Start-up financing: a comparative perspective

Julia Korosteleva, Tomasz Mickiewicz

Research output: Preprint or Working paperWorking paper


We investigate the determinants of start-up financing in 41 countries, using the
Global Entrepreneurship Monitor surveys for 1998-20032. High quality of property rights increases both the total volume of finance and the use of external finance for the individual start-up. The size of the formal financial sector affects the start-up finance via enhancing the volume of self-finance. In addition, the use of external finance by start-ups correlates with the extent of financial restrictions in a country in a non-linear way. Supply of informal finance may to some extent substitute for the use of formal finance.
Original languageEnglish
Place of PublicationLondon (UK)
PublisherUniversity College London
Number of pages39
Publication statusPublished - Dec 2008

Publication series

NameEconomics working paper
PublisherUCL SSEES : Centre for comparative economics


  • start-up finance
  • entrepreneurial traits
  • informal finance
  • financial restrictions
  • property rights
  • Global Entrepreneurship Monitor


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