Venture and entrepreneur's characteristics as signals of new ventures' access to bank finance: a systemic csQCA approach

Xiaodong Wang, Shuangfa Huang, Myropi Garri*, David Pickernell

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contribution


Research on entrepreneurial finance suggests new ventures often rely on signals to demonstrate venture quality and thus access bank finance. Previous works mostly examined individual signals in isolation. Moreover, researchers devoted limited attention to how the effectiveness of venture quality signals vary depending on the sender. This study explores how new venture’s access to finance depends on signals of venture quality, including innovation and performance, and on the characteristics of the entrepreneur as the signaller (i.e., gender, age, ethnicity, geography). Using crisp set Qualitative Comparative Analysis (csQCA) based on a sample of 325 new ventures, our results show that success in bank financing requires multiple signals to work together as a system. Our findings also uncover that young and ethnic minority entrepreneurs tend to be disadvantaged in the process of obtaining bank finance, whereas this is not the case for female entrepreneurs or for entrepreneurs located in non-core regions.
Original languageEnglish
Title of host publicationBAM 2023 Proceedings
PublisherBritish Academy of Management
Publication statusPublished - 6 Sept 2023
EventBritish Academy of Management Annual Conference: Towards Disruptive Sustainability: New Business Opportunities and Challenges - University of Sussex, Brighton, United Kingdom
Duration: 1 Sept 20236 Sept 2023


ConferenceBritish Academy of Management Annual Conference
Country/TerritoryUnited Kingdom
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