ABSTRACT How does corporate venture capital (CVC) drive business model innovation (BMI)? This paper provides a comprehensive overview of past studies at the intersection of CVC and BMI for both scholars and practitioners. Based on a sample of 52 studies published between 1990 and 2025, we identify seven key dimensions along which CVC influences BMI: (1) corporate characteristics, (2) CVC program characteristics, (3) interorganizational collaboration networks, (4) interorganizational knowledge and resource exchange, (5) dynamic capability development, (6) innovation of the value proposition, and (7) innovation of the cost model. Additionally, we map the implications of CVC for BMI across different corporate and CVC program characteristics. Our analysis reveals critical research gaps, particularly concerning non-customer-facing innovation outcomes and differences across alternative CVC program and corporate characteristics. This highlights a prevailing emphasis on technological and product innovation in literature, often overlooking the contextual diversity in CVC-driven innovation.

ABSTRACT The French private equity ecosystem is characterised by the presence of Bpifrance, a state investment bank (SIB) which has structured and streamlined the sector since its creation in 2013. On the demand side, this research questions the influence of Bpifrance, as a direct public investor with sustainable venture capital objectives for environmental and social public good. France’s venture capital market is examined on the length of time between early-stage venture capital funding rounds and the ability of funded ventures, including those with deep tech and sustainable development goals (SDGs), to progress along the stages of the finance escalator. To answer this question, data was collected from Dealroom, a platform that provides investment information on a large number of startups in different countries over their lifecycle. An event history analysis is conducted on a sample of 3741 French ventures that raised their first seed funds between 1990 and 2023. The results confirm the impact of Bpifrance and the various public programmes that accompanied it on the structuring of the French venture capital ecosystem. On the other hand, the results question the ability of Bpifrance to support start-up companies with disruptive social and/or environmental innovations that require patient capital and significant risk-taking.

ABSTRACT As the global population of elderly women continues to grow, understanding their financial well-being has become increasingly important. Despite the growing attention on financial inclusion, limited research has focused on how it impacts the financial resilience of elderly women, a group particularly vulnerable to financial shocks. This study addresses this gap by exploring how financial inclusion contributes to elderly women’s ability to cope with unexpected financial emergencies. Using survey data from 1,664 elderly women (above 60 years), the study investigates the role of various financial inclusion indicators – such as savings and insurance products, as well as reliance on family members for saving money – in enhancing financial resilience. Our findings show that financial inclusion plays a crucial role in strengthening the financial resilience of elderly women, with significant contributions from owning savings and insurance products. These insights have important implications for policymakers, regulators, and financial institutions seeking to design more inclusive financial services for elderly populations. By fostering financial inclusion, this study contributes to broader efforts toward achieving the United Nations’ Sustainable Development Goals (SDGs), particularly those related to reducing inequality and promoting economic security for all.

ABSTRACT This study investigates the differences existing between the effects of majority and minority equity investments and partnership (non-equity) agreements on FinTechs’ performance. It also explores different effects among strategic alliances with banks and Other Financial Institutions (OFIs). Analysing a panel of 122 FinTechs operating in Italy over the period 2007–2019, this study shows that equity agreements positively influence performance measured through revenue growth. The effect of banks’ majority equity investments is delayed compared to minority stakes, while partnership agreements are less relevant. Only banks’ minority equity investments signal FinTechs’ quality and enhance their ability to secure subsequent funds, while majority equity investments are strongly manned by banks, excluding new investors entry. Similar effects characterise relationships with OFIs, but with weaker intensity and persistence. Corporate control by OFIs negatively influences revenue growth. For FinTechs’ managers, this study underscores the critical role of equity agreements with banks in boosting growth. Likewise, banks’ managers could create supportive environments for FinTechs to maximise innovation and the benefits of strategic alliances. These findings also hold social implications, since successful bank-FinTech relationships can improve efficiency and innovation in customer servicing.

ABSTRACT Venture capital in emerging economies is part of the shadow economy and consequently under-explored. The paper attempts to disentangle the hidden operations of informal venture capital (IVCs) in emerging economies such as Pakistan. Moreover, the study examines the impact and consequences of the un-documented economy, the role of IVCs and networks that give rise to the shadow economic systems. Using 21 semi-structured interviews, (1) we developed a conceptual framework to study the presence of IVCs; (2) the analysis suggests that IVCs fill the finance gap where formal financial institutions and government funding schemes failed to meet the needs of high-growth entrepreneurs; (3) IVCs have a significant presence in case of Pakistan and serve a vital role in promoting economic well-being; (4) the findings suggest that government-sponsored schemes give rise to favouritism and malpractices in the distribution of funds give rise to “Hybrid” IVCs operation; (5) finally, our results suggest rationalisation of IVCs promote sustainability and agenda for entrepreneurial growth. The findings have implications for policymakers to develop venture capital markets and facilitate the transition of IVCs to formal capital markets.

ABSTRACT This paper investigates the critical issue of financing early-stage green startups, examining the types of investors and finance models available, the challenges these startups face, and how the green finance ecosystem can better support early-stage investment. Utilizing a systematic literature review (SLR) methodology, we provide a comprehensive analysis of the current landscape. Our findings reveal a significant paucity of data and a bias towards well-established North American and European ecosystems, while highlighting an emerging diversity in private finance sources post-Global financial crisis (GFC), including grants, equity, and crowdfunding. Despite this, there remains a heavy reliance on public funding and a lack of evidence regarding its impact. The inherent characteristics of cleantech – high capital expenditure, long investment horizons, and disruptive nature – necessitate innovative public financing instruments and policies to reduce risk and attract private investment. Our theoretical contribution highlights the necessity for interdisciplinary research and policy collaboration to develop a holistic entrepreneurial finance (entfin) ecosystem. This approach should integrate quantitative economic and qualitative behavioural finance research to address information asymmetries and improve the green economy policy mix. Such a framework will support public-private co-financing, enhance stakeholder engagement, and provide evidence for policy decisions, facilitating more rapid commercialization of cleantech innovations for environmental sustainability.

ABSTRACT This study discusses the impediments and challenges to the growth of impact investing in a developing country. The authors define a set of 7 possible obstacles by establishing a conceptual framework for impact investing. The obstacles are tested through 24 interviews with different players within the Chilean entrepreneurial ecosystem, confirming impediments such as the early stage of market development, the scarcity of suitable investment deals, overdependence on public funding, a paucity of intermediaries and specialised business supports, and the lack of impact measurement practices. Our findings represent a step forward in understanding and supporting the growth of impact investments in developing countries.

ABSTRACT Patents are the most important tool to protect innovation and support the value creation process in early-stage financing as well as in Private Capital investments. This work studies the growing body of academic literature concerning the relations between Private Equity, Venture Capital and patents and formulates a theoretical framework and an agenda for future research. We review the specific body of research resulting from the entwining of corporate finance and innovation management. Through a bibliometric analysis of the literature, we adopt a quantitative approach to develop a content analysis on the 292 articles found. We present the open debate related to the improvement of the metrics to proxy the technological value of a company’s innovation, especially in relation to startups and venture capital investments. We assess the key contributions, thematic clusters and emerging themes, formulating a theoretical framework grounded on the state of research. Additionally, we highlight the lack of integration of findings on signalling before the investment and the strategic use of Intellectual Property Protection Mechanisms assets by the investor to create value during the holding period. Finally, we outline future venues of research in the study of the relations between investments in innovative companies and positive socio-economic externalities.

Economics literature maintains that individuals' personality shape economic behavior by acting on preferences, such as risk attitude and trust, and by exaggerating biases in individuals' judgement (Rabin 1998(Rabin , 2013)).Challenging the standard assumptions about the economic agents -that they are selfish, rational, and possess stable preferences -was the starting point (Kahneman 2003) that spurred a plethora of studies investigating psychological "portrait" of economic agents, and origins of their tastes and personality traits

ABSTRACT This study investigates the value of third-party ratings of personality in investor pitches for predicting the investment intention and successful equity crowdfunding of U.S.-based startups. Based on 1175 ratings of 100 randomly selected investor pitch videos, we find that not only do investors’ impressions of entrepreneurs Big Five personality traits predict investment intention but that several of these also predict entrepreneurs’ actual crowdfunding success (particularly: openness, conscientiousness and extraversion). The study contributes to our knowledge of the links between (perceived) individual-level traits of the entrepreneur and their ability to finance a venture, a key challenge in the early stages of startups.