Regional determinants of access to entrepreneurial finance: a conceptualisation and empirical study in Norwegian startup ecosystems

References

• Alperovych, Y., G. Hübner, and F. Lobet. 2015. “How Does Governmental versus Private Venture Capital Backing Affect a Firm’s Efficiency? Evidence from Belgium.” Journal of Business Venturing 30 (4): 508–525.
   Web of Science ®Google Scholar
• Audretsch, D., C. Mason, M. P. Miles, and A. O’Connor. 2018. “The Dynamics of Entrepreneurial Ecosystems.” Entrepreneurship & Regional Development 30 (3-4): 471–474.
   Web of Science ®Google Scholar
• Avdeitchikova, S. 2008. “On the Structure of the Informal Venture Capital Market in Sweden: Developing Investment Roles.” Venture Capital 10 (1): 55–85.
   Google Scholar
• Avdeitchikova, S., and H. Landström. 2005. “Informal Venture Capital: Scope and Geographical Distribution in Sweden.” Paper presented at the Babson-Kauffman Entrepreneurship Research Conference. USA.
   Google Scholar
• Avolio, B. J., F. J. Yammarino, and B. M. Bass. 1991. “Identifying Common Methods Variance with Data Collected from a Single Source: An Unresolved Sticky Issue.” Journal of Management 17 (3): 571–587.
   Web of Science ®Google Scholar
• Bagozzi, R. P., and Y. Yi. 2012. “Specification, Evaluation, and Interpretation of Structural Equation Models.” Journal of the Academy of Marketing Science 40 (1): 8–34.
   Web of Science ®Google Scholar
• Bastesen, J., and E. Vatne. 2014. “Rapid-Growth Firms: Exploring the Role and Location of Entrepreneurial Ventures.” In Agglomeration, Clusters and Entrepreneurship: Studies in Regional Economic Development, 159–198. Edward Elgar Publishing.
   Google Scholar
• Berger, A. N., and G. F. Udell. 1998. “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle.” Journal of Banking & Finance 22 (6–8): 613–673.
   Web of Science ®Google Scholar
• Beck, T., and A. Demirguc-Kunt. 2006. “Small and Medium-Size Enterprises: Access to Finance as a Growth Constraint.” Journal of Banking & Finance 30 (11): 2931–2943.
   Web of Science ®Google Scholar
• Beck, T., A. Demirguc-Kunt, L. Laeven, and V. Maksimovic. 2006. “The Determinants of Financing Obstacles.” Journal of International Money and Finance 25 (6): 932–952.
   Web of Science ®Google Scholar
• Black, B. S., and R. J. Gilson. 1998. “Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets.” Journal of Financial Economics 47 (3): 243–277.
   Web of Science ®Google Scholar
• Bollen, K. A. 1996. “An Alternative Two Stage Least Squares (2SLS) Estimator for Latent Variable Equations.” Psychometrika 61 (1): 109–121.
   Web of Science ®Google Scholar
• Bonini, S., V. Capizzi, M. Valletta, and P. Zocchi. 2018. “Angel Network Affiliation and Business Angels’ Investment Practices.” Journal of Corporate Finance 50: 592–608.
   Web of Science ®Google Scholar
• Brander, J. A., Q. Du, and T. Hellmann. 2015. “The Effects of Government-Sponsored Venture Capital: International Evidence.” Review of Finance 19 (2): 571–618.
   Web of Science ®Google Scholar
• Brown, J. P., D. M. Lambert, and R. J. Florax. 2013. “The Birth, Death, and Persistence of Firms: Creative Destruction and the Spatial Distribution of US Manufacturing Establishments, 2000–2006.” Economic Geography 89 (3): 203–226.
   Web of Science ®Google Scholar
• Brown, S. J., W. Goetzmann, R. G. Ibbotson, and S. A. Ross. 1992. “Survivorship Bias in Performance Studies.” Review of Financial Studies 5 (4): 553–580.
   Web of Science ®Google Scholar
• Bruns, K., N. Bosma, M. Sanders, and M. Schramm. 2017. “Searching for the Existence of Entrepreneurial Ecosystems: A Regional Cross-Section Growth Regression Approach.” Small Business Economics 49 (1): 31–54.
   Web of Science ®Google Scholar
• Carpentier, C., and J.-M. Suret. 2015. “Angel Group Members’ Decision Process and Rejection Criteria: A Longitudinal Analysis.” Journal of Business Venturing 30 (6): 808–821.
   Web of Science ®Google Scholar
• Casey, E., and C. M. O’Toole. 2014. “Bank Lending Constraints, Trade Credit and Alternative Financing during the Financial Crisis: Evidence from European SMEs.” Journal of Corporate Finance 27: 173–193.
   Web of Science ®Google Scholar
• Cassar, G. 2004. “The Financing of Business Start-Ups.” Journal of Business Venturing 19 (2): 261–283.
   Web of Science ®Google Scholar
• Chin, W. W. 1998. “Commentary: Issues and Opinion on Structural Equation Modeling.” MIS Quarterly 22 (1): 1. https://www.researchgate.net/publication/220260360_Issues_and_Opinion_on_Structural_Equation_Modeling.
   Web of Science ®Google Scholar
• Chin, W. W., and P. A. Todd. 1995. “On the Use, Usefulness, and Ease of Use of Structural Equation Modeling in Mis Research: A Note of Caution.” MIS Quarterly 19 (2): 237–246.
   Web of Science ®Google Scholar
• Cordova, A., J. Dolci, and G. Gianfrate. 2015. “The Determinants of Crowdfunding Success: Evidence from Technology Projects.” Procedia - Social and Behavioral Sciences 181: 115–124.
   Google Scholar
• Cronbach, L. J., and P. E. Meehl. 2017. “Construct Validity in Psychological Tests.” Research Design: The Logic of Social Inquiry 58: 225–238.
   Google Scholar
• Davila, A., G. Foster, and M. Gupta. 2003. “Venture Capital Financing and the Growth of Startup Firms.” Journal of Business Venturing 18 (6): 689–708.
   Web of Science ®Google Scholar
• Delmar, F. 2006. “Measuring Growth: Methodological Considerations and Empirical Results.” Entrepreneurship and the Growth of Firms 1 (1): 62–84.
   Google Scholar
• Eisenhardt, K. M. 1989. “Agency Theory: An Assessment and Review.” The Academy of Management Review 14 (1): 57–74.
   Web of Science ®Google Scholar
• Fernández-Serrano, J., J. A. Martínez-Román, and I. Romero. 2019. “The Entrepreneur in the Regional Innovation System. A Comparative Study for High- and Low-Income Regions.” Entrepreneurship & Regional Development 31 (5-6): 337–356.
   Web of Science ®Google Scholar
• Ferrando, A., A. Popov, and G. F. Udell. 2017. “Sovereign Stress and SMEs’ Access to Finance: Evidence from the ECB’s SAFE Survey.” Journal of Banking & Finance 81: 65–80.
   Web of Science ®Google Scholar
• Fornell, C., and D. Larcker. 1981. “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error.” Journal of Marketing Research 18 (1): 39–50.
   Web of Science ®Google Scholar
• Freeman, R. E., and J. McVea. 2001. “A Stakeholder Approach to Strategic Management.” In The Blackwell Handbook of Strategic Management, 189–207.
   Google Scholar
• Frimanslund, T. 2022. “Financial Entrepreneurial Ecosystems: An Analysis of Urban and Rural Regions in Norway.” International Journal of Global Business and Competitiveness. doi:10.1080/08276331.2022.2035171.
   Google Scholar
• GEM. 2016a. “GEM 2015/2016 Global Report.” http://gemconsortium.org/report
   Google Scholar
• GEM. 2016b. “GEM – Entrepreneurial Finance Special Report 2015–2016.” http://gemconsortium.org/report
   Google Scholar
• Giannetti, M. 2003. “Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices.” The Journal of Financial and Quantitative Analysis 38 (1): 185–212.
   Web of Science ®Google Scholar
• Gordon, R. J. 2012. “Is US Economic Growth over? Faltering Innovation Confronts the Six Headwinds.” No. w18315. National Bureau of Economic Research.
   Google Scholar
• Guenther, C., S. Johan, and D. Schweizer. 2018. “Is the Crowd Sensitive to Distance?—How Investment Decisions Differ by Investor Type.” Small Business Economics 50 (2): 289–305.
   Web of Science ®Google Scholar
• Harrison, R., C. Mason, and P. Robson. 2010. “Determinants of Long-Distance Investing by Business Angels in the UK.” Entrepreneurship & Regional Development 22 (2): 113–137.
   Web of Science ®Google Scholar
• Hu, L. T., and P. M. Bentler. 1999. “Cutoff Criteria for Fit Indexes in Covariance Structure Analysis: Conventional Criteria versus New Alternatives.” Structural Equation Modeling: A Multidisciplinary Journal 6 (1): 1–55.
   Web of Science ®Google Scholar
• Indikatorrapporten. 2016. “Det norske forsknings- og innovasjonssystemet – statistikk og indikatorer.” http://www.forskningsradet.no/prognett-indikatorrapporten/Forside/1224698172624
   Google Scholar
• Isenberg, D. 2011. The Entrepreneurship Ecosystem Strategy as a New Paradigm for Economy Policy: Principles for Cultivating Entrepreneurship. Babson Park, MA: Babson Entrepreneurship Ecosystem Project, Babson College.
   Google Scholar
• Jeng, L. A., and P. C. Wells. 2000. “The Determinants of Venture Capital Funding: Evidence across Countries.” Journal of Corporate Finance 6 (3): 241–289.
   Google Scholar
• Jensen, M. C., and W. H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3 (4): 305–360.
   Web of Science ®Google Scholar
• Jones, G. R., and J. E. Butler. 1992. “Managing Internal Corporate Entrepreneurship: An Agency Theory Perspective.” Journal of Management 18 (4): 733–749.
   Web of Science ®Google Scholar
• Jöreskog, K. G., and D. Sörbom. 1996. LISREL 8: User’s Reference Guide. Scientific Software International.
   Google Scholar
• Kapitaltilgangsutvalget. 2018. “Kapital i omstillingens tid – Naeringslivets tilgang til kapital.” https://www.regjeringen.no/no/dokumenter/nou-2018-5/id2590735/
   Google Scholar
• Kerr, W. R., and R. Nanda. 2015. “Financing Innovation.” Annual Review of Financial Economics 7 (1): 445–462.
   Google Scholar
• Kim, J., W. Zhu, L. Chang, P. M. Bentler, and T. Ernst. 2007. “Unified Structural Equation Modeling Approach for the Analysis of Multisubject, Multivariate Functional MRI Data.” Human Brain Mapping 28 (2): 85–93.
   PubMed Web of Science ®Google Scholar
• Kline, R. B. 2015. Principles and Practice of Structural Equation Modelling. 4th ed., 1–554. Methodology in the Social Sciences. Guilford publications.
   Google Scholar
• Landström, H. 2017. Advanced Introduction to Entrepreneurial Finance. Cheltenham: Edward Elgar Publishing, Inc.
   Google Scholar
• Lee, N., H. Sameen, and M. Cowling. 2015. “Access to Finance for Innovative SMEs since the Financial Crisis.” Research Policy 44 (2): 370–380.
   Web of Science ®Google Scholar
• Mamonov, S., and R. Malaga. 2018. “Success Factors in Title III Equity Crowdfunding in the United States.” Electronic Commerce Research and Applications 27: 65–73.
   Web of Science ®Google Scholar
• Manigart, S., K. Baeyens, and W. Van Hyfte. 2002. “The Survival of Venture Capital Backed Companies.” Venture Capital 4 (2): 103–124.
   Google Scholar
• Martin, R., C. Berndt, B. Klagge, and P. Sunley. 2005. “Spatial Proximity Effects and Regional Equity Gaps in the Venture Capital Market: Evidence from Germany and the United Kingdom.” Environment and Planning A: Economy and Space 37 (7): 1207–1231.
   Web of Science ®Google Scholar
• Mason, C. 2010. Entrepreneurial Finance in a Regional Economy. UK: Taylor & Francis.
   Google Scholar
• Muñoz, P., and J. Kimmitt. 2019. “Rural Entrepreneurship in Place: An Integrated Framework.” Entrepreneurship & Regional Development 31 (9-10): 842–873.
   Web of Science ®Google Scholar
• Murray, G. C. 2007. “Venture Capital and Government Policy.” In Handbook of Research on Venture Capital, 113–151. Cheltenham: Edward Elgar Publishing.
   Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221.
   Web of Science ®Google Scholar
• Nightingale, P., G. Murray, M. Cowling, C. Baden-Fuller, C. Mason, J. Siepel, M. Hopkins, and C. Dannreuther. 2009. From Funding Gaps to Thin Markets: UK Government Support for Early-Stage Venture Capital. National Endowment for Science, Technology and the Arts.
   Google Scholar
• North, D., and D. Smallbone. 2006. “Developing Entrepreneurship and Enterprise in Europe’s Peripheral Rural Areas: Some Issues Facing Policy-Makers.” European Planning Studies 14 (1): 41–60.
   Web of Science ®Google Scholar
• Pelegrín, A., and C. Bolancé. 2008. “Regional Foreign Direct Investment in Manufacturing. Do Agglomeration Economies Matter?” Regional Studies 42 (4): 505–522.
   Web of Science ®Google Scholar
• Põder, A., A.-H. Viira, and R. Värnik. 2017. “Firm Entries and Exits in Estonian Urban Municipalities: Urban Hinterlands and Rural Peripheries, 2005–2012.” Journal of Baltic Studies 48 (3): 285–307.
   Web of Science ®Google Scholar
• Podsakoff, P. M., S. B. MacKenzie, J.-Y. Lee, and N. P. Podsakoff. 2003. “Common Method Biases in Behavioural Research: A Critical Review of the Literature and Recommended Remedies.” The Journal of Applied Psychology 88 (5): 879–903.
   PubMed Web of Science ®Google Scholar
• Podsakoff, P. M., S. B. MacKenzie, and N. P. Podsakoff. 2012. “Sources of Method Bias in Social Science Research and Recommendations on How to Control It.” Annual Review of Psychology 63 (1): 539–569.
   PubMed Web of Science ®Google Scholar
• Politis, D. 2008. “Business Angels and Value Added: What Do We Know and Where Do We Go?” Venture Capital 10 (2): 127–147.
   Google Scholar
• Reve, T. 2017. “MIT Reap – Regional Entrepreneurship Acceleration Programme – South West Norway.” https://www.bi.no/globalassets/forskning/forskningskommunikasjon/rapporter/mit-reap-sluttrapport-2017.pdf
   Google Scholar
• Rutherford, M. W., J. M. Pollack, M. J. Mazzei, and P. Sanchez-Ruiz. 2017. “Bootstrapping: Reviewing the Literature, Clarifying the Construct, and Charting a New Path Forward.” Group & Organization Management 42 (5): 657–706.
   Web of Science ®Google Scholar
• Schreiber, J. B., F. K. Stage, J. King, A. Nora, and E. A. Barlow. 2006. “Reporting Structural Equation Modeling and Confirmatory Factor Analysis Results: A Review.” The Journal of Educational Research 99 (6): 323–338.
   Web of Science ®Google Scholar
• Sideridis, G., P. Simos, A. Papanicolaou, and J. Fletcher. 2014. “Using Structural Equation Modeling to Assess Functional Connectivity in the Brain: Power and Sample Size Considerations.” Educational and Psychological Measurement 74 (5): 733–758.
   PubMed Web of Science ®Google Scholar
• Spigel, B., and R. Harrison. 2018. “Toward a Process Theory of Entrepreneurial Ecosystems.” Strategic Entrepreneurship Journal 12 (1): 151–168.
   Web of Science ®Google Scholar
• Stam, E. 2018. “Measuring Entrepreneurial Ecosystems.” In Entrepreneurial Ecosystems, 173–197. Cham: Springer.
   Google Scholar
• Sørheim, R. 2003. “Informal Investors as Financiers of Entrepreneurial Firms in Norway.” Doctoral Thesis, NTNU. http://hdl.handle.net/11250/228894
   Google Scholar
• Van Osnabrugge, M. 2000. “A Comparison of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory-Based Analysis.” Venture Capital 2 (2): 91–109.
   Google Scholar
• Voorhees, C. M., M. K. Brady, R. Calantone, and E. Ramirez. 2016. “Discriminant Validity Testing in Marketing: An Analysis, Causes for Concern, and Proposed Remedies.” Journal of the Academy of Marketing Science 44 (1): 119–134.
   Web of Science ®Google Scholar
• Vedula, S., and P. H. Kim. 2019. “Gimme Shelter or Fade Away: The Impact of Regional Entrepreneurial Ecosystem Quality on Venture Survival.” Industrial and Corporate Change 28 (4): 827–854.
   Web of Science ®Google Scholar
• Wasserman, N. 2017. “The Throne vs. the Kingdom: Founder Control and Value Creation in Startups.” Strategic Management Journal 38 (2): 255–277.
   Web of Science ®Google Scholar
• Williamson, O. E. 1975. "Markets and Hierarchies: Analysis and Antitrust Implications: A Study in the Economics of Internal Organization." University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship.
   Google Scholar
• Witt, P. 2004. “Entrepreneurs’ Networks and the Success of Start-Ups.” Entrepreneurship & Regional Development 16 (5): 391–412.
   Web of Science ®Google Scholar