Venture capital, credit, and FinTech start-up formation: A cross-country study
Kolokas, D; Vanacker, T; Veredas, D; et al.Zahra, SA
Date: 11 November 2020
Journal
Entrepreneurship Theory and Practice
Publisher
SAGE Publications
Publisher DOI
Abstract
Growing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national
innovation systems framework, we examine how countries’ venture capital (VC) and credit
markets differently affect FinTech entrepreneurship across countries. We argue that with their
established and globally diffused norms and practices, VC ...
Growing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national
innovation systems framework, we examine how countries’ venture capital (VC) and credit
markets differently affect FinTech entrepreneurship across countries. We argue that with their
established and globally diffused norms and practices, VC investors—but not banks—require a
critical mass of FinTech entrepreneurship in a country to more positively influence FinTech
entrepreneurship. Moreover, we argue that VC and credit markets are substitutes, especially in
countries with more FinTech entrepreneurship. Using quantile regressions on data from 53
countries, we find support for our hypotheses.
Management
Faculty of Environment, Science and Economy
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