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  • 1.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Agency costs theory and the financing life cycle, Empirical Evidence from Swedish firm-level data’2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 8, no 2, p. 226-238Article in journal (Refereed)
    Abstract [en]

    The purpose of this paper is to empirically examine the financing life cycle pattern of micro-firms in Sweden from the agency costs theory perspective. The study shows that the financing structures of firms change over the firms' life cycles. Firms generally rely on internal financial sources such as equity capital and retained profits, particularly at the start-up stage. They also use short-term debt as the second most important financial source at this stage. As firms age and develop, the use of short-term debt decreases and the use of both equity capital and long-term debt simultaneously increase. The financing patterns of firms in different industries over their life cycles follow the general pattern of the total sample. The results from the statistical tests support the applicability of the financial life cycle model and the agency costs theory to explain it.

  • 2.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The Growth Determinants among Swedish SMEs, Evidence from firm-level data2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 6, no 3/4, p. 313-328Article in journal (Refereed)
    Abstract [en]

    This paper identifies the firm-level internal determinants that explain the economic growth of Swedish SMEs. The analysis is based on a sample consisting of 989 growth SMEs and 6,119 non-growth SMEs with 95,475 observations, and applies logistic regression models for the period 2004-2006. The results, which have a high rate of accuracy, indicate that a set of four factors – age, size, leverage rate and profitability – had a significant impact on the growth probability of sample firms over a period of three years. The results can be summarised as follows. First, younger SMEs have a better chance of seeing growth. Second, financial constraints significantly decrease the probability of growth in terms of employees. Third, profitability plays a significant role in the growth process. Lastly, access to external financial resources has a positive effect on the growth of firms. The results of this paper are useful for firm stakeholders, including managers, shareholders, debt holders and potential investors, as well as academic researchers and policy makers

  • 3.
    Yazdanfar, Darush
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    The patterns of financial bootstrapping behavior, Empirical evidence from Swedish SMEs’2011In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 7, no 3, p. 255-264Article in journal (Refereed)
    Abstract [en]

    The aim of this study is to explore the patterns of financial bootstrapping behaviour of SMEs in Ostersund/Sweden. The present research is based on a structured questionnaire survey and focuses on a sample of 146 SMEs. 'Financial bootstrapping' denotes a set of techniques such as reliance on internal funding sources, low-cost acquisition of financial resources, and avoidance of external financial resources. The empirical results show that the sample firms use a wide variety of bootstrapping techniques. In addition, although the internal resources and social oriented techniques emerged as the most- and second most highly used financial bootstrapping techniques respectively, other techniques such as minimising accounts receivable, minimising capital, and subsidy bootstrapping have been ranked as the most important bootstrapping techniques. The results from this study contribute to the understanding of informal financial behaviour of SMEs.

  • 4.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ethnicity and aquisition of external capital at start-up stage: differences between small native Swedish- and immigrant-owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 9, no 4, p. 442-460Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native- and immigrant-owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native- and immigrant-owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start-up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance-seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start-up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start-up.

  • 5.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Business, Economics and Law.
    Abbasian, Saeid
    Mid Sweden University, Faculty of Human Sciences, Department of Tourism Studies and Geography.
    Ethnicity and the pattern of capital acquisition at start-up stage:: differences between small Swedish native and immigrant-owned firms2013In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 10, no 4, p. 357-371Article in journal (Refereed)
    Abstract [en]

    The aim of the study was to explain empirically the differences in external financing between native– and immigrant–owned small businesses in terms of ethnicity and other relevant variables. A sample of 2,814 native– and immigrant–owned small businesses, based on a unique and comprehensive database gathered through interviews, was analysed employing several univariate and multivariate methods. The results suggest that ethnicity is an important explanatory variable differentiating between acquisitions of external capital at start–up stage. Owner characteristics such as age, experience of starting businesses and education also have an impact on finance–seeking behaviour and thereby on the acquisition of external capital. The findings indicate that characteristics of the firm, such as personal start–up capital, firm size, legal form and industrial sector, do partly influence access to external capital. Since knowledge about this issue is limited, the results of this study add to our understanding of variables affecting the behaviour of small business endeavours in seeking funding at start–up.

  • 6.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Turner, Sara
    School of Business and Economics,Loughborough University.
    The structure of external financing at start-up stage: The differences between Swedish Female- and Male-Owned firms2012In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, The International Journal of Business and Globalisation, Vol. 9, no 2, p. 157-170Article in journal (Refereed)
    Abstract [en]

    This article identifies the differences in external capital acquisition pattern between female- and male-owned firms at start-up stage in Sweden. The study sample is based on a unique and compressive database including 836 female- and 1,928 male-owned firms in 2008. Various statistical tests, such as factor analysis, are employed to analyse the data collected. The results indicate that significant differences exist in external capital structure between female and male-owned firms with regards to the use of individual financial sources. The structure of financing sources was also found having a different pattern at start-up stage between male and female owners. While the female owners prefer to use the formal capital sources, their male counterparts prioritise informal capital sources. In addition, female business owners prefer government grants as the third financing alternative before the risk capital while male counterparts behaved the opposite.

  • 7.
    Yazdanfar, Darush
    et al.
    Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
    Ödlund, Linda
    Industry Effects and micro firms’ Capital Structure Determinants: Empirical Evidence from Swedish data2010In: International Journal of Business and Globalisation, ISSN 1753-3627, E-ISSN 1753-3635, Vol. 5, no 4, p. 373-387Article in journal (Refereed)
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