PurposeThis study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.Design/methodology/approachThe study employs panel data consisting of 781 country-year observations of 48 countries of Asia for the period 2001–2018.FindingsThe study provides empirical support for the eclectic theory of entrepreneurship in Asian countries. The findings of the study indicate that effective allocation of resources and ease of transactions increases the entrepreneurial activities in the country. Additionally, the less stringent regulations, allowing for the cross border transactions, increase the funds availability to the entrepreneurs which in turn increase innovation and establishment of new businesses.Research limitations/implicationsThe study only considered the moderating influence of financial openness on the nexus. Other indicators such as governance quality and political stability could also have significant impact on entrepreneurship. Further, our study was based on countries belonging to Asian continent. Since Asian continent has culture distinguished from other regions, therefore, the results cannot be generalized to the other continents.Practical implicationsThe study’s results provide insight to policymakers and regulators that in order to increase the entrepreneurial activities, the financial sector improvement is of paramount importance. The regulators should focus on well-functioning financial system and availability of capital to improve the investor's confidence and boost economic activities.Originality/valueThe study provides novel evidence on the effects of financial development on entrepreneurship and moderating influence of financial openness in the context of the entire Asian region, which is yet an unexplored area. This paper offers a fresh contribution in this area.

PurposeThe authors examine the impact of coronavirus disease 2019 (COVID-19) pandemic on the stock market, forex market and gold market of Pakistan.Design/methodology/approachBy using the daily data of COVID-19 confirmed cases, stock index, foreign currency rates and gold prices for the period 10 March 2020 to 16 October 2020, the authors explore that the stock index negatively responds to the corona pandemic.FindingsAdditionally, the authors observe the price hikes in gold and foreign currency corresponding to the number of COVID-19 positive cases.Practical implicationsThe study analysis unveils that the stock market adversely responds to a pandemic, whereas, forex and gold markets serve as a safe haven for investors at the time of financial distress.Originality/valueThis study complements the literature and provides empirical evidence of the stock market, the gold market and foreign currency market, in the perspective of Pakistan.