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Jürgen Hanssens, Marc Deloof and Tom Vanacker

Theories on the evolution of entrepreneurial financing align with firm maturity; as firms grow, different sources of finance become available. Hanssens, Deloof and Vanacker find, however, that several issues need to be addressed in order to get a full picture of entrepreneurial finance, including the unexpectedly important role of bank debt in early stage ventures, longitudinal evidence on the dynamics of financing policies and how multiple sources of finance relate and potentially interact.