{"id":"https://openalex.org/W1559313810","doi":null,"title":"Certification effect and capital structure determinants in venture-backed companies","display_name":"Certification effect and capital structure determinants in venture-backed companies","publication_year":2012,"publication_date":"2012-02-01","ids":{"openalex":"https://openalex.org/W1559313810","mag":"1559313810"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:ivi:wpasec:2012-02","doi":null,"is_oa":false,"landing_page_url":"http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-02.pdf","pdf_url":"http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-02.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5052474700","display_name":"\u00c1lvaro Tresierra Tanaka","orcid":"https://orcid.org/0000-0002-9439-1916","observed_orcids":["https://orcid.org/0000-0002-9439-1916"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"\u00c1lvaro Tresierra Tanaka","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-9439-1916","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072282193","display_name":"Jos\u00e9 Mart\u00ed","orcid":"https://orcid.org/0000-0003-0251-8287","observed_orcids":["https://orcid.org/0000-0003-0251-8287"]},"institutions":[{"id":"https://openalex.org/I130194489","display_name":"University of Alicante","ror":"https://ror.org/05t8bcz72","country_code":"ES","type":"education","lineage":["https://openalex.org/I130194489"]}],"countries":["ES"],"is_corresponding":false,"raw_author_name":"Jos\u00e9 Mart\u00ed","raw_affiliation_strings":["University of Alicante,"],"raw_orcid":"https://orcid.org/0000-0003-0251-8287","affiliations":[{"raw_affiliation_string":"University of Alicante,","institution_ids":["https://openalex.org/I130194489"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5051173772","display_name":"Marina Balboa","orcid":"https://orcid.org/0000-0002-1636-1690","observed_orcids":["https://orcid.org/0000-0002-1636-1690"]},"institutions":[{"id":"https://openalex.org/I130194489","display_name":"University of Alicante","ror":"https://ror.org/05t8bcz72","country_code":"ES","type":"education","lineage":["https://openalex.org/I130194489"]}],"countries":["ES"],"is_corresponding":false,"raw_author_name":"Marina Balboa","raw_affiliation_strings":["University of Alicante,"],"raw_orcid":"https://orcid.org/0000-0002-1636-1690","affiliations":[{"raw_affiliation_string":"University of Alicante,","institution_ids":["https://openalex.org/I130194489"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":"2","first_page":"1","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9042999744415283,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9042999744415283,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.09279999881982803,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/certification-effect","display_name":"certification effect","score":0.9290000200271606},{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.9369999766349792},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.972000002861023},{"id":"https://openalex.org/keywords/debt-financing","display_name":"debt financing","score":0.8489999771118164},{"id":"https://openalex.org/keywords/tangible-assets","display_name":"tangible assets","score":0.6830000281333923},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.9940000176429749},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.9449999928474426},{"id":"https://openalex.org/keywords/non-listed-firms","display_name":"non-listed companies","score":0.7080000042915344},{"id":"https://openalex.org/keywords/external-financing","display_name":"external financing","score":0.46000000834465027}],"concepts":[{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.45789676904678345},{"id":"https://openalex.org/C15708023","wikidata":"https://www.wikidata.org/wiki/Q80083","display_name":"Humanities","level":1,"score":0.45701104402542114},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3500288128852844},{"id":"https://openalex.org/C142362112","wikidata":"https://www.wikidata.org/wiki/Q735","display_name":"Art","level":0,"score":0.11501777172088623}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:ivi:wpasec:2012-02","doi":null,"is_oa":false,"landing_page_url":"http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-02.pdf","pdf_url":"http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-02.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:1559313810","doi":null,"is_oa":false,"landing_page_url":"http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-02.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.7257999777793884,"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":58,"referenced_works":["https://openalex.org/W1535225636","https://openalex.org/W1875916803","https://openalex.org/W1966598925","https://openalex.org/W1969341120","https://openalex.org/W1991044515","https://openalex.org/W1992664413","https://openalex.org/W1995855558","https://openalex.org/W2003343000","https://openalex.org/W2023245676","https://openalex.org/W2023920905","https://openalex.org/W2030937998","https://openalex.org/W2031877412","https://openalex.org/W2034625637","https://openalex.org/W2038765589","https://openalex.org/W2051427695","https://openalex.org/W2058668193","https://openalex.org/W2064250124","https://openalex.org/W2065679911","https://openalex.org/W2069601427","https://openalex.org/W2075966196","https://openalex.org/W2077968320","https://openalex.org/W2080485735","https://openalex.org/W2081113003","https://openalex.org/W2091596451","https://openalex.org/W2096686146","https://openalex.org/W2104697321","https://openalex.org/W2110155057","https://openalex.org/W2114682541","https://openalex.org/W2115846503","https://openalex.org/W2119719587","https://openalex.org/W2119780569","https://openalex.org/W2122108576","https://openalex.org/W2122529435","https://openalex.org/W2126538003","https://openalex.org/W2127566439","https://openalex.org/W2130182730","https://openalex.org/W2132582515","https://openalex.org/W2156109180","https://openalex.org/W2157112762","https://openalex.org/W2161016240","https://openalex.org/W2168129580","https://openalex.org/W2170790204","https://openalex.org/W2177947568","https://openalex.org/W2441705125","https://openalex.org/W2542357526","https://openalex.org/W2591908244","https://openalex.org/W3030733778","https://openalex.org/W3121505574","https://openalex.org/W3121819860","https://openalex.org/W3124000325","https://openalex.org/W3124117485","https://openalex.org/W3124279729","https://openalex.org/W3124505714","https://openalex.org/W3124671214","https://openalex.org/W3124869634","https://openalex.org/W3124871904","https://openalex.org/W3125087107","https://openalex.org/W3146692618"],"related_works":["https://openalex.org/W7100875631","https://openalex.org/W2905854133","https://openalex.org/W1553140292","https://openalex.org/W2062156178","https://openalex.org/W1565770613","https://openalex.org/W195690946","https://openalex.org/W2610542523","https://openalex.org/W1522987191","https://openalex.org/W2141742575","https://openalex.org/W620645995"],"abstract_inverted_index":{"This":[0],"paper":[1],"analyzes":[2],"changes":[3,38],"in":[4,8,39],"capital":[5,14,138,143,164,206,257,291],"structure":[6],"behavior":[7],"a":[9,22,66,196,232,238,266,277,280,294,305],"sample":[10],"of":[11,53,77,119],"Spanish":[12],"venture":[13],"(VC)":[15],"backed":[16],"companies":[17,113],"that":[18,106],"may":[19],"occur":[20],"after":[21,82],"VC":[23,32,85,107],"investment":[24,86],"due":[25],"to":[26,60,69,97,101,110,121],"the":[27,51,58,75,79,83,98],"certification":[28],"effect":[29,76],"provided":[30],"by":[31,114],"investors.":[33],"Our":[34],"results":[35],"show":[36],"significant":[37],"determinants":[40],"such":[41],"as":[42],"tangibility,":[43],"size":[44,68],"and":[45,49],"profitability.":[46],"Regarding":[47],"tangibility":[48],"size,":[50],"entry":[52],"an":[54],"external":[55,102],"investor":[56],"eases":[57],"need":[59],"have":[61],"neither":[62],"tangible":[63],"assets":[64],"nor":[65],"large":[67],"obtain":[70],"additional":[71],"debt":[72],"financing.":[73],"About":[74],"profitability,":[78,90],"investments":[80],"made":[81],"initial":[84],"do":[87],"affect":[88],"short-term":[89],"but":[91],"this":[92],"situation":[93],"is":[94],"not":[95],"linked":[96],"restricted":[99],"access":[100],"debt.":[103],"We":[104],"find":[105],"investors":[108],"contribute":[109],"unlisted":[111],"growing":[112],"attracting":[115],"other":[116],"long-term":[117],"sources":[118],"funds":[120],"continue":[122],"their":[123],"growth":[124],"process.":[125],"Este":[126],"art\u00edculo":[127],"analiza":[128],"los":[129,161,183,288],"cambios":[130,169],"que":[131,141,147,153,159,245,250,272,287,295,308],"pueden":[132],"ocurrir":[133],"en":[134,171],"la":[135,178,189,201,209,221,239,254,263],"estructura":[136,179],"de":[137,139,163,173,177,180,188,205,212,216,222,234,256,282,290,302,315],"empresas":[140,297],"reciben":[142],"riesgo":[144,207,258,292],"una":[145,248],"vez":[146,249],"han":[148],"recibido":[149,253],"dicha":[150],"financiaci\u00f3n,":[151],"y":[152,191,241],"podr\u00edan":[154],"deberse":[155],"al":[156],"efecto":[157,261],"certificaci\u00f3n":[158],"proporcionan":[160],"inversores":[162,289],"riesgo.":[165],"Los":[166],"resultados":[167],"muestran":[168],"significativos":[170],"algunas":[172],"las":[174,197,243,296],"variables":[175],"determinantes":[176],"capital,":[181],"como":[182,220],"activos":[184,217],"tangibles,":[185],"el":[186,275],"tama\u00f1o":[187,225],"empresa,":[190],"su":[192,313],"rentabilidad.":[193],"En":[194,236],"cuanto":[195,237],"dos":[198],"primeras":[199],"variables,":[200],"entrada":[202],"del":[203],"inversor":[204],"relaja":[208],"necesidad":[210],"tanto":[211],"poseer":[213],"un":[214,224,260],"volumen":[215],"tangibles":[218],"elevado,":[219],"tener":[223],"empresarial":[226,265],"grande":[227],"para":[228],"obtener":[229],"financiaci\u00f3n":[230,255,278,301],"adicional":[231,279],"trav\u00e9s":[233,281],"deuda.":[235,283],"rentabilidad,":[240],"aunque":[242],"inversiones":[244],"se":[246,251,270],"realizan":[247],"ha":[252],"tienen":[259],"sobre":[262],"rentabilidad":[264],"corto":[267],"plazo,":[268],"no":[269,298],"encuentra":[271],"ello":[273],"impida":[274],"acceso":[276],"El":[284],"trabajo":[285],"muestra":[286],"contribuyen":[293],"cotizadas":[299],"consigan":[300],"otras":[303],"fuentes":[304],"largo":[306],"plazo":[307],"les":[309],"permita":[310],"continuar":[311],"con":[312],"proceso":[314],"crecimiento.":[316]},"counts_by_year":[{"year":2013,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
