Please use this identifier to cite or link to this item: http://bura.brunel.ac.uk/handle/2438/31723
Title: The effect of fintech financing on firm performance: Evidence from emerging economies
Authors: Gaibulloev, K
Mirzaei, A
Moore, T
Saad, M
Keywords: fintech financing;financial constraints;firm performance;emerging economies;P2P lending;crowdfunding
Issue Date: 29-Jul-2025
Citation: Gaibulloev, K. et al. (2025) 'The effect of fintech financing on firm performance: Evidence from emerging economies', Journal of International Financial Markets, Institutions and Money, 103, 102201, pp. 1 - 28. doi: 10.1016/j.intfin.2025.102201.
Abstract: This paper rigorously examines the relationship between fintech financing and the financial and real performance of financially constrained firms in emerging countries. Using data from 45,770 firms across 20 countries for 2012–2020, we find that the performance of external-finance dependent firms is disproportionately higher when they operate in countries that receive more fintech funds. A host of robustness tests confirm our main finding. We further find that: (i) P2P lending and crowdfunding have greater implications on firm performance than balance sheet lending (ii) the relationship is particularly strong in young firms, and financially developed emerging countries with deeper disclosure of credit information, and (iii) specifically, in countries with greater banking penetration, there is evidence of a substitution effect between bank lending and fintech. Additionally, fintech finance increases capital investment, lowers borrowing costs, and boosts total factor productivity (TFP) to improve firm performance.
Description: Data availability: Data will be made available on request.
URI: https://bura.brunel.ac.uk/handle/2438/31723
DOI: https://doi.org/10.1016/j.intfin.2025.102201
ISSN: 1042-4431
Other Identifiers: ORCiD: Khusrav Gaibulloev https://orcid.org/0000-0002-9014-9532
ORCiD: Ali Mirzaei https://orcid.org/0000-0001-5012-4229
ORCiD: Tomoe Moore https://orcid.org/0000-0002-9612-1020
Article number: 102201
Appears in Collections:Dept of Economics and Finance Research Papers

Files in This Item:
File Description SizeFormat 
FullText.pdfCopyright © 2025 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license ( https://creativecommons.org/licenses/by/4.0/ ).2.9 MBAdobe PDFView/Open


This item is licensed under a Creative Commons License Creative Commons