Signaling shaped by the context: Early-stage funding in the Turkish startup ecosystem

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Open Access

|Sep 2025

Figures & Tables

Variables	Mean value	Std dev	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
(1) DV: funded	0.02	0.13
(2) Year	2017.5	3.37	−0.01
(3) VDO	0.12	0.32	0.08*	0.23*
(4) Outside İstanbul	0.34	0.47	−0.04*	0.04*	0.01
(5) Elite founder	0.31	0.46	0.01	−0.06*	0.01	−0.01
(6) Returnee founder	0.13	0.33	0.02*	−0.11*	−0.02	−0.09*	−0.25*
(7) Experience (N)	0.46	0.88	0.03*	−0.10*	−0.05*	−0.12*	0.03*	0.07*
(8) Experience (years)	6.14	6.36	0.00	0.09*	−0.02	−0.02	0.03*	0.06*	0.06*
(9) Female founder	0.12	0.32	−0.01	0.01	0.06*	−0.06*	0.04*	0.06*	−0.10*	0.03*
(10) High tech	0.28	0.45	−0.01	0.11*	0.10*	0.21*	0.04*	−0.05*	−0.07*	0.05*	−0.09*
(11) Post-COVID	0.19	0.39	−0.01	0.61*	0.15*	0.06*	−0.03*	−0.06*	−0.07*	0.03*	0.01	0.10*
(12) Women-led startups	38.18	19.5	0.00	0.80*	0.30*	0.06*	−0.06*	−0.14*	−0.14*	0.10*	0.02*	0.16*	0.45*

	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)
Year	−0.06*	−0.08**	−0.07	−0.07	−0.07	−0.08**
	(0.03)	(0.00)	(0.06)	(0.06)	(0.06)	(0.00)
VDO	2.11**	2.10**	2.16**	2.16**	2.17**	2.11**
	(0.28)	(0.44)	(0.39)	(0.39)	(0.41)	(0.42)
Outside İstanbul	−1.17**	−1.09**	−1.11**	−1.12**	−1.11**	−1.08**
	(0.24)	(0.28)	(0.28)	(0.28)	(0.28)	(0.28)
Elite founder	0.47⁺	0.43⁺	0.44⁺	0.45⁺	0.45⁺	0.43⁺
	(0.24)	(0.23)	(0.23)	(0.23)	(0.24)	(0.23)
Returnee founder		0.72*	0.69*	0.75*	0.75*	0.71*
		(0.32)	(0.31)	(0.31)	(0.32)	(0.31)
Experience (N)		0.24*	0.25*	0.21*	0.25*	0.25*
		(0.11)	(0.11)	(0.12)	(0.11)	(0.11)
Experience (years)		0.00	0.00	0.00	−0.01	0.00
		(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
Female founder		−0.31	−0.33	−0.32	−0.31	−0.33
		(0.31)	(0.32)	(0.32)	(0.32)	(0.66)
High tech		−0.06	−0.02	−0.06	−0.07	−0.06
		(0.23)	(0.25)	(0.24)	(0.24)	(0.23)
Post-COVID		0.15	0.16	0.27	−0.37	0.15
		(0.29)	(0.25)	(0.27)	(0.34)	(0.27)
Women-led startups		0.00	0.00	0.00	0.00	0.01
		(0.01)	(0.01)	(0.01)	(0.01)	(0.01)
Returnee founder # high tech			0.30*
			(0.11)
Post-COVID # experience (N)				0.27*
				(0.11)
Post-COVID # experience (years)					0.07
					(0.05)
Female founder # women-led startups						0.02⁺
						(0.01)
Constant	119.11⁺	158.10	141.74	138.39	137.23	159.86
	(62.75)	(0.00)	(111.75)	(112.52)	(115.59)	(0.00)
/lnsig2u	1.62**	1.58**	1.68**	1.68**	1.68**	1.57**
	(0.34)	(0.54)	(0.42)	(0.42)	(0.45)	(0.50)
Log likelihood	−1178.46	−1076.51	−1076.42	−1076.51	−1073.40	−1074.54

DOI: https://doi.org/10.2478/mmcks-2025-0012 | Journal eISSN: 2069-8887 | Journal ISSN: 1842-0206

Language: English

Page range: 65 - 77

Submitted on: May 20, 2025

Accepted on: Sep 4, 2025

Published on: Sep 30, 2025

Published by: Society for Business Excellence

In partnership with: Paradigm Publishing Services

Publication frequency: 4 times per year

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© 2025 Başak Topaler, Hamza Khan, published by Society for Business Excellence
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.