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Financial development and entrepreneurial vitality: Exploring the influence of entrepreneurial intention and government attention

Author

Listed:
  • Zhang, Wenjie
  • Tang, Qingting
  • Sun, Jiaqian
  • Chen, Litai

Abstract

Amid rising global unemployment, understanding how financial development can effectively promote urban entrepreneurial vitality has significant policy implications. Based on the theory of planned behavior (TPB), this study examines the impact of financial development on entrepreneurial vitality and its mechanisms using panel data from 278 Chinese cities (2011–2023) with a fixed-effects model. Findings demonstrate a significant direct promotional effect. Mechanism analysis reveals that this relationship is positively moderated by entrepreneurial intention and government attention, which amplify the positive impact of finance when they are strong and diminish the positive impact when they are weak. This study extends the TPB to macroeconomic analysis, revealing that converting financial resources into entrepreneurship requires synergy between individual motivation and entrepreneurs’ positive perceptions of external support. This study provides theoretical support and practical insights for a comprehensive policy framework integrating financial support, incentives for entrepreneurial intention, and active government intervention.

Suggested Citation

  • Zhang, Wenjie & Tang, Qingting & Sun, Jiaqian & Chen, Litai, 2026. "Financial development and entrepreneurial vitality: Exploring the influence of entrepreneurial intention and government attention," Economic Modelling, Elsevier, vol. 154(C).
    • Handle: RePEc:eee:ecmode:v:154:y:2026:i:c:s0264999325003748
    DOI: 10.1016/j.econmod.2025.107379
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    Keywords

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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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