Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions

This study analyses the effect of the financial ecosystem on the growth of young firms at the regional level. This subject is relatively new in entrepreneurial finance research since most of the previous studies have failed to consider all the alternative sources of external financing to which young...

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Autores: Vega Pascual, Manuela, Di Pietro, Filippo, Palacín Sánchez, María José, Alfalla Luque, Rafaela
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2024
País:España
Institución:Universidad de Sevilla (US)
Repositorio:idUS. Depósito de Investigación de la Universidad de Sevilla
OAI Identifier:oai:idus.us.es:11441/164241
Acceso en línea:https://hdl.handle.net/11441/164241
https://doi.org/10.1007/s11846-024-00815-4
Access Level:acceso abierto
Palabra clave:Firm growth
Young SMEs
Regional financial development
Entrepreneurial finance
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spelling Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regionsVega Pascual, ManuelaDi Pietro, FilippoPalacín Sánchez, María JoséAlfalla Luque, RafaelaFirm growthYoung SMEsRegional financial developmentEntrepreneurial financeThis study analyses the effect of the financial ecosystem on the growth of young firms at the regional level. This subject is relatively new in entrepreneurial finance research since most of the previous studies have failed to consider all the alternative sources of external financing to which young firms have access. This study highlights the relevance of alternative resources and actors in the financial environment beyond traditional banks, such as crowdfunding, business angels, peer-to-peer lending, accelerators, incubators and venture capital. Specifically, our research incorporates a proxy of the development of the financial ecosystem based on survey data from the Global Entrepreneurship Monitor (GEM). Moreover, our investigation uses a sample of young small and medium-sized enterprises (SMEs) representing every Spanish region between 2008 and 2015. The empirical analysis applies panel data methodology. The results show that the growth of young enterprises depends on developing a regional financial ecosystem, evidencing that better access to external finance favours the growth of young firms. This relationship is even more relevant among early-stage firms, which suggests that firm age moderates the relationship between the regional financial ecosystem and the growth of young SMEs.Premio Mensual Publicación Científica Destacada de la US. Facultad de Turismo y FinanzasSpringerEconomía Financiera y Dirección de Operaciones2024info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://hdl.handle.net/11441/164241https://doi.org/10.1007/s11846-024-00815-4reponame:idUS. Depósito de Investigación de la Universidad de Sevillainstname:Universidad de Sevilla (US)InglésReview of Managerial Science.https://doi.org/10.1007/s11846-024-00815-4info:eu-repo/semantics/openAccessoai:idus.us.es:11441/1642412026-06-17T12:51:07Z
dc.title.none.fl_str_mv Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
title Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
spellingShingle Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
Vega Pascual, Manuela
Firm growth
Young SMEs
Regional financial development
Entrepreneurial finance
title_short Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
title_full Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
title_fullStr Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
title_full_unstemmed Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
title_sort Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions
dc.creator.none.fl_str_mv Vega Pascual, Manuela
Di Pietro, Filippo
Palacín Sánchez, María José
Alfalla Luque, Rafaela
author Vega Pascual, Manuela
author_facet Vega Pascual, Manuela
Di Pietro, Filippo
Palacín Sánchez, María José
Alfalla Luque, Rafaela
author_role author
author2 Di Pietro, Filippo
Palacín Sánchez, María José
Alfalla Luque, Rafaela
author2_role author
author
author
dc.contributor.none.fl_str_mv Economía Financiera y Dirección de Operaciones
dc.subject.none.fl_str_mv Firm growth
Young SMEs
Regional financial development
Entrepreneurial finance
topic Firm growth
Young SMEs
Regional financial development
Entrepreneurial finance
description This study analyses the effect of the financial ecosystem on the growth of young firms at the regional level. This subject is relatively new in entrepreneurial finance research since most of the previous studies have failed to consider all the alternative sources of external financing to which young firms have access. This study highlights the relevance of alternative resources and actors in the financial environment beyond traditional banks, such as crowdfunding, business angels, peer-to-peer lending, accelerators, incubators and venture capital. Specifically, our research incorporates a proxy of the development of the financial ecosystem based on survey data from the Global Entrepreneurship Monitor (GEM). Moreover, our investigation uses a sample of young small and medium-sized enterprises (SMEs) representing every Spanish region between 2008 and 2015. The empirical analysis applies panel data methodology. The results show that the growth of young enterprises depends on developing a regional financial ecosystem, evidencing that better access to external finance favours the growth of young firms. This relationship is even more relevant among early-stage firms, which suggests that firm age moderates the relationship between the regional financial ecosystem and the growth of young SMEs.
publishDate 2024
dc.date.none.fl_str_mv 2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/11441/164241
https://doi.org/10.1007/s11846-024-00815-4
url https://hdl.handle.net/11441/164241
https://doi.org/10.1007/s11846-024-00815-4
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Review of Managerial Science.
https://doi.org/10.1007/s11846-024-00815-4
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Springer
publisher.none.fl_str_mv Springer
dc.source.none.fl_str_mv reponame:idUS. Depósito de Investigación de la Universidad de Sevilla
instname:Universidad de Sevilla (US)
instname_str Universidad de Sevilla (US)
reponame_str idUS. Depósito de Investigación de la Universidad de Sevilla
collection idUS. Depósito de Investigación de la Universidad de Sevilla
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,81155

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