1,029
Views
7
CrossRef citations to date
0
Altmetric
Research Articles

Angel investors, seed-stage investors and founders influence on FinTech funding: an emerging market context

ORCID Icon &
Pages 276-294 | Received 16 Sep 2019, Accepted 27 Feb 2020, Published online: 17 Mar 2020

References

  • Alemany, L., and J. Villanueva. 2014. Early-stage investors’ criteria and new venture financial performance: Are they related? Frontiers of Entrepreneurship Research 34, no. 1: 2.
  • Arner, D.W., J.N. Barberis, and R.P. Buckley. 2015. The evolution of Fintech: A new post-crisis paradigm? University of Hong Kong Faculty of Law Research Paper 47: 1271.
  • Bernstein, S., A.G. Korteweg, and K. Laws. 2016. Attracting early stage investors: Evidence from a randomized field experiment. Journal of Finance 72, no. 2: 509–38. doi:10.1111/jofi.12470.
  • CB Insights. 2014. The Top 20 reasons startups fail. February 2. https://www.cbinsights.com/research/startup-failure-reasons-top.
  • CB Insights. 2018. Global FinTech Report Q1 2018. https://www.cbinsights.com/research/report/fintech-trends-q1-2018.
  • Cherif, M., and K. Gazdar. 2011. What drives venture capital investments in Europe? New results from a panel data analysis. Journal Applied Business and Economics 12, no. 3: 122–39.
  • Croce, A., M. Guerini, and E. Ughetto. 2018. Angel financing and the performance of high-tech start-ups. Journal of Small Business Management 56, no. 2: 208–28. doi:10.1111/jsbm.2018.56.issue-2.
  • Cumming, D.J., and A. Schwienbacher. 2018. Fintech venture capital. Corporate Governance: An International Review 26, no. 5: 374–89. doi:10.1111/corg.12256.
  • Dalle, J.M., M. den Besten, and C. Menon. 2017. Using Crunchbase for economic and managerial research. OECD Science, Technology and Industry Working Papers, 8.
  • Félix, E.G.S., C.P. Pires, and M.A. Gulamhussen. 2013. The determinants of venture capital in Europe—Evidence across countries. Journal of Financial Services Research 44, no. 3: 259–79. doi:10.1007/s10693-012-0146-y.
  • Goldman Sachs. (2015). The future of finance: The socialization of finance. New York, NY.
  • Gompers, P., and J. Lerner. 1998. What drives venture capital fundraising? National Bureau of Economic Research: 6906, Vol. 29. https://econpapers.repec.org/article/binbpeajo/v_3a29_3ay_3a1998_3ai_3a1998-3_3ap_3a149-204.htm
  • Groh, A.P., and J. Wallmeroth. 2016. Determinants of venture capital investments in emerging markets. Emerging Markets Review 29: 104–32. doi:10.1016/j.ememar.2016.08.020.
  • Haddad, C., and L. Hornuf. 2019. The emergence of the global Fintech market: Economic and technological determinants. Small Business Economics 53: 81–105. doi:10.1007/s11187-018-9991-x.
  • Hoenig, D., and J. Henkel. 2014. Quality signals? The role of patents, alliances, and team experience in venture capital financing. Research Policy 44, no. 5: 1049–64. doi:10.1016/j.respol.2014.11.011.
  • Kerr, W.R., J. Lerner, and A. Schoar. 2011. The consequences of entrepreneurial finance: evidence from angel financings. The Review of Financial Studies 27, no. 1: 20–55. doi:10.1093/rfs/hhr098.
  • Lee, I., and Y.J. Shin. 2018. Fintech: ecosystem, business models, investment decisions, and challenges. Business Horizons 61, no. 1: 35–46. doi:10.1016/j.bushor.2017.09.003.
  • Leong, C., B. Tan, X. Xiao, F.T.C. Tan, and Y. Sun. 2017. Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management 37, no. 2: 92–97. doi:10.1016/j.ijinfomgt.2016.11.006.
  • Lerner, J., A. Schoar, S. Sokolinski, and K.E. Wilson. 2018. The globalization of angel investments: Evidence across countries. Journal of Financial Economics 127, no. 1: 1–20. doi:10.1016/j.jfineco.2017.05.012.
  • Mayer-Haug, K., S. Read, J. Brinckmann, N. Dew, and D. Grichnik. 2013. Entrepreneurial talent and venture performance: A meta-analytic investigation of SMEs. Research Policy, Elsevier, 42, no. 6: 1251–1273.
  • Minardi, A., A. Bortoluzzo, and L. Moreira. 2017. Private equity and venture capital growth and performance in emerging markets. https://ssrn.com/abstract=2958416.
  • Nofsinger, J.R., and W. Wang. 2011. Determinants of start-up firm external financing worldwide. Journal of Banking & Finance 35, no. 9: 2282–94. doi:10.1016/j.jbankfin.2011.01.024.
  • Precup, M. 2015. The future of private equity in Europe – The determinants across countries. Romanian Journal of European Affairs 15: 72–92.
  • PwC. 2016. Blurred lines: How FinTech is shaping financial services. Global FinTech report: 1–36. PwC. https://www.pwc.de/de/newsletter/finanzdienstleistung/assets/insurance-inside-ausgabe-4-maerz-2016.pdf
  • Rajan, R.G., and L. Zingales. 1998. Financial dependence and growth. American Economic Review 88: 559–586.
  • Riding, A.L., J.J. Madill, and G.H. Haines Jr. 2007. Investment decision making by business angels. Handbook of Research on Venture Capital 1: 332–46.
  • Roeder, J., C.D. Rodríguez, M. Palmer, O. Werth, J. Muntermann, and M.H. Breitner. 2018. Make or break: Business model determinants of FinTech venture success. Proceedings of the Multikonferenz Wirtschaftsinformatik (MKWI), Lüneburg.
  • Spiegel, O., P. Abbassi, D. Schlagwein, and K. Fischbach. 2013. Going it all alone in web entrepreneurship?. Proceedings of the 2013 annual conference on Computers and people research, 21–32. doi:10.1016/j.msec.2013.10.014.
  • Stam, E., and V. Schutjens. 2005. The fragile success of team start-ups. Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group, 17.
  • Stuart, T.E., H. Hoang, and R.C. Hybels. 1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44, no. 2: 315–49. doi:10.2307/2666998.
  • Tykvova, T. 2018. Venture capital and private equity financing: An overview of recent literature and an agenda for future research. Journal of Business Economic 88, no. 3–4: 325–62.
  • Werth, J.C., and P. Boeert. 2013. Co-investment networks of business angels and the performance of their start-up investments. International Journal of Entrepreneurial Venturing 5, no. 3: 240–56. doi:10.1504/IJEV.2013.055292.
  • Wu, J., S. Si, and X. Wu. 2016. Entrepreneurial finance and innovation: Informal debt as an empirical case. Strategic Entrepreneurship Journal 10, no. 3: 257–73. doi:10.1002/sej.v10.3.
  • Zalan, T., and E. Toufaily. 2017. The promise of fintech in emerging markets: Not as disruptive. Contemporary Economics 11, no. 4: 415–30.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.