Abstract
Purpose: This study is exploring the holistic quadratic financial market development effect on entrepreneurship at the macroeconomic level and assesses the contrast of patterns because of the increase in the share of Islamic equity financing as a risk-sharing instrument. Method: An unbalanced panel data is acquired for selected Islamic banks of 21 nations to estimate Panel Quantile Regression (PQR) measuring the curvilinear financial market development effect and moderating role of Islamic equity financing in explaining the macroeconomic entrepreneurship index. Results: The results show that higher equity financing dissipates the debt burden of financing by sharing risks, thus motivating entrepreneurship at a macroeconomic level. Implications: Central Banks and Islamic advisory boards regulating banking systems innovate to integrate and increase equity based financial instruments as a financial inclusion policy in promoting a risk-sharing entrepreneurial ecosystem.
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