Tom Vanacker

Job Title : Research Fellow

Management Domain
Accounting & Finance

Expert in
Financing Growth Oriented Companies
Financing Unquoted Companies
Venture Capital


Tom Vanacker is research fellow at Vlerick Business School and professor at Ghent University, from which he holds a PhD in Business Administration. He was visiting scholar at the Carlson School of Management (University of Minnesota, US) and the Wharton School (University of Pennsylvania, US). He received a Heizer Award Certificate of Distinction for his dissertation (Academy of Management) and a Doctoral Student Award (Midwest Finance Association). He has published in journals such as Journal of Management Studies, Entrepreneurship Theory and Practice, Small Business Economics, Journal of Small Business Management, and Entrepreneurship & Regional Development. He is a member of the Editorial Review Board of Entrepreneurship Theory and Practice and acts as an ad-hoc reviewer for international journals (e.g., Academy of Management Journal, Journal of Business Venturing and Small Business Economics) and conferences (e.g., Strategic Management Society). His research focuses on entrepreneurial finance, venture capital, and slack.

Below you can find a selection of publications from Tom Vanacker.



Articles in refereed journals with impact

  • Vanacker T. Collewaert V. Shaker A. Z.  forthcoming. Slack resources, firm performance and the institutional context: Evidence from privately held European firms. Strategic Management Journal,

  • 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.

  • 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.

  • Meuleman M. Vanacker T. Manigart S.  2014. Path-dependent evolution versus intentional management of investment ties in science-based entrepreneurial firms. Entrepreneurship Theory and Practice, 38(3): 671-690.

  • Devigne D. Vanacker T. Manigart S.  2013. The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553-573.

  • Vanacker T. Collewaert V.  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 (September)): 1070-1096.

  • Seghers A. Vanacker T. Manigart S.  2012. The impact of human and social capital on entrepreneurs'knowledge of finance alternatives. Journal of Small Business Management, 50(1): 63-86.

  • Vanacker T. Manigart S. Meuleman M. Sels L.  2011. A longitudinal study on the relationship between financial bootstrapping and new venture growth. Entrepreneurship & Regional Development, 23(9/10): 681-705.

  • Vanacker T. Manigart S.  2010. Pecking order and debt capacity considerations for high-growth companies seeking financing. Small Business Economics, 35(1): 53-69.

  • 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.

Articles in other (un)refereed journals

Book Chapters

  • Manigart S. Standaert T. Vanacker T.  2015. Seed and venture capital. In: Audretsch D. Hayter C. Link A. Eds. Concise guide to entrepreneurship, technology and innovation (pp. 175-179). Edward Elgar Publishing.

  • Manigart S.  2013. Venture capital. In: Baker K. Filbeck G. Eds. Alternative investments: instruments, performance, benchmarks, and strategies (pp. 241-262). Wiley.

  • Vanacker T. Seghers A. Manigart S.  2012. Follow-on financing of venture capital backed companies. In: Cumming D. Ed. The Oxford Handbook of Venture Capital (pp. 373-400). Oxford University Press.

  • Manigart S. Heughebaert A. Devigne D. Vanacker T.  2011. Financiering van ondernemerschap: een vergelijkende studie van het financieringsgedrag in Belgische en Europese ondernemingen. In: Clarysse B. Ondernemen tussen wetenschap en beleid in Vlaanderen: inzichten van vijf jaar Steunpunt Ondernemen en Internationaal Ondernemen (pp. 210-232). Steunpunt STOIO.

  • Vanacker T. Manigart S.  2009. De financiering van Vlaamse Gazellen: het belang van interne middelen, bankschulden en aandelenkapitaal. In: Clarysse B. Groeizaam Vlaanderen : een beleidsondersteunend, wetenschappelijk perspectief (pp. 159-173).

  • Vanacker T. Knockaert M. Manigart S.  2006. Groeigericht ondernemerschap. In: Clarysse B. Eds. Durven groeien in Vlaanderen: een boek voor gevorderden (pp. 83-94). Roularta Media Group.

Conference Presentations

  • Vanacker T. Collewaert V. Zahra S.  2015. Slack, Firm Performance and the Institutional Context: Evidence from 31 European Countries. Paper presented at The 75th Annual Meeting of the Academy of Management, August 7-11, Vancouver, Canada.

  • De Prijcker S. Manigart S. Collewaert V. Vanacker T.  2015. Relocating Activities to Get Venture Capital: A Resource Dependence Perspective. Paper presented at The 75th Annual Meeting of the Academy of Management, August 7-11, Vancouver, Canada.

  • Manigart S. Collewaert V. Vanacker T.  2014. High-growth entrepreneurs: chasing money or exits?. Paper presented at Babson Kaufmann Entrepreneurship Research Conference, London, United Kingdom.

  • Collewaert V. Vanacker T. Cassar G.  2013. Forecast bias of entrepreneurs in venture capital-backed companies. Paper presented at Academy of Management Meeting, Orlando, United States.

  • Collewaert V. Vanacker T.  2011. Forecast bias of entrepreneurs in venture capital-backed companies.. Paper presented at 2011 Babson Kaufmann Entrepreneurship Research Conference, Syracause,

  • Vanacker T. Manigart S.  2007. A dynamic view on the financing of extreme growth companies. 

  • Vanacker T. Manigart S.  2006. A dynamic view on the financing of extreme growth ventures. Paper presented at Babson Kauffman Foundation Entrepreneurship Research Conference, June 7-11, Bloomington, Indiana, United States.

Conference Proceedings

  • Vanacker T. Knockaert M. Manigart S.  2013. Private equity fund performance signals and the likelihood of follow-on fund raising. In: Frontiers of Entrepreneurship 2013 Lyon:

  • Vanacker T. Devigne D.  2010. A longitudinal study on the impact of cross-border venture capital on portfolio company growth. Lausanne:

  • Seghers A. Manigart S. Vanacker T.  2009. Entrepreneurs' knowledge about financing alternatives: impact of human and social capital. In: Zacharakis A. Alvarez S. Frontiers of Entrepreneurship Research 2009 (pp. 196-208).

Research reports

  • Manigart S. Knockaert M. Vanacker T.  2016. Identificatie en optimalisatie van de maatschappelijke en economische impact van BOM Capital. Vlerick Business School. (104 p.)

  • Manigart S. Knockaert M. Vanacker T. Standaert T. Lauwers P.  2014. De ARK-durfkapitaalregeling I en II. Universiteit Gent. (84 p.)

  • Manigart S. Vanacker T. Witmeur O.  2011. Groeikapitaal en buy-outs gids in België. (52 p.)

  • Manigart S. Vanacker T. Goossens L.  2006. De financiering van jonge, Vlaamse biotechnologische ondernemingen. (34 p.)

Vlerick working papers

  • Heughebaert A. Vanacker T. Manigart S.  2013. institutional frameworks, venture capital and the financing of European new technology-based firms. 2013/03 (42p.).

  • Vanacker T. Collewaert V.  2012. The impact of resource slack on firm performance in different institutional contexts. 2012

  • Collewaert V. Vanacker T. Cassar G.  2011. Forecast bias of entrepreneurs in venture capital-backed companies. 2011

  • Devigne D. Vanacker T. Manigart S.  2011. Cross-border venture capital and the development of portfolio companies. Vlerick Working Paper Series 2011/3 (42p.).

  • Vanacker T. Collewaert V.  2010. The impact of financial and human resource slack on firm performance: the role of private equity investors. 2010

  • Seghers A. Manigart S. Vanacker T.  2009. The impact of human and social capital on entrepreneurs'knowledge of finance alternatives. 2009/28 (25p.).

  • Vanacker T. Manigart S. Meuleman M.  2008. Towards an evolutionary model of the entrepreneurial financing process: insights from biotechnology startups. 2008/9 (40p.).

  • Vanacker T. Manigart S.  2007. Incremental financing decisions in high growth companies: pecking order and debt capacity considerations. 2007/22 (33p.).

  • Baeyens K. Vanacker T. Manigart S.  2005. Venture capitalists' selection process: the case of biotechnology proposals. Vlerick Working Paper Series 2005/17 (28p.).

  • Manigart S. Baeyens K. Vanacker T.  2004. Are biotech investments different? The perspective of the Venture Capitalist. 2004 (27p.).