Factors for success in European crowdinvesting

Journal of Economics and Business - Tập 106 - Trang 105845 - 2019
Giuliana Borello1,2, Veronica De Crescenzo3, Flavio Pichler3
1Department of Business Administration, Università di Verona, via Cantarane 24, 37129 Verona, Italy
2School of Banking and Finance and Università Cattolica del Sacro Cuore, Largo Gemelli 1, Milan 20123, Italy
3Department of Business Administration, Università di Verona, via Cantarane 24, Verona, 37129, Italy

Tài liệu tham khảo

Agrawal, 2014, Some simple economics of crowdfunding, Innovation Policy and the Economy, 14, 63, 10.1086/674021 Agrawal, 2015, Crowdfunding: Geography, Social networks, and the timing of investment decisions, Journal of Economics & Management Strategy, 24, 253, 10.1111/jems.12093 Ahlers, 2015, Signaling in equity crowdfunding, Entrepreneurship: Theory and Practice, 39, 955 Akerlof, 1970, The market for lemons: Quality, uncertainty and the market mechanism, The Quarterly Journal of Economics, 84, 488, 10.2307/1879431 Angerer, 2017, Start-up funding via equity crowdfunding in Germany – A qualitative analysis of success factors, The Journal of Entrepreneurial Finance, 19, 1, 10.57229/2373-1761.1290 Beaulieu, 2015, A conceptual framework for understanding crowdfunding, Communications of the Association for Information Systems, 37, 1 Belleflamme, 2015, The economics of crowdfunding platforms, Information Economics and Policy, 33, 11, 10.1016/j.infoecopol.2015.08.003 Berger, 1998, The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle, Journal of Banking & Finance, 22, 613, 10.1016/S0378-4266(98)00038-7 Bessy, 2013, The power of market intermediaries: From information to valuation processes, Valuation Studies, 1, 83, 10.3384/vs.2001-5992.131183 Block, 2018, Which updates during an equity crowdfunding increase crowd participation?, Small Business Economics, 50, 3, 10.1007/s11187-017-9876-4 Block, 2018, New players in entrepreneurial finance and why they are there, Small Business Economics, 50, 239, 10.1007/s11187-016-9826-6 Brown, 2018, “Start-ups, entrepreneurial networks and equity crowdfunding: A processual perspective, Industrial Marketing Management Brown, 2018, Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures, International Small Business Journal: Researching Entrepreneurship, 36, 169, 10.1177/0266242617729743 Busenitz, 1997, Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making, Journal of Business Venturing, 12, 9, 10.1016/S0883-9026(96)00003-1 Capizzi, 2016, Competitive frontiers in equity crowdfunding: The role of Venture Capitalists and Business Angels in the early stage financing industry, 117 Carpenter, 2002, Is the growth of small firms constrained by internal finance?, Review of Economics and Statistics, 84, 298, 10.1162/003465302317411541 Cholakova, 2015, Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments?, Entrepreneurship Theory and Practice, 39, 145, 10.1111/etap.12139 Cosh, 2009, Outside entrepreneurial capital, Economic Journal, 119, 1494, 10.1111/j.1468-0297.2009.02270.x Cumming, 2018, Entrepreneurial finance: Unifying themes and future directions, Journal of Corporate Finance, 50, 535, 10.1016/j.jcorpfin.2018.01.011 Cumming, 2017, De-segmenting research in entrepreneurial finance, Venture Capital, 19, 19, 10.1080/13691066.2016.1225910 Cumming, 2018 Cumming, 2015 Draghi, 2014 Estrin, 2018, The evolution and adoption of equity crowdfunding: Entrepreneur and investor entry into a new market, Small Business Economics, 51, 425, 10.1007/s11187-018-0009-5 European Commission, 2014 European Commission, 2017 European Commission, 2018 European Commission, 2018 Gompers, 1995, Optimal investment, monitoring, and the staging of venture capital, The Journal of Finance, 50, 1461, 10.1111/j.1540-6261.1995.tb05185.x Gompers, 2001, The venture capital revolution, The Journal of Economic Perspectives, 15, 145, 10.1257/jep.15.2.145 Guenther, 2018, Is the crowd sensitive to distance?.—how investment decisions differ by investor type, Small Business Economics, 50, 289, 10.1007/s11187-016-9834-6 Hazen, 2012, Crowdfunding or fraudfunding – Social networks and the securities laws – Why the specially tailored exemption must be conditioned on meaningful disclosure, North Carolina Law Review, 90, 1735 Hervé, 2016 Herzenstein, 2011, Strategic herding behavior in peer-to-peer loan auctions, Journal of Interactive Marketing, 25, 27, 10.1016/j.intmar.2010.07.001 Hornuf, 2017 Hornuf, 2015 Hornuf, 2016, Crowdinvesting: Angel investing for the masses?, 381 Hornuf, 2017, Should securities regulation promote equity crowdfunding?, Small Business Economics, 49, 579, 10.1007/s11187-017-9839-9 Hornuf, 2018, Market mechanisms and funding dynamics in equity crowdfunding, Journal of Corporate Finance, 50, 556, 10.1016/j.jcorpfin.2017.08.009 Hornuf, 2018, Internet-based entrepreneurial finance, California Management Review, 60, 150, 10.1177/0008125617741126 Ivanov, 2017 Kaufman, 2013, Democratizing Entrepreneurship: An overview of the past, present, and future of crowdfunding, Bloomberg BNA Securities Regulation & Law Report, 45, 208 Kelley, 2013, How wise are crowds? Insights from retail orders and stock returns, The Journal of Finance, 68, 1229, 10.1111/jofi.12028 Klöhn, 2012, Crowdinvesting in Deutschland: Markt, Rechtslage und Regulierungsperspektiven, ZBB – Zeitschrift für Bankrecht und Bankwirtschaft/Journal of Banking Law and Banking, 24, 237, 10.15375/zbb-2012-0401 Leboeuf, 2018, Crowdfunding as a new financing tool, 151 Lee, 2012, Herding behavior in online P2P lending: An empirical investigation, Electronic Commerce Research and Applications, 11, 495, 10.1016/j.elerap.2012.02.001 Lehner, 2013, Crowdfunding social ventures: A model and research agenda, Venture Capital: An International Journal of Entrepreneurial Finance, 15, 289, 10.1080/13691066.2013.782624 Lehner, 2014, Finance, risk and accounting perspectives, Venture Capital: An International Journal of Entrepreneurial Finance, 16, 185, 10.1080/13691066.2014.921080 Li, 2016, The value of information disclosure and lead investor in equity-based crowdfunding: An exploratory empirical study, Nankai Business Review International, 7, 301, 10.1108/NBRI-01-2016-0002 Lukkarinen, 2016, Success drivers of online equity crowdfunding campaigns, Decision Support Systems, 87, 26, 10.1016/j.dss.2016.04.006 Lyon, 2013, The wisdom of crowds: Methods of human judgement aggregation, 599 Mahmood, 2019, What's in a logo?. The impact of complex visual cues in equity crowdfunding, Journal of Business Venturing, 34, 41, 10.1016/j.jbusvent.2018.09.006 Mamonov, 2018, Success factors in Title III equity crowdfunding in the United States, Electronic Commerce Research and Applications, 27, 65, 10.1016/j.elerap.2017.12.001 Mollick, 2014, The dynamics of crowdfunding: An exploratory study, Journal of Business Venturing, 29, 1, 10.1016/j.jbusvent.2013.06.005 Mollick, 2016, Wisdom or madness?. Comparing crowds with expert evaluation in funding the arts, Management Science, 62, 1533, 10.1287/mnsc.2015.2207 Mollick, 2016, Democratizing innovation and capital access: The role of crowdfunding, California Management Review, 58, 72, 10.1525/cmr.2016.58.2.72 Moritz, 2015, Investor communication in equity-based crowdfunding: A qualitative-empirical study, Qualitative Research in Financial Markets, 7, 309, 10.1108/QRFM-07-2014-0021 Niemand, 2018, Equity crowdfunding across borders: A conjoint experiment, International Journal of Entrepreneurial Behavior & Research, 24, 911, 10.1108/IJEBR-07-2017-0256 Parker, 2014, Crowdfunding, cascades and informed investors, Economics Letters, 125, 432, 10.1016/j.econlet.2014.10.001 Piva, 2018, Human capital signals and entrepreneurs’ success in equity crowdfunding, Small Business Economics, 51, 667, 10.1007/s11187-017-9950-y Polzin, 2018, The wisdom of the crowd in funding: Information heterogeneity and social networks of crowdfunders, Small Business Economics, 50, 251, 10.1007/s11187-016-9829-3 Ralcheva, 2016, On the road to success in equity crowdfunding Rossi, 2018, What do crowdfunding platforms do?. A comparison between investment-based platforms in Europe, Eurasian Business Review, 8, 93, 10.1007/s40821-017-0092-6 Rossi, 2018, Voting rights delivery in investment-based crowdfunding: A cross-platform analysis, Economia e Politics Industriale Salomon, 2018, Strategies of startup evaluation on crowdinvesting platforms: The case of Switzerland, Journal of Innovation Economics & Management, 2, 63, 10.3917/jie.pr1.0029 Sannajust, 2014, Crowdfunding in France: A new revolution?, Journal of Applied Business Research, 30, 1919, 10.19030/jabr.v30i6.8947 Scharfstein, 1990, Herd behavior and investment, The American Economic Review, 80, 465 Shepherd, 2015, Thinking about entrepreneurial decision making: Review and research agenda, Journal of Management, 41, 11, 10.1177/0149206314541153 Schwartz, 2013, Crowdfunding Securities, Notre Dame Law Review, 88, 1457 Schwienbacher, 2012, Crowdfunding of small entrepreneurial ventures, 369 Signori, 2018, Does success bring success?. The post-offering lives of equity-crowdfunded firms, Journal of Corporate Finance, 50, 575, 10.1016/j.jcorpfin.2017.10.018 Spence, 1973, Job market signaling, The Quarterly Journal of Economics, 87, 355, 10.2307/1882010 Stiglitz, 2002, Information and the change in the paradigm in economics, The American Economic Review, 92, 460, 10.1257/00028280260136363 Surowiecki, 2004 Vismara, 2016, Equity retention and social network theory in equity crowdfunding, Small Business Economics, 46, 579, 10.1007/s11187-016-9710-4 Vismara, 2018, Information cascades among investors in equity crowdfunding, Entrepreneurship Theory and Practice, 42, 467, 10.1111/etap.12261 Vismara, 2012, Europe's second markets for small companies, European Financial Management, 18, 352, 10.1111/j.1468-036X.2012.00641.x Vismara, 2017, Gender in entrepreneurial finance: Matching investors and entrepreneurs in equity crowdfunding, 271 Vulkan, 2016, Equity crowdfunding: A new phenomena, Journal of Business Venturing Insights, 5, 37, 10.1016/j.jbvi.2016.02.001 Wallmeroth, 2018, Venture capital, angel financing, and crowdfunding of entrepreneurial ventures: A literature review, Foundations and Trends in Entrepreneurship, 14, 1, 10.1561/0300000066 Walthoff-Borm, 2018, Equity crowdfunding: First resort or last resort?, Journal of Business Venturing, 33, 513, 10.1016/j.jbusvent.2018.04.001 Wilson, 2013 Yung, 2009, Entrepreneurial financing and costly due diligence, The Financial Review, 44, 137, 10.1111/j.1540-6288.2008.00213.x Zhang, 2016 Zhang, 2016, Sustaining momentum Zhang, 2012, Rational herding in microloan markets, Management Science, 58, 892, 10.1287/mnsc.1110.1459 Zhang, 2017, The study of bias in entrepreneurship, Entrepreneurship Theory and Practice, 41, 419, 10.1111/etap.12212 Ziegler, 2018