ArticleSmall business economics2022
The determinants of bootstrap financing in crises: evidence from entrepreneurial ventures in the COVID-19 pandemic.
Article in Small business economics, 2022. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 12 papers.
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Who cites it
12 citing papers in PubMed, 107 citations in OpenAlex.
- Productivity and firm exit during the COVID-19 crisis: cross-country evidence.Small business economics · 2023Article
- The Paycheck Protection Program and small business performance: Evidence from craft breweries.Small business economics · 2022Article
- Emergency-aid for self-employed in the Covid-19 pandemic: A flash in the pan?Journal Of Economic Psychology · 2022Article
- Venture creation in the aftermath of COVID-19: The impact of US governor party affiliation and discretion.Small business economics · 2022Article
- COVID-19 and the global venture capital landscape.Small business economics · 2022Article
- Digital affordances: how entrepreneurs access support in online communities during the COVID-19 pandemic.Small business economics · 2022Article
- Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses.Small business economics · 2022Article
- Risk of burnout in French entrepreneurs during the COVID-19 crisis.Small business economics · 2022Article
- The early impacts of the COVID-19 pandemic on business sales.Small business economics · 2022Article
- When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19.Small business economics · 2022Article
- Small firms and the COVID-19 insolvency gap.Small business economics · 2022Article
- Entrepreneurship during a pandemic.European journal of law and economics · 2022Article
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Authors and funding
3 authors at 2 institutions in 2 countries.
Funding
No grant is acknowledged in the PubMed record.
Abstract
Bootstrap financing refers to measures that entrepreneurial ventures undertake to preserve liquidity (e.g., reducing expenses, collecting receivables, delaying payments, preselling). Prior research shows that bootstrap financing is an important enabler for the growth of resource-constrained early-stage ventures. However, little is known about the use of bootstrap financing in crises, during which the preservation of liquidity is particularly salient. We investigate the determinants of bootstrap financing in the 2020 COVID-19 crisis using a sample of 17,046 German entrepreneurial ventures. We formulate hypotheses about the determinants of bootstrap financing from a necessity, human capital, and opportunity cost perspective. Among others, our results show that the severity of the crisis for the venture, the level of private consumption, and self-employment experience are positively associated with an increased use of bootstrap financing measures. Our study contributes to the literature on bootstrap financing and illuminates how entrepreneurial ventures maintain liquidity in crises.
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