Abstract

BARONA ZULUAGA, Bernardo  and  RIVERA GODOY, Jorge Alberto. Financing new businesses: comparison of funding sources in Colombia and Chile. Cuad. Adm. [online]. 2013, vol.26, n.46, pp.11-35. ISSN 0120-3592.

In a comparative study between Colombia and Chile, the funding sources used by young companies, as well as their influencing factors, are identified and analyzed. This is attained on the grounds provided by modern financial theory, which incorporates the concepts of information asymmetry and institutional economics in the study of the financial structure of new companies. Univariate and multivariate analyses performed on data collected by Enterprise Survey - Raw Data show that these companies are mainly financed by internal sources, bank loans and supplier credits, showing important differences by country of location. Retained earnings are the most important source in Chile, while supplier credit is prominent in Colombia.

Keywords : financial structure; financing; new ventures; entrepreneurial finance.

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