3 The financial behaviour of entrepreneurs in relation to crowdfunding

DOI: 10.4324/9781003193975-3

Learning objectives

  • Review the pecking order theory
  • Understand the motives underlying financing options
  • Understand the various stages of entrepreneurial development
  • Explore the financing options for entrepreneurs’ development stages


This chapter features an in-depth discussion of the pecking order theory and how pecking order theory is used to determine the financing options that enable business owners to retain control. In this chapter, the relationship between the pecking order hypothesis and crowdfunding is explored alongside how small business owners use different categories of crowdfunding in various development stages. ...

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