1、字数：英文 3661 单词， 21609 字符；中文 6504 汉字 出处： Kimmitt J, Scarlata M, Dimov D. An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capabilitiesJ. Venture Capital, 2016, 18(3): 257-276. 外文文献 An empirical investigation of the interplay between microcredi
2、t, institutional context, and entrepreneurial capabilities Abstract Understanding under which conditions microcredit is used by new, growing ventures is becoming increasingly pertinent to scholars. This paper investigates the interplay of the use of microcredit with entrepreneurial capabilities and
3、the moderating role of institutional development in sub-Saharan Africa. Our findings show that higher constraints to entrepreneurial capabilities are associated with higher use of microcredit. In addition, we find that new, growing ventures use microcredit more where either economic or political ins
4、titutions are less developed. Our findings suggest the importance of the existence of some type of institutional strength that must be in place to form the basis for microcredit activity. This allows for speculation as to whether microcredit works as the literature currently assumes. KEYWORDS: Capab
5、ilities; entrepreneurial finance; institutions; microfinance 1.Introduction Entrepreneurial activity is strongly influenced by the context it is embedded in (Baumol 1990, 1993; Autio and Acs 2010; Welter 2011). Particularly in emerging markets, entrepreneurs face a number of challenges, such as the
6、mixed success of innovation (Bradley et al. 2012), weak institutions (Acemoglu 2003), and low human capital levels (Acs and Virgill 2010). One particular challenge for these entrepreneurs is access to finance (Honohan 2007) which can lead them into “poverty traps” (Berthelemy and Varoudakis 1996), ultimately undermining their ability to freely choose among options (Gries and Naud 2011) and pursue the goals they value (Alkire 2005). A financial sector that is well developed, on the contrar
