beh…
View article: Should we be Conservative or Aggressive? <scp>SME</scp> Managers’ Responses in a Crisis and <scp>Long‐Term</scp> Firm Survival
Should we be Conservative or Aggressive? <span>SME</span> Managers’ Responses in a Crisis and <span>Long‐Term</span> Firm Survival Open
Past research shows that during a crisis, managers of publicly‐held firms often adopt a ‘conservative’ approach focused on protecting the existing core of their firms by decreasing investments and hoarding precautionary cash. By doing so, …
View article: Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups
Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups Open
Little is known about what happens after an unsuccessful equity crowdfunding campaign. Taking a socioemotional wealth perspective, we hypothesize that family business start-ups are more likely to eventually still raise equity financing rel…
View article: Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking
Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking Open
Signaling theory typically assumes that attention is always given to observable signals. We study signal receivers’ formation of signal sets—the signals to which receivers attend and that they can use for subsequent interpretations. Drawin…
View article: The sandwich game: Founder-CEOs and forecasting as impression management
The sandwich game: Founder-CEOs and forecasting as impression management Open
Drawing on impression management and social exchange theory, we examine the use of positively biased forecasts by (non-)founder-CEOs as an impression management tactic vis-à-vis their existing investors. Contrary to their non-founder count…
View article: Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings
Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings Open
Regulatory spillovers occur when regulation in one country affects either the expected regulatory approach and/or entrepreneurial finance markets in other countries. Drawing on institutional theory, we investigate the global implications o…
View article: Unemployment insurance and cash holdings of privately held firms around the world
Unemployment insurance and cash holdings of privately held firms around the world Open
Research Question/Issue This paper studies the relationship between country‐level unemployment insurance and cash holdings of privately held firms. When public unemployment insurance is weak, firms may provide alternative unemployment insu…
View article: Signal Strength, Media Attention, and Resource Mobilization: Evidence from New Private Equity Firms
Signal Strength, Media Attention, and Resource Mobilization: Evidence from New Private Equity Firms Open
Past research has shown that new firms can facilitate resource mobilization by signaling their unobservable quality to prospective resource providers. However, we know less about situations in which firms convey multiple signals of differe…
View article: What happens after a crowdfunding campaign?
What happens after a crowdfunding campaign? Open
The authors ask the question: What happens after a crowdfunding campaign? They argue that 'success' in the crowdfunding context is often defined as raising funds in a crowdfunding campaign, but although this is an important milestone, it o…
View article: Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda
Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda Open
Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market fa…
View article: Local Banking Development and the Use of Debt Financing by New Firms
Local Banking Development and the Use of Debt Financing by New Firms Open
We investigate the effects of local banking development on the debt financing of new firms using a large sample of Italian firms. Controlling for potential endogeneity issues, we find that new firms are more likely to use bank debt and hav…
View article: Equity crowdfunding, shareholder structures, and firm performance
Equity crowdfunding, shareholder structures, and firm performance Open
Research question/issue This paper provides a first‐time glimpse into the postcampaign financial and innovative performance of equity‐crowdfunded (ECF) and matched nonequity‐crowdfunded (NECF) firms. We further investigate how direct and n…
View article: VENTURE CAPITAL INTERNATIONALIZATION: SYNTHESIS AND FUTURE RESEARCH DIRECTIONS
VENTURE CAPITAL INTERNATIONALIZATION: SYNTHESIS AND FUTURE RESEARCH DIRECTIONS Open
Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research str…
View article: The recent financial crisis, start‐up financing and survival
The recent financial crisis, start‐up financing and survival Open
We investigate the effects of the recent financial crisis on start‐up financing and survival using a dataset that covers all Belgian new business registrations between 2006 and 2009. We find that bank debt is the single most important sour…