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Professor Tom Vanacker

Professor Tom Vanacker

Distinguished Research Professor in Entrepreneurship

+44 (0) 1392 72


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 D, Knockaert M, Manigart S (2020). Signal Strength, Media Attention, and Resource Mobilization: Evidence from New Private Equity Firms. Academy of Management Journal, 63, 1082-1105. Full text. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. Journal of Business Venturing, 33(4), 513-533. Abstract.  Full text. 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. Abstract.  Full text. DOI.
Vanacker T, Forbes D (2016). Disentangling the multiple effects of affiliate reputation on resource attraction in new firms. Organization Science, 27, 1525-1547. Abstract.  Full text. 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. Abstract. DOI.

Publications by category


Journal articles

Bellavitis C, Cumming D, Vanacker T (In Press). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings. Entrepreneurship: Theory and Practice Full text.
Vanacker T, Forbes D, Knockaert M, Manigart S (2020). Signal Strength, Media Attention, and Resource Mobilization: Evidence from New Private Equity Firms. Academy of Management Journal, 63, 1082-1105. Full text. DOI.
Block JH, Groh A, Hornuf L, Vanacker T, Vismara S (2020). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. Small Business Economics Abstract.  Full text. 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. Full text. DOI.
Cumming DJ, Vanacker T, Zahra SA (2019). Equity crowdfunding and governance : Toward an integrative model and research agenda. Academy of Management Perspectives Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. Journal of Business Venturing, 33(4), 513-533. Abstract.  Full text. DOI.
Deloof M, Vanacker T (2018). The recent financial crisis, start-up financing and survival. Journal of Business Finance and Accounting, 45(7-8), 928-951. Abstract.  Full text. DOI.
Devigne D, Manigart S, Vanacker T, Mulier K (2018). Venture capital internationalization : synthesis and future research directions. Journal of Economic Surveys, 32, 1414-1445. Abstract.  Full text.
Bellavitis C, Filatotchev I, Kamuriwo DS, Vanacker T (2017). Entrepreneurial finance: new frontiers of research and practice: Editorial for the special issue Embracing entrepreneurial funding innovations. Venture Capital, 19(1-2), 1-16. Abstract. 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. Abstract.  Full text. 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. Abstract.  Full text. DOI.
Vanacker T, Forbes D (2016). Disentangling the multiple effects of affiliate reputation on resource attraction in new firms. Organization Science, 27, 1525-1547. Abstract.  Full text. DOI.
Hanssens J, Deloof M, Vanacker T (2016). The evolution of debt policies: New evidence from business startups. Journal of Banking and Finance, 65, 120-133. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. 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. 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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. DOI.

Chapters

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.

Publications by year


In Press

Bellavitis C, Cumming D, Vanacker T (In Press). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings. Entrepreneurship: Theory and Practice Full text.

2020

Vanacker T, Forbes D, Knockaert M, Manigart S (2020). Signal Strength, Media Attention, and Resource Mobilization: Evidence from New Private Equity Firms. Academy of Management Journal, 63, 1082-1105. Full text. DOI.
Block JH, Groh A, Hornuf L, Vanacker T, Vismara S (2020). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. Small Business Economics Abstract.  Full text. 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. Full text. DOI.

2019

Cumming DJ, Vanacker T, Zahra SA (2019). Equity crowdfunding and governance : Toward an integrative model and research agenda. Academy of Management Perspectives Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract.  Full text. DOI.
Walthoff-Borm X, Schwienbacher A, Vanacker T (2018). Equity crowdfunding: First resort or last resort?. Journal of Business Venturing, 33(4), 513-533. Abstract.  Full text. DOI.
Deloof M, Vanacker T (2018). The recent financial crisis, start-up financing and survival. Journal of Business Finance and Accounting, 45(7-8), 928-951. Abstract.  Full text. DOI.
Devigne D, Manigart S, Vanacker T, Mulier K (2018). Venture capital internationalization : synthesis and future research directions. Journal of Economic Surveys, 32, 1414-1445. Abstract.  Full text.

2017

Bellavitis C, Filatotchev I, Kamuriwo DS, Vanacker T (2017). Entrepreneurial finance: new frontiers of research and practice: Editorial for the special issue Embracing entrepreneurial funding innovations. Venture Capital, 19(1-2), 1-16. Abstract. 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. Abstract.  Full text. 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. Abstract.  Full text. DOI.

2016

Vanacker T, Forbes D (2016). Disentangling the multiple effects of affiliate reputation on resource attraction in new firms. Organization Science, 27, 1525-1547. Abstract.  Full text. DOI.
Hanssens J, Deloof M, Vanacker T (2016). The evolution of debt policies: New evidence from business startups. Journal of Banking and Finance, 65, 120-133. Abstract.  Full text. 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. Abstract.  Full text. 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. Abstract. 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. Abstract. DOI.

2013

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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. 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. Abstract. 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.