Investment Management in Early-Stage Entrepreneurship in Modern National Economies

Abstract

The purpose of the paper is to evaluate indicators describing the participation of men and women in external financing of new small and medium businesses in different countries. As the initial information in our study, we used the data obtained from the implementation of the Global Entrepreneurship Monitoring Project. The study evaluated the indicators that characterize the participation of men and women in investments in emerging businesses, and the average values of the corresponding contributions. The scientific novelty and originality of our study are as follows: indicators on external investment in SMEs by men and women in different countries have been assessed; six indicators describing external investments for start-up entrepreneurs were modelled; males' participation in external financing of SMEs has shown to be higher in most countries than in women, and there is a gender gap in external funding; average values of deposits in investments for start-up entrepreneurs have been established; significant differences in the values of the six indicators under consideration by country are shown; countries with high and low values of each of the six indicators are represented. The results are of theoretical and practical importance for government bodies and entrepreneurs. The methodological approach to assessing external financing of new SMEs proposed in the article can be applied in further studies. The new knowledge gained is of interest and can be used in the educational process in universities. Further research may aim at detailing the structure of external financing recipients among entrepreneurs.