Futures Research on Startup Financing Drivers Based on Libertarian Philosophical Strategies (Metaphysics) of Capital Market Companies Journal Article

Abstract:

Objective: The aim of this study is to evaluate the financing drivers of startups in capital market companies based on the philosophical strategies of libertarianism or metaphysics, in order to develop meta-perspectives aimed at enhancing investment attractiveness in such businesses. Method: Based on the nature of analysis and data collection, this study is exploratory in purpose, applied in outcome, and mixed in data type. In the first part of this study, theme analysis and linked matrix analysis were utilized, with 14 university experts in the field of financial management participating. In the quantitative section, 50 managers with knowledge and experience in the capital market participated through reciprocal matrices and evaluation to determine data scenario planning. At this stage, pairwise comparison matrices were formed in the form of row 'i' and column 'j' to identify the most pivotal startup financing drivers at the level of capital market companies. Subsequently, by plotting the matrix results in a MicMac diagram, two base axes for scenario planning were determined. Additionally, Delphi analysis was used to confirm the theoretical consensus limit from the qualitative phase to the quantitative phase. The software used in this study were MATLAB and Scenario Wizard. Findings: In the qualitative section of the article, 6 out of 12 initial researches were confirmed and directed to the second stage. The results of the second stage led to the identification of 8 main themes influencing sustainable startup financing drivers, which were also confirmed in the Delphi analysis. Based on the results of the quantitative section, it was determined that 4 scenarios—described as the market leadership matrix, smart competition matrix, territory conquest matrix, and the left-behind matrix—are considered the basis for selecting the most desirable scenario in startup financing perspectives, based on libertarian philosophical strategies at the level of capital market companies. Among the 4 created matrices, it was found that the most important scenario related to startup financing drivers is the territory conquest scenario, which, as the most important contextual factor influenced by the critical thinking strategy as the philosophical basis of entrepreneurial metaphysics, can help the development of capital market company startups in the future. Conclusion: The result obtained in this study indicates that better technology in startup development allows for greater sustainability to be envisioned for such new businesses, and based on this, companies will have more capacity to gain a larger market share in the future. In fact, capital market companies, on the path toward changing production lines, launching new production units, offering new products to the market, or even entering international markets, should focus on technological capacities according to this matrix to encourage financial providers so they do not face challenges in developing their new business. In other words, the development strategy of this scenario must involve a level of meta-thinking regarding the status of the company's market or the industry in which it operates, so that through an entrepreneurial metaphysical approach, it can contribute to the attractiveness of the startup and create more enthusiasm for securing financial resources.