TY - JOUR
T1 - Start-up financing in the age of globalization
AU - Korosteleva, Julia
AU - Mickiewicz, Tomasz
PY - 2011/5
Y1 - 2011/5
N2 - The authors investigate the determinants of start-up financing in fifty-four countries, using the Global Entrepreneurship Monitor (GEM) surveys for the years 2001-6. They find that financial liberalization increases the total financial size of the individual start-up entrepreneurial project both via the increased use of external and of own funds. In addition, the volume of start-up finance responds positively to international capital inflows, as represented by loans from nonresident banks and remittances, and negatively to the volume of offshore deposits. The positive impact of remittances on total volume of start-up financing is via financing by the entrepreneur.
AB - The authors investigate the determinants of start-up financing in fifty-four countries, using the Global Entrepreneurship Monitor (GEM) surveys for the years 2001-6. They find that financial liberalization increases the total financial size of the individual start-up entrepreneurial project both via the increased use of external and of own funds. In addition, the volume of start-up finance responds positively to international capital inflows, as represented by loans from nonresident banks and remittances, and negatively to the volume of offshore deposits. The positive impact of remittances on total volume of start-up financing is via financing by the entrepreneur.
KW - capital flows
KW - entrepreneurial traits
KW - financial freedom
KW - Global Entrepreneurship Monitor survey
KW - informal finance
KW - -up financing
UR - http://www.scopus.com/inward/record.url?scp=79959965524&partnerID=8YFLogxK
UR - http://mesharpe.metapress.com/openurl.asp?genre=article&issn=1540-496X&volume=47&issue=3&spage=23
U2 - 10.2753/REE1540-496X470302
DO - 10.2753/REE1540-496X470302
M3 - Article
SN - 1540-496X
VL - 47
SP - 23
EP - 49
JO - Emerging Markets Finance and Trade
JF - Emerging Markets Finance and Trade
IS - 2
ER -