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Journal of International Entrepreneurship

01.04.2024

Cognitive wealth and fintech startup formation: an entrepreneurial absorptive capacity analysis in well-regulated environments

verfasst von: Pilar Madrazo-Lemarroy, Gilberto Márquez-Illescas, Claudine Moya-Ponce

Erschienen in: Journal of International Entrepreneurship

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Abstract

Financial technology (fintech) startups have emerged as a compelling and digital alternative within the financial industry. However, the expansion is crucial because without proper regulation, the emergence of fintech in any country can potentially jeopardize its financial stability. In this empirical work, we analyze the emergence of fintech startups in the financial industry of a set of countries, focusing on human capital elements and regulatory environments. The study proposes a positive effect of a country’s knowledge-based capabilities on the creation of fintech startups through the country’s entrepreneurial absorptive capacity by adopting the theoretical framework of the Absorptive Capacity Theory of Knowledge Spillover Entrepreneurship. Moreover, we argue that the regulatory framework also plays a significant role in moderating the impact of entrepreneurial absorptive capacity on the establishment of fintech startups in any given country. We test our theoretical predictions using ordinary least squares and negative binomial regressions on a sample of 56 countries during the period 2008–2017. Our study demonstrates that the regulatory framework, previously regarded as a direct factor influencing fintech startup creation, also plays a significant role in moderating the impact of entrepreneurial absorptive capacity on the establishment of fintech startups. Furthermore, we find that this role may be influenced by the level of corruption in the economy and the specific types of fintech firms. These findings highlight that the drivers of fintech company creation are interconnected and work in conjunction to provide entrepreneurs with appropriate incentives to initiate new fintech ventures.

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Quality refers to the extent to which a country’s legislation allows fintech clients [SME and entrepreneurs] the use of movable assets, default laws, and information systems as attainable guarantees.

Our database contains information of a diverse mix of economies. Based on the categories defined by the International Monetary Fund (IMF), 12% of the observations in our sample belongs to major advanced economies, 57% belongs to countries with somewhat advanced economies, and 31% of the observations belongs to emerging and developing economies. More details presented in Appendix Table 9.

The search was conducted on July 3, 2019, applying the filters “Fintech” and “Founded Date between January 1, 2005, and December 31, 2018.”.

The Cronbach alpha of the three items is 0.84, which indicates that the score has a high reliability.

The standardized Cronbach alpha of the index is 0.65. Even though the reliability of our index is slightly lower than the rule of thumb of 0.70, it is somewhat consistent with the reliability coefficient of two-item scales reported in recent research (Leary et al. 2014; Steffens et al. 2023; Wach et al. 2021; Wiklund et al. 2017). Since Cronbach’s alpha is very sensitive to the number of items, we used the Spearman-Brown Prophecy Formula to investigate whether the reliability coefficient of our index is relatively low due to the small number of items included (i.e., two). This formula indicates that if the number of items in our index is doubled (i.e., from two to four), the reliability would increase from 0.65 to 0.74. We interpret this result as a signal that the reliability coefficient of our score may be low due to the small number of items used (as opposed due to a low interim-correlation between the two items).

The “control of corruption” index reported by the World Bank as part of the WGI report takes higher values when corruption is lower. To compute corruption, we first multiplied the control of corruption index by minus one to have a measure that is increasing in the perceived level of corruption.

Prior literature includes the number of startups to proxy the entrepreneurial environment (Haddad and Hornuf 2019). This variable is naturally correlated with the other independent variables in our models, which also explain the formation of fintech. Hence, including the number of startups created to proxy the entrepreneurial environment may create multicollinearity issues in our empirical models.

Following Haddad and Hornuf (2019), we lagged the independent variables by one period to reduce endogeneity in the models.

The confidence interval (CI) for the indirect effects was conducted using the online utilities available from https://quantpsy.org/.

These can be interpreted as multiplicative effects.

Prior business studies indicate that an indirect effect can be found even if there is no direct relationship between the independent variable and the dependent variable (e.g., Zhao et al 2010; Rennekamp 2012; Libby et al. 2015). This situation may indicate that there might be other indirect offsetting effects working in the opposite direction (e.g., Zhao et al. 2010).

In untabulated results, we find that cognitive wealth does exert a significant positive direct effect on fintech startup formation (p value < 0.01) when entrepreneurial absorptive capacity is not in the model. When we introduce entrepreneurial absorptive capacity in the model, as shown in model 2 of Table 3, the significance of cognitive wealth on fintech startup formation disappears. Our interpretation of this result is that entrepreneurial absorptive capacity fully mediates the effect of cognitive wealth on fintech startup formation.

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Titel: Cognitive wealth and fintech startup formation: an entrepreneurial absorptive capacity analysis in well-regulated environments
verfasst von: Pilar Madrazo-Lemarroy
Gilberto Márquez-Illescas
Claudine Moya-Ponce
Publikationsdatum: 01.04.2024
Verlag: Springer US
Erschienen in: Journal of International Entrepreneurship
Print ISSN: 1570-7385
Elektronische ISSN: 1573-7349
DOI: https://doi.org/10.1007/s10843-024-00349-6

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