Evaluating the Effects of Public and Private Financial Support on Venture Success: A Systematic Literature Review

Abstract

This study presents a comprehensive systematic review of existing literature on the influence of government and private financial support on venture performance. Drawing upon secondary data from 32 peer-reviewed research papers published in prominent academic journals, the analysis explores both the direct and moderating effects of financial support on venture outcomes. The findings indicate that such support functions as a mediating factor in enhancing venture performance. Moreover, the review underscores the role of competitive advantage as a key mechanism linking financial support to improved performance metrics. A significant contribution of this work to the field of entrepreneurial finance is the empirical evidence demonstrating the positive impact of hybrid financial instruments on the growth of entrepreneurial ventures. These hybrid tools appear to exert influence through the moderating role of competitive advantage. The paper also proposes a conceptual framework for future research examining the dynamics of financial support mechanisms. Additionally, it sheds light on how public-private financial collaborations can foster entrepreneurship, particularly in emerging economies.