Recent years have seen innovative startups driving the Fintech revolution by disrupting the financial and insurance sectors. This study delves into the relationships within the Italian Fintech & Insurtech ecosystem, employing Social Network Analysis (SNA) to explore the dynamics between shareholders and startups. An undirected unimodal graph is employed to depict the investor-startup network, where links between startups are established based on their common shareholders. Leveraging the RStudio environment, the visualization of the unimodal network unveils a discernible core-periphery structure. Moreover, this study contributes to the existing literature by exploring how the investor-startup network may be associated with startup financial performances. The findings highlight the significance of social capital, indicating that startups positioned centrally in the investor-startup network exhibit superior financial performances compared to those in the periphery. Finally, this study explores the potential mediating role of startup governance between the investor-startup network and financial performances. Although the mediating role is not confirmed, startups located at the center of the investor-startup network exhibit more effective governance structures. Overall, this dissertation significantly contributes to comprehend the intricate dynamics of the Italian Fintech & Insurtech ecosystem, revealing the interplay among shareholders, startups, governance structures, and financial success. According to the study findings, aspiring entrepreneurs might benefit from attracting shareholders which can guarantee a central position in the network. Finally, the work may be leveraged by policymakers to refine policies that foster the growth of the Italian Fintech & Insurtech ecosystem, specifically promoting startups positioned in the periphery network.
Negli ultimi anni, le startup innovative hanno guidato la trasformazione nel settore Fintech, portando a una vera e propria rivoluzione nel panorama finanziario e assicurativo. Questa ricerca approfondisce le relazioni all'interno dell'ecosistema italiano Fintech & Insurtech, utilizzando l'analisi delle reti sociali per esplorare le dinamiche tra gli azionisti e le startup. Un grafo non diretto viene utilizzato per rappresentare la rete investitore-startup, dove i collegamenti tra le startup sono stabiliti in base ai loro azionisti in comune. Attraverso l'utilizzo di RStudio per l'analisi e la visualizzazione della rete unimodale, emerge chiaramente una struttura core- periphery. Inoltre, questa ricerca arricchisce la letteratura esistente esplorando come la rete investitore-startup possa essere associata alle performance finanziarie delle startup. I risultati dell'analisi sottolineano l'importanza del capitale sociale, evidenziando come le startup posizionate al centro della rete mostrino performance finanziarie superiori rispetto a quelle nella periferia. Infine, questo studio indaga se la governance delle startup svolge un ruolo di mediazione nella relazione tra la rete investitore-startup e le performance finanziarie. Tuttavia, anche se il ruolo da mediatore non è confermato, le startup posizionate al centro della rete mostrano strutture di governance efficaci. Nel complesso, questa dissertazione contribuisce in modo significativo a comprendere le dinamiche dell'ecosistema italiano Fintech & Insurtech, rivelando l'interazione tra azionisti, startup, strutture di governance e successo finanziario. Secondo i risultati dello studio, gli aspiranti imprenditori potrebbero trarre vantaggio dall’attrarre azionisti che possano garantire una posizione centrale nella rete. Infine, il lavoro può essere sfruttato dai policymakers per perfezionare le politiche che favoriscono la crescita dell'ecosistema italiano Fintech & Insurtech, promuovendo in particolare le startup posizionate nella rete periferica.
Shareholders Network, Startup Governance and Performances: Exploring the Interplay in the Italian Fintech & Insurtech Startup Ecosystem
Salvatori, Alessia;Rossini, Eleonora
2022/2023
Abstract
Recent years have seen innovative startups driving the Fintech revolution by disrupting the financial and insurance sectors. This study delves into the relationships within the Italian Fintech & Insurtech ecosystem, employing Social Network Analysis (SNA) to explore the dynamics between shareholders and startups. An undirected unimodal graph is employed to depict the investor-startup network, where links between startups are established based on their common shareholders. Leveraging the RStudio environment, the visualization of the unimodal network unveils a discernible core-periphery structure. Moreover, this study contributes to the existing literature by exploring how the investor-startup network may be associated with startup financial performances. The findings highlight the significance of social capital, indicating that startups positioned centrally in the investor-startup network exhibit superior financial performances compared to those in the periphery. Finally, this study explores the potential mediating role of startup governance between the investor-startup network and financial performances. Although the mediating role is not confirmed, startups located at the center of the investor-startup network exhibit more effective governance structures. Overall, this dissertation significantly contributes to comprehend the intricate dynamics of the Italian Fintech & Insurtech ecosystem, revealing the interplay among shareholders, startups, governance structures, and financial success. According to the study findings, aspiring entrepreneurs might benefit from attracting shareholders which can guarantee a central position in the network. Finally, the work may be leveraged by policymakers to refine policies that foster the growth of the Italian Fintech & Insurtech ecosystem, specifically promoting startups positioned in the periphery network.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/215353