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Professor Tom Vanacker

Professor Tom Vanacker

Distinguished Research Professor in Entrepreneurship

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Building:One, University of Exeter, Rennes Drive, Exeter, EX4 4ST, UK

Tom Vanacker is Distinguished Research Professor in Entrepreneurship at University of Exeter Business School, Associate Professor at Ghent University and Research Fellow at Vlerick Business School. He received his Ph.D. in Business Economics from Ghent University. He was also visiting scholar at the Carlson School of Management (University of Minnesota) and the Wharton School (University of Pennsylvania). 

His research is focused on entrepreneurial finance. More specifically, he explores how entrepreneurs mobilize and deploy resources, especially financial, and how these resources impact venture development. His research has been published in management, entrepreneurship, and finance academic journals including Journal of Management Studies, Organization Science, Strategic Management Journal, Entrepreneurship Theory and Practice, Journal of Business Venturing and Journal of Banking & Finance. He serves on the editorial boards of Entrepreneurship Theory and Practice, Journal of Business Venturing and Small Business Economics.

He has received several awards including the 2014 Karen Legge Prize for outstanding contribution by an early career researcher to the Journal of Management Studies, the 2014 Outstanding Reviewer Award from Entrepreneurship Theory and Practice, the 2015 Ph.D. Tutor Award for outstanding supervision of Ph.D. students from the Faculty of Economics and Business Administration at Ghent University, and the 2019 ACERE Conference Best Quantitative Paper Award.

Research interests

  • Entrepreneurial finance
  • New venture resource acquisition and deployment
  • Venture capital
  • Equity crowdfunding
  • Slack resources

Key publications | Publications by category | Publications by year

Key publications

Vanacker T, Forbes DP, Knockaert M, Manigart S (2020). SIGNAL STRENGTH, MEDIA ATTENTION, AND RESOURCE MOBILIZATION: EVIDENCE FROM NEW PRIVATE EQUITY FIRMS. ACADEMY OF MANAGEMENT JOURNAL, 63(4), 1082-1105. Author URL. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. JOURNAL OF BUSINESS VENTURING, 33(4), 513-533. Author URL. DOI.
Vanacker T, Collewaert V, Zahra SA (2017). Slack resources, firm performance, and the institutional context: Evidence from privately held European firms. STRATEGIC MANAGEMENT JOURNAL, 38(6), 1305-1326. Author URL. DOI.
Vanacker T, Forbes DP (2016). Disentangling the Multiple Effects of Affiliate Reputation on Resource Attraction in New Firms. ORGANIZATION SCIENCE, 27(6), 1525-1547. Author URL. DOI.
Vanacker T, Collewaert V, Paeleman I (2013). The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: the Role of Venture Capital and Angel Investors. JOURNAL OF MANAGEMENT STUDIES, 50(6), 1070-1096. Author URL. DOI.

Publications by category

Journal articles

Paeleman I, Guenster N, Vanacker T, Siqueira A (In Press). The consequences of financial leverage: Certified B Corporations’ advantages compared to common commercial firms. Journal of Business Ethics DOI.
Bellavitis C, Cumming D, Vanacker T (2022). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1136-1169. Author URL. DOI.
Buttice V, Collewaert V, Stroe S, Vanacker T, Vismara S, Walthoff-Borm X (2022). Equity Crowdfunders' Human Capital and Signal Set Formation: Evidence from Eye Tracking. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1317-1343. Author URL. DOI.
Cerpentier M, Vanacker T, Paeleman I, Bringmann K (2022). Equity crowdfunding, market timing, and firm capital structure. JOURNAL OF TECHNOLOGY TRANSFER, 47(6), 1766-1793. Author URL. DOI.
Rossi A, Vanacker T, Vismara S (2022). Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups. ENTREPRENEURSHIP THEORY AND PRACTICE Author URL. DOI.
Kolokas D, Vanacker T, Veredas D, Zahra SA (2022). Venture Capital, Credit, and FinTech Start-Up Formation: a Cross-Country Study. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1198-1230. Author URL. DOI.
Vanacker T, Zahra SA, Holmes RM (2021). Corporate entrepreneurship, country institutions and firm financial performance. JOURNAL OF WORLD BUSINESS, 56(3). Author URL. DOI.
Cumming DJ, Vanacker T, Zahra SA (2021). EQUITY CROWDFUNDING AND GOVERNANCE: TOWARD AN INTEGRATIVE MODEL AND RESEARCH AGENDA. ACADEMY OF MANAGEMENT PERSPECTIVES, 35(1), 69-95. Author URL. DOI.
Rossi A, Vanacker T, Vismara S (2021). Equity Crowdfunding: New Evidence from US and UK Markets. Review of Corporate Finance, 1(3-4), 407-453. DOI.
Block JH, Groh A, Hornuf L, Vanacker T, Vismara S (2021). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. SMALL BUSINESS ECONOMICS, 57(2), 865-882. Author URL. DOI.
Collewaert V, Vanacker T, Anseel F, Bourgois D (2021). The sandwich game: Founder-CEOs and forecasting as impression management. JOURNAL OF BUSINESS VENTURING, 36(1). Author URL. DOI.
Vanacker T, Forbes DP, Knockaert M, Manigart S (2020). SIGNAL STRENGTH, MEDIA ATTENTION, AND RESOURCE MOBILIZATION: EVIDENCE FROM NEW PRIVATE EQUITY FIRMS. ACADEMY OF MANAGEMENT JOURNAL, 63(4), 1082-1105. Author URL. DOI.
Deloof M, Du Y, Vanacker T (2020). Unemployment insurance and cash holdings of privately held firms around the world. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 28(4), 188-209. Author URL. DOI.
Deloof M, La Rocca M, Vanacker T (2019). Local Banking Development and the Use of Debt Financing by New Firms. ENTREPRENEURSHIP THEORY AND PRACTICE, 43(6), 1250-1276. Author URL. DOI.
De Prijcker S, Manigart S, Collewaert V, Vanacker T (2019). Relocation to Get Venture Capital: a Resource Dependence Perspective. ENTREPRENEURSHIP THEORY AND PRACTICE, 43(4), 697-724. Author URL. DOI.
Siqueira ACO, Guenster N, Vanacker T, Crucke S (2018). A longitudinal comparison of capital structure between young for-profit social and commercial enterprises. JOURNAL OF BUSINESS VENTURING, 33(2), 225-240. Author URL. DOI.
Walthoff-Borm X, Vanacker T, Collewaert V (2018). Equity crowdfunding, shareholder structures, and firm performance. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 26(5), 314-330. Author URL. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. JOURNAL OF BUSINESS VENTURING, 33(4), 513-533. Author URL. DOI.
Deloof M, Vanacker T (2018). The recent financial crisis, start-up financing and survival. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 45(7-8), 928-951. Author URL. DOI.
Devigne D, Manigart S, Vanacker T, Mulier K (2018). VENTURE CAPITAL INTERNATIONALIZATION: SYNTHESIS AND FUTURE RESEARCH DIRECTIONS. JOURNAL OF ECONOMIC SURVEYS, 32(5), 1414-1445. Author URL. DOI.
Bellavitis C, Filatotchev I, Kamuriwo DS, Vanacker T (2017). Entrepreneurial finance: new frontiers of research and practice INTRODUCTION. VENTURE CAPITAL, 19(1-2), 1-16. Author URL. DOI.
Vanacker T, Collewaert V, Zahra SA (2017). Slack resources, firm performance, and the institutional context: Evidence from privately held European firms. STRATEGIC MANAGEMENT JOURNAL, 38(6), 1305-1326. Author URL. DOI.
Paeleman I, Fuss C, Vanacker T (2017). Untangling the multiple effects of slack resources on firms' exporting behavior. JOURNAL OF WORLD BUSINESS, 52(6), 769-781. Author URL. DOI.
Vanacker T, Forbes DP (2016). Disentangling the Multiple Effects of Affiliate Reputation on Resource Attraction in New Firms. ORGANIZATION SCIENCE, 27(6), 1525-1547. Author URL. DOI.
Hanssens J, Deloof M, Vanacker T (2016). The evolution of debt policies: New evidence from business startups. JOURNAL OF BANKING & FINANCE, 65, 120-133. Author URL. DOI.
Paeleman I, Vanacker T (2015). Less is More, or Not? on the Interplay between Bundles of Slack Resources, Firm Performance and Firm Survival. JOURNAL OF MANAGEMENT STUDIES, 52(6), 819-848. Author URL. DOI.
Vanacker T, Heughebaert A, Manigart S (2014). Institutional Frameworks, Venture Capital and the Financing of European New Technology-based Firms. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 22(3), 199-215. Author URL. DOI.
Vanacker T, Manigart S, Meuleman M (2014). Path-Dependent Evolution Versus Intentional Management of Investment Ties in Science-Based Entrepreneurial Firms. ENTREPRENEURSHIP THEORY AND PRACTICE, 38(3), 671-690. Author URL. DOI.
Vanacker T, Collewaert V, Paeleman I (2013). The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: the Role of Venture Capital and Angel Investors. JOURNAL OF MANAGEMENT STUDIES, 50(6), 1070-1096. Author URL. DOI.
Knockaert M, Vanacker T (2013). The association between venture capitalists' selection and value adding behavior: evidence from early stage high tech venture capitalists. SMALL BUSINESS ECONOMICS, 40(3), 493-509. Author URL. DOI.
Devigne D, Vanacker T, Manigart S, Paeleman I (2013). The role of domestic and cross-border venture capital investors in the growth of portfolio companies. SMALL BUSINESS ECONOMICS, 40(3), 553-573. Author URL. DOI.
Seghers A, Manigart S, Vanacker T (2012). The Impact of Human and Social Capital on Entrepreneurs' Knowledge of Finance Alternatives. JOURNAL OF SMALL BUSINESS MANAGEMENT, 50(1), 63-86. Author URL. DOI.
Vanacker T, Manigart S, Meuleman M, Sels L (2011). A longitudinal study on the relationship between financial bootstrapping and new venture growth. ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT, 23(9-10), 681-705. Author URL. DOI.
Vanacker TR, Manigart S (2010). Pecking order and debt capacity considerations for high-growth companies seeking financing. SMALL BUSINESS ECONOMICS, 35(1), 53-69. Author URL. DOI.
Baeyens K, Vanacker T, Manigart S (2006). Venture capitalists' selection process: the case of biotechnology proposals. INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT, 34(1-2), 28-46. Author URL. DOI.

Chapters

Vanacker T, Vismara S, Walthoff-Borm X (2019). What happens after a crowdfunding campaign?. In  (Ed) Handbook of Research on Crowdfunding, 227-247.  Abstract. DOI.
Manigart S, Standaert T, Vanacker T (2015). Seed and venture capital. In Audretsch DB, Hayter CS, Link AN (Eds.) Concise guide to entrepreneurship, technology and innovation, Edward Elgar Publishing, 175-179.  Abstract.
Hanssens J, Deloof M, Vanacker T (2015). Underexplored issues in entrepreneurial finance. In Audretsch DB, Hayter CS, Link AN (Eds.) Concise guide to entrepreneurship, technology and innovation, Edward Elgar Publishing, 219-223.  Abstract.
Vanacker T, Manigart S (2013). Venture Capital. In  (Ed) Alternative Investments: Instruments, Performance, Benchmarks, and Strategies, 239-262.  Abstract. DOI.
Vanacker T, Seghers A, Manigart S (2012). Follow-On Financing of Venture Capital-Backed Companies. In  (Ed) The Oxford Handbook of Venture Capital.  Abstract. DOI.

Reports

Manigart S, Vanacker T, Knockaert M, Verbouw J (2020). Financing intangibles: is there a market failure?. Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission). DOI.

Publications by year

In Press

Paeleman I, Guenster N, Vanacker T, Siqueira A (In Press). The consequences of financial leverage: Certified B Corporations’ advantages compared to common commercial firms. Journal of Business Ethics DOI.

2022

Bellavitis C, Cumming D, Vanacker T (2022). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1136-1169. Author URL. DOI.
Buttice V, Collewaert V, Stroe S, Vanacker T, Vismara S, Walthoff-Borm X (2022). Equity Crowdfunders' Human Capital and Signal Set Formation: Evidence from Eye Tracking. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1317-1343. Author URL. DOI.
Cerpentier M, Vanacker T, Paeleman I, Bringmann K (2022). Equity crowdfunding, market timing, and firm capital structure. JOURNAL OF TECHNOLOGY TRANSFER, 47(6), 1766-1793. Author URL. DOI.
Rossi A, Vanacker T, Vismara S (2022). Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups. ENTREPRENEURSHIP THEORY AND PRACTICE Author URL. DOI.
Kolokas D, Vanacker T, Veredas D, Zahra SA (2022). Venture Capital, Credit, and FinTech Start-Up Formation: a Cross-Country Study. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1198-1230. Author URL. DOI.

2021

Vanacker T, Zahra SA, Holmes RM (2021). Corporate entrepreneurship, country institutions and firm financial performance. JOURNAL OF WORLD BUSINESS, 56(3). Author URL. DOI.
Cumming DJ, Vanacker T, Zahra SA (2021). EQUITY CROWDFUNDING AND GOVERNANCE: TOWARD AN INTEGRATIVE MODEL AND RESEARCH AGENDA. ACADEMY OF MANAGEMENT PERSPECTIVES, 35(1), 69-95. Author URL. DOI.
Rossi A, Vanacker T, Vismara S (2021). Equity Crowdfunding: New Evidence from US and UK Markets. Review of Corporate Finance, 1(3-4), 407-453. DOI.
Block JH, Groh A, Hornuf L, Vanacker T, Vismara S (2021). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. SMALL BUSINESS ECONOMICS, 57(2), 865-882. Author URL. DOI.
Collewaert V, Vanacker T, Anseel F, Bourgois D (2021). The sandwich game: Founder-CEOs and forecasting as impression management. JOURNAL OF BUSINESS VENTURING, 36(1). Author URL. DOI.

2020

Bellavitis C, Cumming DJ, Vanacker TR (2020). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings. DOI.
Rossi A, Vanacker TR, Vismara S (2020). Equity Crowdfunding: New Evidence from Us and UK Markets. DOI.
Manigart S, Vanacker T, Knockaert M, Verbouw J (2020). Financing intangibles: is there a market failure?. Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission). DOI.
Vanacker T, Forbes DP, Knockaert M, Manigart S (2020). SIGNAL STRENGTH, MEDIA ATTENTION, AND RESOURCE MOBILIZATION: EVIDENCE FROM NEW PRIVATE EQUITY FIRMS. ACADEMY OF MANAGEMENT JOURNAL, 63(4), 1082-1105. Author URL. DOI.
Deloof M, Du Y, Vanacker T (2020). Unemployment insurance and cash holdings of privately held firms around the world. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 28(4), 188-209. Author URL. DOI.

2019

Deloof M, La Rocca M, Vanacker T (2019). Local Banking Development and the Use of Debt Financing by New Firms. ENTREPRENEURSHIP THEORY AND PRACTICE, 43(6), 1250-1276. Author URL. DOI.
De Prijcker S, Manigart S, Collewaert V, Vanacker T (2019). Relocation to Get Venture Capital: a Resource Dependence Perspective. ENTREPRENEURSHIP THEORY AND PRACTICE, 43(4), 697-724. Author URL. DOI.
Vanacker T, Vismara S, Walthoff-Borm X (2019). What happens after a crowdfunding campaign?. In  (Ed) Handbook of Research on Crowdfunding, 227-247.  Abstract. DOI.

2018

Siqueira ACO, Guenster N, Vanacker T, Crucke S (2018). A longitudinal comparison of capital structure between young for-profit social and commercial enterprises. JOURNAL OF BUSINESS VENTURING, 33(2), 225-240. Author URL. DOI.
Walthoff-Borm X, Vanacker T, Collewaert V (2018). Equity crowdfunding, shareholder structures, and firm performance. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 26(5), 314-330. Author URL. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. JOURNAL OF BUSINESS VENTURING, 33(4), 513-533. Author URL. DOI.
Deloof M, Vanacker T (2018). The recent financial crisis, start-up financing and survival. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 45(7-8), 928-951. Author URL. DOI.
Devigne D, Manigart S, Vanacker T, Mulier K (2018). VENTURE CAPITAL INTERNATIONALIZATION: SYNTHESIS AND FUTURE RESEARCH DIRECTIONS. JOURNAL OF ECONOMIC SURVEYS, 32(5), 1414-1445. Author URL. DOI.

2017

Bellavitis C, Filatotchev I, Kamuriwo DS, Vanacker T (2017). Entrepreneurial finance: new frontiers of research and practice INTRODUCTION. VENTURE CAPITAL, 19(1-2), 1-16. Author URL. DOI.
Vanacker T, Collewaert V, Zahra SA (2017). Slack resources, firm performance, and the institutional context: Evidence from privately held European firms. STRATEGIC MANAGEMENT JOURNAL, 38(6), 1305-1326. Author URL. DOI.
Paeleman I, Fuss C, Vanacker T (2017). Untangling the multiple effects of slack resources on firms' exporting behavior. JOURNAL OF WORLD BUSINESS, 52(6), 769-781. Author URL. DOI.

2016

Vanacker T, Forbes DP (2016). Disentangling the Multiple Effects of Affiliate Reputation on Resource Attraction in New Firms. ORGANIZATION SCIENCE, 27(6), 1525-1547. Author URL. DOI.
Hanssens J, Deloof M, Vanacker T (2016). The evolution of debt policies: New evidence from business startups. JOURNAL OF BANKING & FINANCE, 65, 120-133. Author URL. DOI.

2015

Paeleman I, Vanacker T (2015). Less is More, or Not? on the Interplay between Bundles of Slack Resources, Firm Performance and Firm Survival. JOURNAL OF MANAGEMENT STUDIES, 52(6), 819-848. Author URL. DOI.
Manigart S, Standaert T, Vanacker T (2015). Seed and venture capital. In Audretsch DB, Hayter CS, Link AN (Eds.) Concise guide to entrepreneurship, technology and innovation, Edward Elgar Publishing, 175-179.  Abstract.
Hanssens J, Deloof M, Vanacker T (2015). Underexplored issues in entrepreneurial finance. In Audretsch DB, Hayter CS, Link AN (Eds.) Concise guide to entrepreneurship, technology and innovation, Edward Elgar Publishing, 219-223.  Abstract.

2014

Vanacker T, Heughebaert A, Manigart S (2014). Institutional Frameworks, Venture Capital and the Financing of European New Technology-based Firms. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 22(3), 199-215. Author URL. DOI.
Vanacker T, Manigart S, Meuleman M (2014). Path-Dependent Evolution Versus Intentional Management of Investment Ties in Science-Based Entrepreneurial Firms. ENTREPRENEURSHIP THEORY AND PRACTICE, 38(3), 671-690. Author URL. DOI.

2013

Paeleman I, Fuss C, Vanacker TR (2013). The Relationship between Slack Resources and Firmss Exporting Behavior. DOI.
Vanacker T, Collewaert V, Paeleman I (2013). The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: the Role of Venture Capital and Angel Investors. JOURNAL OF MANAGEMENT STUDIES, 50(6), 1070-1096. Author URL. DOI.
Knockaert M, Vanacker T (2013). The association between venture capitalists' selection and value adding behavior: evidence from early stage high tech venture capitalists. SMALL BUSINESS ECONOMICS, 40(3), 493-509. Author URL. DOI.
Devigne D, Vanacker T, Manigart S, Paeleman I (2013). The role of domestic and cross-border venture capital investors in the growth of portfolio companies. SMALL BUSINESS ECONOMICS, 40(3), 553-573. Author URL. DOI.
Vanacker T, Manigart S (2013). Venture Capital. In  (Ed) Alternative Investments: Instruments, Performance, Benchmarks, and Strategies, 239-262.  Abstract. DOI.

2012

Vanacker T, Seghers A, Manigart S (2012). Follow-On Financing of Venture Capital-Backed Companies. In  (Ed) The Oxford Handbook of Venture Capital.  Abstract. DOI.
Seghers A, Manigart S, Vanacker T (2012). The Impact of Human and Social Capital on Entrepreneurs' Knowledge of Finance Alternatives. JOURNAL OF SMALL BUSINESS MANAGEMENT, 50(1), 63-86. Author URL. DOI.
Heughebaert A, Vanacker TR, Manigart S (2012). The Role of Venture Capital in Company Financial Decision Making and Capital Structure. DOI.

2011

Vanacker T, Manigart S, Meuleman M, Sels L (2011). A longitudinal study on the relationship between financial bootstrapping and new venture growth. ENTREPRENEURSHIP AND REGIONAL DEVELOPMENT, 23(9-10), 681-705. Author URL. DOI.

2010

Vanacker TR, Manigart S (2010). Pecking order and debt capacity considerations for high-growth companies seeking financing. SMALL BUSINESS ECONOMICS, 35(1), 53-69. Author URL. DOI.

2009

Vanacker TR, Manigart S (2009). A Dynamic View on the Financing of Extreme Growth Companies. DOI.
Vanacker TR (2009). A Longitudinal Study on the Impact of Venture Capital Firm Heterogeneity on Portfolio Company Growth. DOI.

2006

Baeyens K, Vanacker T, Manigart S (2006). Venture capitalists' selection process: the case of biotechnology proposals. INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT, 34(1-2), 28-46. Author URL. DOI.

External positions

Ad hoc committee member Launch projects. Launch supports the creation of new companies (spin-offs) in the Brussels-Capital Region (Belgium) in order to economically promote the results of scientific research.