Cognitive wealth and fintech startup formation: an entrepreneurial absorptive capacity analysis in well-regulated environments

Pilar Madrazo-Lemarroy, Gilberto Márquez-Illescas, Claudine Moya-Ponce
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Abstract

Financial technology (fintech) startups have emerged as a compelling and digital alternative within the financial industry. However, the expansion is crucial because without proper regulation, the emergence of fintech in any country can potentially jeopardize its financial stability. In this empirical work, we analyze the emergence of fintech startups in the financial industry of a set of countries, focusing on human capital elements and regulatory environments. The study proposes a positive effect of a country’s knowledge-based capabilities on the creation of fintech startups through the country’s entrepreneurial absorptive capacity by adopting the theoretical framework of the Absorptive Capacity Theory of Knowledge Spillover Entrepreneurship. Moreover, we argue that the regulatory framework also plays a significant role in moderating the impact of entrepreneurial absorptive capacity on the establishment of fintech startups in any given country. We test our theoretical predictions using ordinary least squares and negative binomial regressions on a sample of 56 countries during the period 2008–2017. Our study demonstrates that the regulatory framework, previously regarded as a direct factor influencing fintech startup creation, also plays a significant role in moderating the impact of entrepreneurial absorptive capacity on the establishment of fintech startups. Furthermore, we find that this role may be influenced by the level of corruption in the economy and the specific types of fintech firms. These findings highlight that the drivers of fintech company creation are interconnected and work in conjunction to provide entrepreneurs with appropriate incentives to initiate new fintech ventures.

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认知财富与金融科技初创企业的形成:监管完善环境下的创业吸收能力分析
金融科技(fintech)初创企业已成为金融业中一种引人注目的数字化选择。然而,这种扩张至关重要,因为如果没有适当的监管,金融科技在任何国家的出现都有可能危及其金融稳定。在这项实证研究中,我们分析了金融科技初创企业在一些国家金融业的兴起,重点关注人力资本要素和监管环境。研究采用知识溢出创业吸收能力理论的理论框架,提出一国的知识型能力通过该国的创业吸收能力对金融科技初创企业的创建产生积极影响。此外,我们还认为,监管框架在调节创业吸收能力对金融科技初创企业在特定国家成立的影响方面也发挥着重要作用。我们使用普通最小二乘法和负二项回归对 2008-2017 年间 56 个国家的样本进行了检验。我们的研究表明,此前被视为影响金融科技初创企业创建的直接因素的监管框架,在调节创业吸收能力对金融科技初创企业创建的影响方面也发挥着重要作用。此外,我们还发现,这种作用可能会受到经济中腐败程度和金融科技企业具体类型的影响。这些发现突出表明,金融科技公司创建的驱动因素是相互关联的,它们共同为创业者提供适当的激励,以启动新的金融科技企业。
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来源期刊
CiteScore
5.60
自引率
9.10%
发文量
18
期刊介绍: Competition in international markets was traditionally the realm of large companies, with smaller firms tending to remain local or regional. Internationalisation was an expansion option of interest to some enterprises, but seldom was it a competitive necessity. Many opted to avoid the uncertainties of competing in foreign markets, and simply kept their firms small and local. Traditional internationalisation theories, therefore, focused mainly on large multinational corporations, and were less pertinent to smaller firms. With the liberalisation of trade, however, domestic firms are threatened by international competitors that are penetrating formerly protected markets. Nowadays, internationalisation affects everyone, whether or not they wish to internationalise themselves. The threats and opportunities of internationalisation must be addressed. Globalisation is transforming the competitive environment of small and large players alike. As a result, internationalisation issues will continue to be increasingly important to business. Public policy agendas already include programmes to help entrepreneurs become successful at internationalisation. There is a growing need to understand internationalisation in the context of entrepreneurship, as well as large multinationals. Knowledge of how, when and why firms internationalise - either incrementally or not - will surely be the focus of energetic researchers. Yet, up to now, academia has been lacking a journal dedicated to internationalisation issues. To fill this niche, the aforementioned editorial team wishes to offer an outlet for high-quality research addressing the opportunities and challenges intrinsic to internationalisation. The primary audience for this journal will be researchers of entrepreneurship and international business. In addition, readership is certain to include business-people and policy-makers. The editors invite submissions that analyse internationalisation, combining theore tical and empirical work. Researchers will be encouraged to conduct comparative studies, and to evaluate competing theories. The composition of the editorial team - including experts in international business and experts in entrepreneurship - is designed to avoid editorial bias. Every effort will be made to reach a first decision about a submission, within sixty days. Officially cited as: J Int Entrep
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