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Third-party signals in crowdfunded microfinance: which microfinance institutions boost crowdfunding among refugee entrepreneurs?
Small Business Economics ( IF 7.096 ) Pub Date : 2023-01-24 , DOI: 10.1007/s11187-022-00708-4
Ana Paula Matias Gama, Ricardo Emanuel Correia, Mário Augusto, Fábio Duarte

Abstract

Despite the relevance of crowdfunding as a financing tool for underrepresented entrepreneurs, prior research pays scant attention to the funding gap for refugee entrepreneurs. Using a composite framework that integrates both entrepreneurship research and signalling theory, the current study investigates how microfinance institutions (MFIs) and refugee entrepreneurs can deploy signals to pursue entrepreneurial opportunities on digital platforms. The results, based on refugee data pertaining to 5615 loans on Kiva during 2015–2018, reveal that when refugee loan campaigns are affiliated with an MFI that itself features lower default rates, achieves high profitability, adopts an entrepreneurial support orientation, operates transnationally and is digitally focused, the campaign achieves better crowdfunding performance outcomes than refugees campaigns affiliated with an MFI that lacks these features. These findings provide clear evidence that when MFIs offer reputational signals, visible to the crowd of lenders, it can increase entrepreneurial financing and democratize resource acquisition among financially excluded refugee entrepreneurs.

Plain English Summary

Can microfinance institutions boost crowdfunding among refugee entrepreneurs and their small businesses? Yes, they can. Third-party signals may support growth in alternative finance for #refugees. While research on entrepreneurship has largely targeted immigrant entrepreneurs, the refugee context has been neglected, namely how refugee entrepreneurs fund their economic activities. With signalling literature on new venture financing of entrepreneurship being greatly fragmented, we contribute to the understanding of how crowdfunding microfinance boost venture financing of refugees. We study the gain of legitimacy by refugee entrepreneurs displayed through reputational signals intertwined with the reputation of microfinance institutions (MFI). Our results reveal higher success in funding outcomes when the loan campaign is linked with microfinance institutions with lower loan default rates, higher profitability, driven by entrepreneurial support, operating internationally and with a digital presence, compared with MFI that lacks these features. Our work has relevant implications for underrepresented refugee entrepreneurs, crowdfunding actors, policymakers and scholars. Our findings indicate that the affiliation between refugees-microfinance institutions creates certain reputational signals which enhance entrepreneurial finance and shape conditions for societal integration in the host country. For crowdfunding platforms, we show that to develop an effective, self-perpetuating entrepreneurial ecosystem, they should work to build their reputation among lenders, by capitalizing on and making third-party signals more readily available. At the same time, they must conduct due diligence to assess and monitor MFIs’ behaviour. Policy makers are recommended to build up on this digital microfinance experience to enhance new venturing finance refugee programs. We, thus, extend prior findings about the importance of third-party affiliations by establishing a composite framework of third-party signals in the context of new venture financing for financially excluded communities, and refugees in particular. Accordingly, for scholars, we offer cross-disciplinary insights into which characteristics of intermediaries can facilitate links between the supply (crowd of lenders) and demand (refugee entrepreneurs) sides in prosocial crowdfunding.



中文翻译:

众筹小额信贷中的第三方信号:哪些小额信贷机构促进了难民企业家的众筹?

摘要

尽管众筹作为代表性不足的企业家的融资工具具有相关性,但先前的研究很少关注难民企业家的资金缺口。本研究使用整合了创业研究和信号理论的复合框架,调查小额信贷机构 (MFI) 和难民企业家如何部署信号以在数字平台上寻求创业机会。基于 2015-2018 年 Kiva 上 5615 笔贷款的难民数据,结果表明,当难民贷款活动与 MFI 相关联时,该 MFI 本身具有较低的违约率、实现高盈利、采用创业支持导向、跨国经营并且是专注于数字,与附属于缺乏这些特征的小额信贷机构的难民活动相比,该活动取得了更好的众筹绩效成果。这些发现提供了明确的证据,表明当小额信贷机构提供声誉信号时,放款人群体可以看到,它可以增加创业融资,并使经济上被排斥的难民企业家的资源获取民主化。

简单的英语摘要

小额信贷机构能否促进难民企业家及其小企业之间的众筹?是的他们可以。第三方信号可能支持#refugees 替代金融的增长。虽然创业研究主要针对移民企业家,但忽视了难民背景,即难民企业家如何为其经济活动提供资金。由于关于创业新风险融资的信号文献非常分散,我们有助于理解众筹小额信贷如何促进难民的风险融资。我们通过与小额信贷机构 (MFI) 的声誉交织在一起的声誉信号来研究难民企业家获得的合法性。我们的结果表明,与缺乏这些特征的小额信贷机构相比,当贷款活动与小额信贷机构相关联时,贷款违约率更低、盈利能力更高、受企业支持、国际化运营和数字化存在的影响更大。我们的工作对代表性不足的难民企业家、众筹参与者、政策制定者和学者具有相关意义。我们的研究结果表明,难民与小额信贷机构之间的联系会产生某些声誉信号,这些信号会增强创业融资并为东道国的社会融合创造条件。对于众筹平台,我们表明要开发一个有效的、自我永存的创业生态系统,他们应该努力在贷款人中建立声誉,通过利用并使第三方信号更容易获得。同时,他们必须进行尽职调查以评估和监督小额信贷机构的行为。建议政策制定者以这种数字小额信贷经验为基础,加强新的风险投资难民计划。因此,我们通过在为经济上被排斥的社区,特别是难民的新风险融资背景下建立第三方信号的复合框架,扩展了先前关于第三方从属关系重要性的发现。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。他们必须进行尽职调查以评估和监督小额信贷机构的行为。建议政策制定者以这种数字小额信贷经验为基础,加强新的风险投资难民计划。因此,我们通过在为经济上被排斥的社区,特别是难民的新风险融资背景下建立第三方信号的复合框架,扩展了先前关于第三方从属关系重要性的发现。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。他们必须进行尽职调查以评估和监督小额信贷机构的行为。建议政策制定者以这种数字小额信贷经验为基础,加强新的风险投资难民计划。因此,我们通过在为经济上被排斥的社区,特别是难民的新风险融资背景下建立第三方信号的复合框架,扩展了先前关于第三方从属关系重要性的发现。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。建议政策制定者以这种数字小额信贷经验为基础,加强新的风险投资难民计划。因此,我们通过在为经济上被排斥的社区,特别是难民的新风险融资背景下建立第三方信号的复合框架,扩展了先前关于第三方从属关系重要性的发现。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。建议政策制定者以这种数字小额信贷经验为基础,加强新的风险投资难民计划。因此,我们通过在为经济上被排斥的社区,特别是难民的新风险融资背景下建立第三方信号的复合框架,扩展了先前关于第三方从属关系重要性的发现。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。尤其是难民。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。尤其是难民。因此,对于学者,我们提供跨学科的见解,了解中介机构的哪些特征可以促进亲社会众筹中供应方(贷方人群)和需求方(难民企业家)之间的联系。

更新日期:2023-01-24
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