Venture capital, credit, and fintech start-up formation: A cross-country study
Kolokas, Dimitrios Vanacker, Tom Veredas, David Zahra, Shaker
Kolokas, Dimitrios
Vanacker, Tom
Veredas, David
Zahra, Shaker
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2022
Journal
Entrepreneurship Theory and Practice
Book
Publication Volume
46
Publication Issue
5
Publication Begin page
1198
Publication End page
1230
Publication NUmber of pages
Collections
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 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.
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Keywords
FinTech Entrepreneurship, Venture Capital, Credit, Entrepreneurial Finance, National Innovation Systems