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Accessibility to external finance and entrepreneurship: A cross-country analysis from the informal institutional perspective

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  • Reza H. Chowdhury
  • Min Maung

Abstract

By using individual-level survey data from 97 countries, we investigate the effect of informal institutions on external financing and its impact on entrepreneurship. We find that a culturally driven entrepreneurial environment allows entrepreneurs to obtain more debt, equity, and venture capital financing, and this, in turn, increases entrepreneurial activities. We further find that culturally driven entrepreneurial environment is more critical in determining entrepreneurship than formal institutional arrangements (such as investor protection). Our results provide evidence that cross-country variations in entrepreneurship can be explained by differences in cultural support to new venture financing across countries.

Suggested Citation

  • Reza H. Chowdhury & Min Maung, 2022. "Accessibility to external finance and entrepreneurship: A cross-country analysis from the informal institutional perspective," Journal of Small Business Management, Taylor & Francis Journals, vol. 60(3), pages 668-703, May.
    • Handle: RePEc:taf:ujbmxx:v:60:y:2022:i:3:p:668-703
    DOI: 10.1080/00472778.2020.1726125
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