Chapter 11 The High-Technology Pecking Order in Spinoffs and Non-SpinoffsTeresa Hogan and Elaine HutsonThe High-Technology Pecking Order in Spinoffs and Non-Spinoffs in the Irish Software Sector

New Technology-Based Firms in the New Millennium

ISBN: 978-0-0805-5448-8, eISBN: 978-1-84950-544-4

ISSN: 1876-0228

Publication date: 1 January 2008

Abstract

Despite their increasing importance in innovation, employment creation and economic growth, there is a dearth of theory-driven research on the financing and capital structure of new technology-based firms (NTBFs).1 Hogan and Hutson (2005a) advance the High-Technology Pecking Order Hypothesis (HTPOH) to explain the role of equity in the financing of NTBFs in the software product sector. The HTPOH posits that NTBFs exhibit a hierarchical pattern of financing that gives precedence to internal sources, but if external financing is required, equity is preferred to debt. This study investigates the extent to which the genesis of the NTBF affects its financing patterns?

Citation

Hogan, T. and Hutson, E. (2008), "Chapter 11 The High-Technology Pecking Order in Spinoffs and Non-SpinoffsTeresa Hogan and Elaine HutsonThe High-Technology Pecking Order in Spinoffs and Non-Spinoffs in the Irish Software Sector", Groen, A., Van Der Sijde, P., Oakey, R. and Cook, G. (Ed.) New Technology-Based Firms in the New Millennium (New Technology Based Firms in the New Millennium, Vol. 6), Emerald Group Publishing Limited, Bingley, pp. 163-184. https://doi.org/10.1016/S1876-0228(08)06011-0

Download as .RIS

Publisher

:

Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited

To read the full version of this content please select one of the options below

You may be able to access this content by logging in via Shibboleth, Open Athens or with your Emerald account.
If you think you should have access to this content, click the button to contact our support team.