Accessibility to external finance and entrepreneurship: A cross-country analysis from the informal institutional perspective
利用97国个人调查数据，研究发现文化驱动的创业环境能帮助创业者获得更多债务、股权和风投融资，进而促进创业活动，且其作用比正式制度更重要。
By using individual-level survey data from 97 countries, we investigate the effect of informal institutions on external financing and its impact on entrepreneurship. We find that a culturally driven entrepreneurial environment allows entrepreneurs to obtain more debt, equity, and venture capital financing, and this, in turn, increases entrepreneurial activities. We further find that culturally driven entrepreneurial environment is more critical in determining entrepreneurship than formal institutional arrangements (such as investor protection). Our results provide evidence that cross-country variations in entrepreneurship can be explained by differences in cultural support to new venture financing across countries.