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

Davide Castellani, Elisa Giaretta and Raffaele Staglianò

Finance Research Letters, 2022, vol. 44, issue C

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.

Keywords: Export intensity; Financing diversity; Institutional context (search for similar items in EconPapers)
JEL-codes: G30 G32 L26 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:44:y:2022:i:c:s1544612321001112

DOI: 10.1016/j.frl.2021.102030

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