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

Zichun Yan (), Kai Wang (), Sang-Bing Tsai () and Lili Zhou ()
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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
Lili Zhou: School of Management, Guizhou University, GuiYang 550025, China

Sustainability, 2018, vol. 10, issue 8, 1-16

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.

Keywords: venture capital; cultural distance; uncertainty; crowd funding; online finance; green finance (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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