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An Empirical Study on Internet Startup Financing From a Green Financial Perspective

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  • Zichun Yan

    (Economics and Management College, Civil Aviation University of China, Tianjin 300300, China)

  • Kai Wang

    (College of Business Administration, Capital University of Economics and Business, Beijing 100070, China)

  • Sang-Bing Tsai

    (College of Business Administration, Capital University of Economics and Business, Beijing 100070, China
    Zhongshan Institute, University of Electronic Science and Technology of China, Zhongshan 528402, China)

  • Lili Zhou

    (School of Management, Guizhou University, GuiYang 550025, China)

Abstract

In the context of worldwide internationalization, a new entrepreneurial financing mode has emerged and gained popularity, which has been improved and modified significantly in terms of both form and content. This study selects crowdfunding as its breakthrough point to explore and study the relationships between the backgrounds of initiators, experiences, and financing effects. Through data mining technology, this article introduces a database including 423 entrepreneurial financing projects and entrepreneurs’ information, and entrepreneurs’ locations covering 10 countries and regions. By using the multivariate least square model, we conclude that the entrepreneurs’ technical educational backgrounds, offline entrepreneurial experiences, and online entrepreneurial experiences all have positive effects on internet financing. The weaker the value that the uncertainty avoidance in the entrepreneurs’ host countries has, the stronger the facilitation and promotion from offline and online entrepreneurial experiences on internet financing. Furthermore, the level of uncertainty avoidance in the entrepreneurs’ countries has a moderating effect as well.

Suggested Citation

  • Zichun Yan & Kai Wang & Sang-Bing Tsai & Lili Zhou, 2018. "An Empirical Study on Internet Startup Financing From a Green Financial Perspective," Sustainability, MDPI, vol. 10(8), pages 1-16, August.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:8:p:2912-:d:164134
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