Rational Actors, Knowledgeable Agents
研究新企业创始人融资决策，发现传统理性解释不足，需结合创始人过往融资经验和感知，才能更好理解新创企业融资模式。
Standard explanations of the decisions made by new firm founders when acquiring financing to start ventures tend to refer to the efficiency and economic rationales underpinning such choices. In this article, pecking order approach is applied to 26 cases of new venture creation to test such 'rational actor' approaches.When pecking order considerations are extended to incorporate previous experiences of acquiring finance and perceptions of the ease and feasibility of doing so, a fuller explanation of decisions and patterns in new venture financing emerges.A key implication of this analysis is the need to consider the experiential and knowledge base of founders when seeking to understand the dynamics and drivers of new business funding.