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Foundation evidence of the relationship between entrepreneurs, financial issues and financial advisers

Klyver, Kim and Hindle, Kevin 2006, Foundation evidence of the relationship between entrepreneurs, financial issues and financial advisers, in Proceedings of the 11th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference, 2006, Melbourne Centre for Financial Studies, Melbourne, Vic., pp. 1-24.

Document type: Conference Paper
Collection: School of Management and Marketing
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Title Foundation evidence of the relationship between entrepreneurs, financial issues and financial advisers
Author(s) Klyver, Kim
Hindle, Kevin
Conference name Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference (11th : 2006 : Melbourne, Victoria)
Conference location Melbourne, Victoria
Conference dates 25-26 Sep. 2006
Title of proceedings Proceedings of the 11th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference, 2006
Editor(s) [Unknown]
Publication date 2006
Conference series Finsia and Melbourne Centre for Financial Studies Banking and Finance Conference
Start page 1
End page 24
Publisher Melbourne Centre for Financial Studies
Place of publication Melbourne, Vic.
Keyword(s) entrepreneurs
social networks
financial advisers
discussion networks
financial issues
Summary In this study financial advisers’ relative influence on entrepreneurs’ decisions have been investigated. Financial advisers are advisers, included in entrepreneurs’ discussion networks, with whom entrepreneurs discuss financial issues. The concept of financial adviser includes a range of different people with different functions, irrespective of whether these people provide the entrepreneur with finance or not. It may include people such as venture capitalists, business angels, bankers, accountants, advocates or management advisers. Based on follow-up surveys completed in relation to the Danish participation in Global Entrepreneurship Monitor (GEM), it was found that financial advisers only play a minor role in the two early phases of the entrepreneurial process before the venture is actually started. Entrepreneurs might have relationships with financial advisers in these stages, but only few of them are included in the discussion network. It was further revealed that the ties between financial advisers and entrepreneurs often are weaker than the ties entrepreneurs have with others in their discussion network. Two practical implications for financial advisers emerged from the study. First, they need to re-consider their role in the early phases of the entrepreneurial process in order to increase their influence and benefit from the co-operation. Second, they need to find a way to create a closer relationship with the entrepreneurs they advise.
Language eng
Field of Research 150399 Business and Management not elsewhere classified
Socio Economic Objective 910499 Management and Productivity not elsewhere classified
HERDC Research category E1.1 Full written paper - refereed
Persistent URL http://hdl.handle.net/10536/DRO/DU:30029572
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