Identification of Sources of Finance in Growing Companies Operating in Food Industry in Tehran

Document Type: Original Research


1 Faculty of Entrepreneurship, University of Tehran, Tehran, Iran

2 Department of Finance, Borujerd Branch, Islamic Azad University, Borujerd, Iran


This research by identifying and classifying finance sources can largely contribute in releasing companies’ finance challenges and prevent bankruptcy. The paper first identified various finance sources following reviewing the finance and investment literature; then, final classification provided in term of what sources was more used in active food industries firms. Research statistical population consisted of senior executives of growing companies operating in food industry in Tehran. Research participants included 12 senior executives selected by convenience sampling method. Research methodology initially reviewed the literature and offered an elementary framework; then, it semi structurally interviewed managers, and finally analyzed findings through using Atlas software. Research findings show that finance is a critical success factor in firms; further, debt-based finance sources, capital-based, credits-based, entrepreneurial finance sources, and private sources are the most critical finance sources in order.  Applying research findings causes forming a coherent finance thought in national food industries managers, it also paves the way for academic and scientific studies. If managers properly identify and utilize finance sources, finance source operations and fundraising may develop at national level.


Balcaen, S., & Ooghe, H. (2006). 35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems. The British Accounting Review, 38(1), 63-93.
Bigdelou, M. (2005). Entrepreneurs’ finance sources. M.A. thesis, Management faculty of Tehran University.
Bigdelou, M. (2005). Entrepreneurs’ finance sources. Tadbir journal, No. 161, October 2005.
Bosma, N. S. (2013). The global entrepreneurship monitor (GEM) and its impact on entrepreneurship research. 2013.
Ghasemkhani, B. (2009). Marketing and financing intersection. Tadbir quarterly, No. 206.
Inderst, R., & Mueller, H. M. (2009). Early-stage financing and firm growth in new industries. Journal of Financial Economics, 93(2), 276-291.
Kotler, P., Kartajaya, H., & Young, S. D. (2004). Attracting investors: a marketing approach to finding funds for your business. John Wiley & Sons.
Lou, D. (2014). Attracting investor attention through advertising. Review of Financial Studies, 23(10)
Muñoz-Leiva, F., Sánchez-Fernández, J., Liébana-Cabanillas, F. J., & López-Herrera, A. G. (2012). Applying an automatic approach for showing up the hidden themes in financial marketing research (1961–2010). Expert Systems with Applications, 39(12), 11055-11065.
Nasiri, M. (2011). Evaluating financing construction projects over municipalities. M.A. thesis, Faculty of management, University of Tehran.
Rahnamaye roud poshti, F. (2013). Financial marketing basics: position, significance, and necessity of its realization in theoretical approach-based financial management. Research quarterly of Investment knowledge, second year, Vol. 6.
Soudehi, M. (2011). Studying finance methods in automotive industry and its relation with profitability. M.A. thesis, Faculty of Management, University of Tehran.