A longitudinal comparison of capital structure between young for-profit social and commercial enterprises

Siqueira Ana Cristina O., Guenster Nadja, Vanacker Tom, Crucke Saskia


Zusammenfassung
Abstract We develop a new perspective on capital structure differences between for-profit social and commercial enterprises by combining imprinting and social entrepreneurship theory. Using a longitudinal matched sample, we find that for-profit social enterprises have 40% to 13% lower leverage and up to four times greater leverage stability over time than commercial enterprises. Our results suggest that these differences in capital structure derive from the process of prosocial organizing, which goes beyond the primary focus on financial preferences. Thus, for-profit social enterprises-and similar hybrid organizations, such as B corporations-may require theories adjusted to their context.



Publikationstyp
Forschungsartikel (Zeitschrift)

Begutachtet
Ja

Publikationsstatus
Veröffentlicht

Jahr
2018

Fachzeitschrift
Journal of Business Venturing

Band
33

Ausgabe
2

Erste Seite
225

Letzte Seite
240

Sprache
Englisch

ISSN
0883-9026

Gesamter Text