{"id":"https://openalex.org/W34579448","doi":null,"title":"Capital structure adjustment process in firms accessing venture funding","display_name":"Capital structure adjustment process in firms accessing venture funding","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W34579448","mag":"34579448"},"language":"en","primary_location":{"id":"mag:34579448","doi":null,"is_oa":false,"landing_page_url":"https://dialnet.unirioja.es/servlet/articulo?codigo=4960618","pdf_url":null,"source":{"id":"https://openalex.org/S4306508270","display_name":"Documentos de Trabajo FUNCAS","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Documentos de Trabajo FUNCAS","raw_type":null},"volume":null,"type":"article","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/A5113545704","display_name":"Marina Balboa Ram\u00f3n","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Marina Balboa Ram\u00f3n","raw_affiliation_strings":[],"raw_orcid":null,"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":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jos\u00e9 Mart\u00ed","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-0251-8287","affiliations":[]},{"author_position":"last","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":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.00780495,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":"614","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":0.4975999891757965,"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":0.4975999891757965,"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":0.49559998512268066,"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":0.0015999999595806003,"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/capital-structure","display_name":"capital structure","score":0.9190000295639038},{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.8140000104904175},{"id":"https://openalex.org/keywords/target-debt-ratio","display_name":"target debt ratio","score":0.9369999766349792},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.824999988079071},{"id":"https://openalex.org/keywords/growth-financing","display_name":"growth financing","score":0.7310000061988831},{"id":"https://openalex.org/keywords/growth-opportunities","display_name":"growth opportunities","score":0.9559999704360962},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.5440000295639038},{"id":"https://openalex.org/keywords/spanish-firms","display_name":"Spanish companies","score":0.4909999966621399},{"id":"https://openalex.org/keywords/corporate-financing-decisions","display_name":"corporate financing decisions","score":0.4339999854564667}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.8450260758399963},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7597426176071167},{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.7464917898178101},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.7421982288360596},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6097202301025391},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5693525671958923},{"id":"https://openalex.org/C2992672087","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt financing","level":3,"score":0.5362946391105652},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5344406962394714},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4887940585613251},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.48146453499794006},{"id":"https://openalex.org/C2994115028","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Financial structure","level":2,"score":0.41639775037765503},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3339351713657379},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.32332104444503784},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:34579448","doi":null,"is_oa":false,"landing_page_url":"https://dialnet.unirioja.es/servlet/articulo?codigo=4960618","pdf_url":null,"source":{"id":"https://openalex.org/S4306508270","display_name":"Documentos de Trabajo FUNCAS","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Documentos de Trabajo FUNCAS","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G6805787055","display_name":null,"funder_award_id":"PID2020-113029RB-I00","funder_id":"https://openalex.org/F4320322930","funder_display_name":"Ministerio de Ciencia e Innovaci\u00f3n"}],"funders":[{"id":"https://openalex.org/F4320322930","display_name":"Ministerio de Ciencia e Innovaci\u00f3n","ror":null}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":54,"referenced_works":["https://openalex.org/W1546993880","https://openalex.org/W1557012763","https://openalex.org/W1576685169","https://openalex.org/W1582407446","https://openalex.org/W1965069187","https://openalex.org/W1966598925","https://openalex.org/W1970849683","https://openalex.org/W1982156134","https://openalex.org/W1997500202","https://openalex.org/W2000578291","https://openalex.org/W2003343000","https://openalex.org/W2025655973","https://openalex.org/W2028716420","https://openalex.org/W2031877412","https://openalex.org/W2034625637","https://openalex.org/W2037841399","https://openalex.org/W2069601427","https://openalex.org/W2071206222","https://openalex.org/W2075966196","https://openalex.org/W2081113003","https://openalex.org/W2084310832","https://openalex.org/W2091596451","https://openalex.org/W2107291509","https://openalex.org/W2110273241","https://openalex.org/W2115846503","https://openalex.org/W2119780569","https://openalex.org/W2121308228","https://openalex.org/W2122529435","https://openalex.org/W2123096733","https://openalex.org/W2130182730","https://openalex.org/W2137561817","https://openalex.org/W2140041112","https://openalex.org/W2144357229","https://openalex.org/W2167351159","https://openalex.org/W2170790204","https://openalex.org/W2177947568","https://openalex.org/W2401855602","https://openalex.org/W2579917355","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3121819860","https://openalex.org/W3121860005","https://openalex.org/W3122420217","https://openalex.org/W3123041648","https://openalex.org/W3123206484","https://openalex.org/W3123309537","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124195003","https://openalex.org/W3124450204","https://openalex.org/W3124505714","https://openalex.org/W3124871904","https://openalex.org/W3125087107","https://openalex.org/W3125402871"],"related_works":["https://openalex.org/W3125633938","https://openalex.org/W1553140292","https://openalex.org/W7100875631","https://openalex.org/W2734973503","https://openalex.org/W4205762790","https://openalex.org/W2972471085","https://openalex.org/W2062156178","https://openalex.org/W1559313810","https://openalex.org/W1509283793","https://openalex.org/W3124279729"],"abstract_inverted_index":{"This":[0],"paper":[1,103],"analyses":[2],"the":[3,7,33,47,63,78,84,88,102,107,111,124,146,161],"dynamic":[4],"behaviour":[5],"of":[6,23,49,114,138],"capital":[8,15],"structure":[9,113],"in":[10,58,83],"a":[11,20],"sample":[12,22],"of\nSpanish":[13],"venture":[14],"(VC)":[16],"backed":[17],"firms":[18,24,67,115,156,168],"and":[19],"matched":[21],"that":[25,32,65,86,116,130,132],"do":[26],"not\nreceive":[27],"VC.":[28],"The":[29],"results":[30],"show":[31],"former":[34],"adjust":[35],"their":[36,73,150,175],"target":[37,79,151],"debt":[38,80,89,152],"ratio":[39,90],"more":[40,50],"slowly,\nwhich":[41],"could":[42,68,117],"be":[43,128],"explained":[44],"either":[45],"by":[46,62],"existence":[48],"severe":[51],"financial":[52,112],"constraints":[53],"in\nthese":[54],"firms,":[55],"as":[56],"shown":[57],"previous":[59],"literature,":[60],"or":[61],"fact":[64],"these":[66],"be\nmore":[69],"concerned":[70],"about":[71,76],"financing":[72],"growth":[74,97,139],"than":[75],"reaching":[77],"level.\nAdditionally,":[81],"differences":[82],"factors":[85,108],"affect":[87],"are":[91,133,177],"found":[92],"between":[93],"both\ngroups,":[94],"especially":[95],"regarding":[96],"opportunities.":[98],"In":[99],"this":[100],"way,":[101],"also":[104],"sheds\nlight":[105],"on":[106],"related":[109],"to":[110,135,149,158,165,170,180],"explain":[118],"why":[119],"they\naccess":[120],"VC":[121,143],"funding.":[122],"Regarding":[123],"implications,":[125],"it":[126],"should":[127,141],"remarked":[129],"growing\nfirms":[131],"able":[134],"take":[136],"advantage":[137],"opportunities":[140],"approach":[142],"firms\nto":[144],"reduce":[145],"increased":[147],"distance":[148],"levels,":[153],"if":[154],"those":[155,167],"choose":[157],"go\nahead":[159],"with":[160],"required":[162],"investments,":[163],"and/or":[164],"allow":[166],"not":[169,178],"forgo":[171],"their\ngrowth":[172],"prospects":[173],"because":[174],"owners":[176],"willing":[179],"accept":[181],"leverage":[182],"ratios":[183],"beyond\nthe":[184],"target.":[185]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
