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Home country digital finance development and post-entry internationalization speed of emerging market SMEs: Empirical evidence from China

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  • Zhou, Chao
  • Liao, Jinglin

Abstract

Digital finance development (DFD) has profoundly impacted various aspects of our society. This study investigates how home country DFD affects the post-entry internationalization speed (PIS) of small and medium-sized enterprises (SMEs) in emerging markets. Using data on Chinese manufacturing SMEs from 2011 to 2020, we find that home country DFD exerts a significantly positive impact on emerging market SMEs' PIS. In particular, this positive impact is especially pronounced for SMEs led by CEOs with overseas experience, those in high-tech industries, and those in home country regions with a high level of traditional finance development. The mechanism analysis demonstrates that home country DFD enhances SMEs' PIS through two channels: easing firm financing constraints and improving firm productivity. Our findings advance the knowledge about the economic effects of DFD and the determinants of PIS.

Suggested Citation

  • Zhou, Chao & Liao, Jinglin, 2024. "Home country digital finance development and post-entry internationalization speed of emerging market SMEs: Empirical evidence from China," International Review of Financial Analysis, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finana:v:91:y:2024:i:c:s105752192300532x
    DOI: 10.1016/j.irfa.2023.103016
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    More about this item

    Keywords

    Digital finance; Post-entry internationalization speed; Financing constraint; Firm productivity; SME;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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