2 research outputs found
Venture capital, credit, and FinTech start-up formation: A cross-country study
This is the author accepted manuscript. The final version is available from SAGE Publications via the DOI in this recordGrowing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national
innovation systems framework, we examine how countriesâ 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 investorsâbut not banksârequire 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