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A longitudinal comparison of capital structure between young for-profit social and commercial enterprises

机译:青年营利性社会和商业企业资本结构的纵向比较

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摘要

We develop a new perspective on capital structure differences between for-profit social and commercial enterprises by combining imprinting and social entrepreneurship theory. Using a longitudinal matched sample, we find that for-profit social enterprises have 40% to 13% lower leverage and up to four times greater leverage stability over time than commercial enterprises. Our results suggest that these differences in capital structure derive from the process of prosocial organizing, which goes beyond the primary focus on financial preferences. Thus, for-profit social enterprises-and similar hybrid organizations, such as B corporations-may require theories adjusted to their context.
机译:通过结合烙印和社会企业家理论,我们对营利性社会企业和商业企业之间的资本结构差异提出了新的观点。使用纵向匹配样本,我们发现营利性社会企业的杠杆率比商业企业低40%到13%,并且随着时间的推移其杠杆稳定性高达四倍。我们的结果表明,资本结构的这些差异源自亲社会组织的过程,而这一过程超出了对金融偏好的主要关注。因此,以营利为目的的社会企业以及类似的混合组织(例如B公司)可能需要根据其实际情况调整理论。

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