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Small Business Economics

04.08.2018

Equity crowdfunding: a systematic review of the literature

verfasst von: Kazem Mochkabadi, Christine K. Volkmann

Erschienen in: Small Business Economics

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Abstract

Equity crowdfunding is an emerging area of research within the broader sphere of entrepreneurship. Since 2012, research activities are steadily advancing, providing the foundation for a promising field of research. Despite ongoing scientific discussions, equity crowdfunding research is still in its infancy and scholarly knowledge remains limited and fragmented. To bring clarity to this fragmented field and to further advance the scientific process, we conduct a systematic literature review of 113 journal contributions and gray papers, published between 2012 and 2017. Based on an in-depth analysis of identified publications, we describe the landscape of the equity crowdfunding field concentrating on two aspects. First, we conduct a descriptive analysis of equity crowdfunding research to illustrate the scientific development. Second, we categorize relevant contributions into five different perspectives: capital market, entrepreneur, institutional, investor, and platform and perform a thematic analysis to reveal dominant themes and sub-themes within each perspective. Our study highlights several promising directions for encouraging further advancements in equity crowdfunding research.

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Fußnoten
1
The term “crowdinvesting” is frequently used in German speaking countries.
 
2
For readers’ convenience, we updated the publication dates of earlier published versions. For our analysis, we used the first published online version according to our time frame.
 
3
Research areas referring to legal and regulatory issues will be part of chapter 3.4.4
 
4
This information was received from the Seedrs Blog. https://​www.​seedrs.​com/​learn/​blog/​seedrs-news/​features-updates/​secondarymarket (Accessed 4 December 2017).
 
5
Some ventures have successfully obtained a subsequent equity crowdfunding campaign.
 
6
For further information on warm-glow theory, see Andreoni (1990).
 
7
No further information about the sample is available (e.g. platforms, equity crowdfunding experiences etc.)
 
8
For more information about calculus and relationship trust, see e.g. Ba et al. (2003) and Urban et al. (2009).
 
9
For a systematic review of research on the theory of consumption values, see Sánchez-Fernández and Iniesta-Borillo 2007.
 
10
Pure crowd = without lead investors, Hybrid crowd = crowd is led by a lead investor.
 
11
Due to variation according the final number of observations, we are not able to name the exact number of syndicated and non-syndicated deals compared.
 
12
This framework incorporates all information system related risks. For more information, see Sherer and Alter (2004).
 
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Metadaten
Titel
Equity crowdfunding: a systematic review of the literature
verfasst von
Kazem Mochkabadi
Christine K. Volkmann
Publikationsdatum
04.08.2018
Verlag
Springer US
Erschienen in
Small Business Economics
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI
https://doi.org/10.1007/s11187-018-0081-x