Mapping research themes in start-ups’ capital structure: a bibliometric analysis

Purpose Optimal capital structure, the judicious blend of debt and equity financing, is a critical determinant of firm value. While extensively researched for mature and established firms, the capital structure of start-ups remains understudied. By identifying key research themes (RT), we aimed to provide a comprehensive overview of the thematic structure of research on start-ups’ capital structure. Design/methodology/approach This study employed a two-faceted bibliometric analysis to systematically explore the body of research on start-ups’ capital structure for identifying key themes, trends and gaps within the existing literature. Findings Our findings reveal five primary RTs in the field of start-ups’ capital structure: foundational theories, influential factors and determinants, the impact of capital structure on various outcomes, financing challenges and restrictions and emerging financing methods. Despite these insights, significant research gaps remain, particularly in integrating innovative financing methods with traditional theories and addressing sector-specific and regional variations. Originality/value This research contributes to a deeper understanding of the current status of the research on start-ups’ capital structure. By identifying key research trends and gaps, this study can serve as a reference point for future research in this field.