The Kauffman Firm Survey: Results from the Baseline and First Follow-Up Surveys

Ballou, Janice; Barton, Tom; DesRoches, David; Potter, Frank; Reedy, E. J.; Robb, Alicia; Shane, Scott; Zhao, Zhanyun

doi:10.2139/ssrn.1098173

Cited by 43 publications

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“…Along with detailed information on the firm's use of credit, the KFS provides data on various firm and owner characteristics. (For more detailed information about the KFS data, see Ballou et al, 2008;and DesRoche et al, 2012). Sample descriptive statistics of start-up firms are presented in Table 2.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Debt Financing, Survival, and Growth of Start-Up Firms

Cole

Sokolyk

2014

SSRN Journal

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Abstract:We use data from the Kauffman Firm Surveys to analyze how the initial capital-structure decision of a U.S. start-up firm affects its subsequent survival and growth prospects. First, we analyze whether start-up capital structure explains whether or not a firm will remain in business after its first three years. We find that a firm using debt in its capital structure, and, in particular, business debt, is significantly more likely to survive. Second, we analyze whether start-up capital structure explains how fast a firm grows during its first three years. We find that a firm using debt, and, in particular, business debt, grows faster. In other words, the initial capital structure decision of a start-up firm does, indeed, matter-in terms of both its survival and growth. We also analyze what factors explain a start-up's decision to use credit, and, conditional upon using credit, its decision as to what type of credit to use-business or personal credit. We find that both firm and owner characteristics explain the use of credit.

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Section: Hypotheses Developmentmentioning

confidence: 99%

Debt Financing, Survival, and Growth of Start-Up Firms

Cole

Sokolyk

2014

SSRN Journal

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“…Conversely, only 5.3% of women had bank loans for firm financing, and only 4.9% had a line of credit. Although the percentages of business debt were higher for men-owned firms (25.6 vs. 20.9%), they 1 For more information about the KFS survey design and methodology, see Ballou et al (2008). A public use data set can be is available for download from the Kauffman Foundation's website, and a more detailed confidential dataset is available to researchers through a data enclave provided by the National Opinion Research Center (NORC).…”

Section: Datamentioning

confidence: 99%

A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data

2009

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“…2 For more information on this methodology, see Ballou et al 2008. also reveal a minimal use of bank financing. This finding is consistent with prior research that attests to the difficulties faced by smaller and newer firms in their attempts to secure external sources of capital (Lee and Denslow 2004).…”

Section: Datamentioning

confidence: 99%

A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data

2009

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This study uses data from the new Kauffman Firm Survey to explore gender differences in the use of start-up capital and subsequent financial injections by new firms. We find that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. A new finding from this research is that women go on to raise significantly lower amounts of incremental debt and equity in years two and three. These results hold even controlling for a variety of firm and owner characteristics, including the level of initial start-up capital and firm sales. Our findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital as well as follow-on investments. Our findings have implications for further research into gender differences in financing sources and strategies and business outcomes.

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The Kauffman Firm Survey: Results from the Baseline and First Follow-Up Surveys

Cited by 43 publications

References 0 publications

Debt Financing, Survival, and Growth of Start-Up Firms

Debt Financing, Survival, and Growth of Start-Up Firms

A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data

A comparison of new firm financing by gender: evidence from the Kauffman Firm Survey data

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