De-Segmenting Research in Entrepreneurial Finance

18 Pages Posted: 2 Mar 2016

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Silvio Vismara

University of Bergamo

Date Written: March 1, 2016


Entrepreneurial finance literature is largely segmented. Different streams of the academic literature between entrepreneurship and finance have become segmented for reasons of theoretical tractability and data availability. In this paper, we discuss the origins and the effects of segmentation by source of financing, by data source, by field, and by country under investigation. We provide a number of examples, mainly from studies on Venture Capital, Initial Public Offerings, and Crowdfunding. We conclude with future research directions, with the hope to help de-segmenting research on entrepreneurial finance.

Keywords: Entrepreneurial Finance; Crowdfunding; VCs; IPOs; Equity crowdfunding; M&As

JEL Classification: G30

Suggested Citation

Cumming, Douglas J. and Vismara, Silvio, De-Segmenting Research in Entrepreneurial Finance (March 1, 2016). Available at SSRN: or

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States


Silvio Vismara (Contact Author)

University of Bergamo ( email )

Via Marconi 5
24044 Dalmine, Bergamo
00390352052352 (Phone)
0039035562779 (Fax)

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