Female International Entrepreneurship: Financing Factors of Business Venturing

The study explores the influence of financing drivers on female entrepreneurial activity. We study the interaction of financing elements on domestic entrepreneurial activities and the role of financing on female-oriented international entrepreneurship in the United States, Italy and France. We analyse entrepreneurship at the two levels of total entrepreneurial activities (TEA) and export function by applying a logistic regression model and, we hypothesise that financing factors are affected by the motivation of starting business and export activities. The findings reveal that there is a significant and positive relationship between women entrepreneurship and financial institution-fund support at the domestic level. They confirm a positive and strong impact of access to finance on women’s entrepreneurial activities in three selected countries. In addition, the positive effect of the perception of entrepreneurship capability (as an indicator for human capital) on access to finance is identified. The research highlights how the different effects of economic freedom led to differences in the management of a company and the associated decision-making of female entrepreneurs. Future research could contribute by comparing financing for women’s entrepreneurship in developing countries compared to developed countries. The study mitigates the large research gap in the female entrepreneurial literature by examining the impact of the relationship between access to finance and women's performance in the international arena. It sheds new light on the concept of female entrepreneurship and the foresight needed for starting an activity.