Owner-managed UK corporate start-ups: an exploratory study of financing and failure

摘要: After highlighting the importance of small companies to UK economy, new archival evidence is provided from an exploratory study which investigates financing and failure single owner-managed (OM) corporate start-ups. Relative comparable US survey evidence, OM start-ups rely very heavily on debt inception, with minimal equity being injected by owners retained earnings making only a modest contribution financing. Financial gearing found be important determinant after controlling for company-specific owner characteristics. Interestingly, results indicate that foreign-owned company are less prone. Based empirical findings extant research, number suggested avenues future research discussed.