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“Early-stage financing diversity and firms’ export intensity: a cross-country analysis”

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  • Castellani, Davide
  • Giaretta, Elisa
  • Staglianò, Raffaele

Abstract

Drawing on data from the Global Entrepreneurship Monitor and a sample of more than 13,000 firms from 46 countries, we investigate the relationship between early-stage financing diversity and export intensity of both startups and established firms. We define early-stage financing diversity as the number of types of formal and informal external sources that provided the firm's seed capital. Based on the hypothesis that exporting is a risky and knowledge-based activity, we discover a positive relationship between early-stage financing diversity and export intensity. Notably, the study demonstrates that a country's financial development and degree of investor protection negatively moderate the baseline relationship.

Suggested Citation

  • Castellani, Davide & Giaretta, Elisa & Staglianò, Raffaele, 2022. "“Early-stage financing diversity and firms’ export intensity: a cross-country analysis”," Finance Research Letters, Elsevier, vol. 44(C).
    • Handle: RePEc:eee:finlet:v:44:y:2022:i:c:s1544612321001112
    DOI: 10.1016/j.frl.2021.102030
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    1. Quy T. Vo & Tho V. Nguyen & Tin H. Ho & Hien T. T. Bui & Khoa N. A. Le, 2023. "Supportive Policies of Government as the Drivers of SMEs’ Export Performance: A Study in Ho Chi Minh City, Vietnam," SAGE Open, , vol. 13(4), pages 21582440231, November.

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    More about this item

    Keywords

    Export intensity; Financing diversity; Institutional context;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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