Crowdlending, Self-Employment, and Entrepreneurial Performance

被引:0
|
作者
Cumming, Douglas [1 ,2 ]
Sewaid, Ahmed [3 ]
机构
[1] Florida Atlantic Univ, Coll Business, Boca Raton, FL USA
[2] Univ Birmingham, Birmingham Business Sch, Birmingham, England
[3] MBS Coll Business & Entrepreneurship, Al-Hejaz Blvd, Kaec 239652609, Saudi Arabia
关键词
crowdlending; entrepreneurship; fintech; self-employment; CREDIT CONSTRAINTS; EQUITY; GROWTH; INFORMATION; DEPENDENCE; DECISIONS; ACCESS; SERIAL; INVESTMENT; BORROWERS;
D O I
10.1177/10422587241270596
中图分类号
F [经济];
学科分类号
02 ;
摘要
Access to finance is crucial for sustaining entrepreneurial activity. Elaborating on resource dependence theory, we argue that the adverse impact of a loan rejection by a crowdlending platform is more severe than that of a rejection by a traditional financial institution. The data indicate that a failed crowdlending loan attempt is associated with a 14.80% increase in the probability of transitioning out of self-employment. This effect is 1.62 times that of revolving lines of credit and 3.08 times that of non-revolving lines of credit. We highlight that these effects are amplified for marginal borrowers and credit- and income-constrained entrepreneurs. In addition, we show that successful crowdlending enhances self-employed individuals' future income and future access to traditional lines of credit. Implications for policy and practice are discussed.
引用
收藏
页码:403 / 434
页数:32
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