The high technology pecking order in spinoffs and non-spinoffs in the Irish software sector.

Teresa Hogan, Elaine Robyn Hutson

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Research

2 Citations (Scopus)


Despite their increasing importance in innovation, employment creation and economic growth, there is a dearth of theory-driven research on the financing and capital structure of new technology-based firms (NTBFs).1 Hogan and Hutson (2005a) advance the High-Technology Pecking Order Hypothesis (HTPOH) to explain the role of equity in the financing of NTBFs in the software product sector. The HTPOH posits that NTBFs exhibit a hierarchical pattern of financing that gives precedence to internal sources, but if external financing is required, equity is preferred to debt. This study investigates the extent to which the genesis of the NTBF affects its financing patterns?
Original languageEnglish
Title of host publicationNew Technology-Based Firms in the New Millennium
EditorsA. Groen, R. Oakey, P. Van de Sijde, G. Cook
PublisherEmerald Group Publishing Limited
Number of pages22
ISBN (Electronic)9781849505444
ISBN (Print)9780080554488
Publication statusPublished - 2008

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