Purpose

Literature has pointed that conventional financial development theories have inconclusive role on motivating new businesses. New ventures often consider the conventional system that passes through risk and provides fixed-interest lending as a burden. Comparatively, Islamic finance contributes using participative and equitable substitute for startups and has a potential in promoting new businesses. This study aims to investigate the holistic financial development index quadratic effect on entrepreneurship and include the moderating role of Islamic financing at national level.

Design/methodology/approach

Islamic banks of 21 nations constitute the unbalanced panel data. Financial development and entrepreneurship indices were developed using factor analysis and panel median regression to estimate the nonlinear financial market development effects and Islamic financing moderation model.

Findings

The results indicated that low financial market development is entrepreneurship deterring because of interest burden effect, which could be eased with a proportional increase in the Islamic financing, which is participative. The moderating effect has led to the categorization of the sample countries into entrepreneurship promoting and entrepreneurship discouraging with respect to the current incidence of financial market development and Islamic financing, which can help policymakers in understanding the entrepreneurship promoting combination of financial development and Islamic financing.

Research limitations/implications

Central banks and Shari’ah advisory councils can adopt Islamic financing transition in the national financial inclusion policy for new business facilitation.

Originality/value

This study is instrumental in exploring the assessment of introducing Islamic financing while developing the financial sector on multidimensional entrepreneurship.

中文翻译：

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伊斯兰融资在使金融发展更加有利于创业方面的潜力

目的

文献指出，传统金融发展理论对于激励新业务的作用尚无定论。新企业通常将转移风险并提供固定利率贷款的传统系统视为负担。相比之下，伊斯兰金融为初创企业提供参与性和公平的替代，并具有促进新业务的潜力。本研究旨在调查整体金融发展指数对创业的二次影响，并包括伊斯兰融资在国家层面的调节作用。

设计/方法论/途径

21个国家的伊斯兰银行构成了不平衡的面板数据。使用因子分析和面板中值回归制定金融发展和创业指数，以估计非线性金融市场发展效应和伊斯兰融资调节模型。

发现

结果表明，由于利息负担效应，金融市场发展缓慢阻碍了创业，这可以通过参与性伊斯兰融资的比例增加来缓解。调节效应导致样本国家就当前金融市场发展和伊斯兰融资的发生率将样本国家分为创业促进和创业抑制两类，这可以帮助政策制定者理解金融发展和伊斯兰融资结合促进创业的作用。

研究局限性/影响

中央银行和伊斯兰教法咨询委员会可以在国家金融普惠政策中采用伊斯兰融资转型，以促进新业务的发展。

原创性/价值

这项研究有助于探讨在发展多维创业金融部门时引入伊斯兰融资的评估。