nach oben

Small Business Economics

Erschienen in:

31.08.2019

Segmenting “digital investors”: evidence from the Italian equity crowdfunding market

verfasst von: Rosangela Feola, Massimiliano Vesci, Ezio Marinato, Roberto Parente

Erschienen in: Small Business Economics | Ausgabe 3/2021

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

The financial market despite being hit by the digital revolution has only recently reached the segment of direct investments on the part of non-professional investors in new ventures. Through equity crowdfunding platforms, in particular, capital demand and supply for startups are easily linked, thus bringing thousands of new investors to the financial market. This study examines equity crowdfunding investor drivers when selecting investment proposals. Specifically, we segment the Italian equity crowdfunding investors’ market by means of a cluster analysis and explore differences between segments in terms of socio-demographic and behavioral variables. Based on previous studies, six drivers (pertaining to three macro dimensions) were chosen for the segmentation of equity crowdfunding investors: confidence in team, confidence in venture, financial pledge and project attractiveness, platform characteristics, community driver, societal driver. The cluster analysis yielded four clusters we labeled: (1) venture trustful; (2) crowdfunding technicians; (3) financial investors, talent scouters; (4) social dreamers. In order to further specify the profile of the four clusters, each one was cross-tabulated with external variables of crowdfunding investors’ socio-economic characteristics and behavioral variables. Understanding, by means of a fine-grain lens, the differences between these new digital investors offers practical insights for crowd-equity platform management or for would-be entrepreneurs seeking funds. Finally, implications on future research streams on crowdfunding are discussed.

Vorheriger Artikel Corporate venture capital in the IT sector and relationships in VC syndication networks

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Data on EC market in Italy can be found on crowdfundingbuzz.it. We sincerely thank Dr. Fabio Allegreni for his kind cooperation. We also thank Tommaso d’Onofrio of Action Crowd for his valuable support.

CONSOB: “Commissione Nazionale per le Società e la Borsa” is the entity entitled to observe and rule the exchange, similar to the Security Exchange Commission.

The list with the operationalization of all variables used in the study is available upon request from the authors.

Agrawal, A. K., Catalini, C., & Goldfarb, A. (2011). The geography of crowdfunding (no. w16820). National bureau of economic research.

Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980.

Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management, 27(6), 755–775.

Amabile, T. M., Hill, K. G., Hennessey, B. A., & Tighe, E. M. (1994). The work preference inventory: Assessing intrinsic and extrinsic motivational orientations. Journal of Personality and Social Psychology, 66(5), 950–967.

Banhatti, R. D. (2016). Crowdfunding of a social enterprise: The GloW project as a case study. Crowdfunding in Europe (pp. 223–239). Springer International Publishing.

Baty, H. F. (1964). American education in international development. The Journal of Higher Education, 35(8), 474–474.

Baum, J. A. C., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411–436.

Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.

Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6), 613–673.

Bertoni, F., Colombo, M., & Quas, A. (2015). The patterns of venture capital investment in Europe. Small Business Economics, 45(3), 543–560.

Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why are there. Small Business Economics, 50, 239–250.

Bruno, A. V., & Tyebjee, T. T. (1985). The entrepreneur’s search for capital. Journal of Business Venturing, 1(1), 61–74.

Brüntje, D., & Gajda, O. (2016). Crowdfunding in Europe. state of the art in theory and practice. Bern: Springer.

Bygrave, W. D., & Timmons, J. (1992). Venture capital at the crossroads. Boston: Harvard business school press.

Centre for Alternative Finance. (2016). Sustaining momentum. The 2nd European Alternative Finance Industry Report. Judge Business School: University of Cambridge.

Cholakova, M., & Clarysse, B. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments? Entrepreneurship Theory and Practice, 39(1), 145–172.

Chrisman, J. J., Bauerschmidt, A., & Hofer, C. W. (1998). The determinants of new venture performance: An extended model. Entrepreneurship Theory and Practice, 23(1), 5–30.

Conner, K. R. (1991). A historical comparison of resource-based theory and five schools of thought within industrial organization economics: Do we have a new theory of the firm? Journal of Management, 17(1), 121–154.

Cosh, A., Cumming, D., & Hughes, A. (2009). Outside enterpreneurial capital. The Economic Journal, 119(October), 1494–1533.

Cumming, D. J., Leboeuf, G., & Schwienbacher, A. (2014). Crowdfunding models: Keep-it-all vs. all-or-nothing. In Finance meeting EUROFIDAI, Paris, December 2014, AFFI paper (Vol. 10).

Davies, R. (2014). Civic crowdfunding: Participatory communities, entrepreneurs and the political economy of place. Cambridge: MIT Masters Thesis.

Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689–708.

De Buysere, K., Gajda, O., Kleverlaan, R., Marom, D., & Klaes, M. (2012). A framework for European crowdfunding. European Crowdfunding Network.

Dhochak, M., & Sharma, A. K. (2016). Identification and prioritization of factors affecting venture capitalists’ investment decision-making process: An analytical hierarchal process (AHP) approach. Journal of Small Business and Enterprise Development, 23(4), 964–983.

Dillman, D. A. (1978). Mail and telephone surveys: The total design method (Vol. 19). New York: Wiley.

Dushnitsky, G., Guerini, M., Piva, E., & Rossi-Lamastra, C. (2016). Crowdfunding in Europe: Determinants of platform creation across countries. California Management Review, 58(2), Winter), 44–71.

Estrin, S., & Khavul, S. (2016). Equity crowdfunding: a new model for financing entrepreneurship? CentrePiece (pp. 6–9). London: CEP.

Feola, R., Parente, R., D’Onofrio, T., Marinato, E., & Pellegrino, D. (2017). The evolution of crowdfunding towards an impact investing logic: The case of Paulownia social project. Journal of Modern Accounting and Auditing, 13(1), 19–34.

Florin, J. (2005). Is venture capital worth it? Effects on firm performance and founder returns. Journal of Business Venturing, 20(1), 113–135.

Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial Management, 23(3), 28–37.

Frydrych, D., Bock, A. J., Kinder, T., & Koeck, B. (2014). Exploring entrepreneurial legitimacy in reward-based crowdfunding. Venture Capital, 16(3), 247–269.

Giudici, G., Guerini, M., & Rossi Lamastra, C. (2013). Why crowdfunding projects can succeed: The role of proponents’ individual and territorial social capital. SSRN Working Paer N. 2255944.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis (Sevent ed.). Upper Saddle River: Prentice Hall.

Hall, J., & Hofer, C. W. (1993). Venture capitalists’ decision criteria in new venture evaluation. Journal of Business Venturing, 8(1), 25–42.

Hellmann, T., & Puri, M. (2002). On the fundamental role of venture capital. Economic Review-Federal Reserve Bank of Atlanta, 87(4), 19–23.

Hisrich, R. D., & Jankowicz, A. D. (1990). Intuition in venture capital decisions: An exploratory study using a new technique. Journal of Business Venturing, 5(1), 49–62.

Hoenen, S., Kolympiris, C., Schoenmakers, W., & Kalaitzandonakes, N. (2014). The diminishing signaling value of patents between early rounds of venture capital financing. Research Policy, 43(6), 956–989.

Hoening, D., & Henkel, J. (2015). Quality signals? The role of patents, alliances, and team experience in venture capital financing. Research Policy, 44(5), 1049–1064.

Hoffmann, A. O., & Broekhuizen, T. L. (2010). Understanding investors’ decisions to purchase innovative products: Drivers of adoption timing and range. International Journal of Research in Marketing, 27(4), 342–355.

Hornuf, L., & Schwienbacher, A. (2018). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556–574.

Hossain, M., & Oparaocha, G. O. (2017). Crowdfunding: Motives, definitions, typology and ethical challenges. Entrepreneurship Research Journal, 7(2), 1–14.

Howe, J. (2006). The rise of crowdsourcing. Wired Magazine, 14(6), 1–4.

Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research Policy, 36(5), 722–741.

Jones, G. R., & George, J. M. (1998). The experience and evolution of trust: Implications for cooperation and teamwork. Academy of Management Review, 23(3), 531–546.

Kim, K.-C., El Tarabishy, A., & Bae, Z.-T. (2018). Humane entrepreneurship: Focusing on people drive new era of wealth and quality job creation in a sustainable world. Journal of Small Business Management, 56(S1), 10–29.

Kirilova, P. K. (2016). Impact of debt crowdfunding for civic projects on the optimal portfolio of a socially responsible investor. In Crowdfunding in Europe (pp. 167–173). Switzerland: Springer International Publishing.

Kleemann, F., Voß, G. G., & Rieder, K. (2008). Un (der) paid innovators: The commercial utilization of consumer work through crowdsourcing. Science Technology & Innovation Studies, 4(1), 5–26.

Knockaert, M., Clarysse, B., & Wright, M. (2010). The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms. R&D Management, 40(4), 357–371.

Kuppuswamy, V., & Bayus, B. L. (2015). Crowdfunding creative ideas: The dynamics of project backers in Kickstarter. Available at https://ssrn.com/abstract=2234765; https://doi.org/10.2139/ssrn.2234765.

Lambert, T., & Schwienbacher, A. (2010). An empirical analysis of crowdfunding. Social Science Research Network, Working Paper n. 1578175, 1–23.

Lattin, J. M., Carroll, J. D., & Green, P. E. (2003). Analyzing multivariate data. Pacific Grove: Thomson Brooks/Cole.

Laubacher, R. (2012). Entrepreneurship and venture capital in the age of collective intelligence, MIT Center for Collective Intelligence Working Paper No. 2012-02.

Löher, J. (2017). The interaction of equity crowdfunding platforms and ventures: An analysis of the preselection process. Venture Capital, 19(1–2), 51–74.

Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26–38.

MacMillan, I. C., Siegel, R., & Narasimha, P. S. (1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119–128.

Marlett, D. (2015). Crowdfunding art, science and technology. A quick survey of the burgeoning new landscape. Leonardo, 48(1), 104–105.

Martinez, M. G. (2017). Inspiring crowdsourcing communities to create novel solutions: Competition design and the mediating role of trust. Technological Forecasting and Social Change, 117, 296–304.

Massolution (2012). Crowdfunding industry report market trends. Composition and Crowdfunding Platforms.

Massolution (2015). CF: The crowdfunding industry report.

Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.

Moore, M. L., Westley, F. R., & Nicholls, A. (2012). The social finance and social innovation nexus. Journal of Social Entrepreneurship, 3(2), 115–132.

Moritz, A., & Block, J. H. (2016). Crowdfunding: A literature review and research directions. In Crowdfunding in Europe (pp. 25–53). Switzerland: Springer International Publishing.

Mulgan, G. (2006). The process of social innovation, innovations: Technology, governance, globalization. MIT Press.

Öberseder, M., Schlegelmilch, B. B., Murphy, P. E., & Gruber, V. (2014). Consumers’ perceptions of corporate social responsibility: Scale development and validation. Journal of Business Ethics, 124(1), 101–115.

Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd-funding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443–470.

Özdemir, V., Faris, J., & Srivastava, S. (2015). Crowdfunding 2.0: The next-generation philanthropy. EMBO Reports, 16(3), 267–271.

Parente, R., Vesci, M., Botti, A., & El Tarabishy, A. (2018). The epistemology of humane entrepreneurship: Theory and proposal for future research agenda. Journal of Small Business Management, 56(S1), 30–52.

Payne, G. T., Davis, J. L., Moore, C. B., & Bell, R. G. (2009). The deal structuring stage of the venture capitalist decision-making process: Exploring confidence and control. Journal of Small Business Management, 47(2), 154–179.

Piller, F. T., Moeslein, K., & Stotko, C. M. (2004). Does mass customization pay? An economic approach to evaluate customer integration. Production planning & control, 15(4), 435–444.

Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903.

Politecnico di Milano (2017). Osservatorio CrowdFunding, 2° Report Italiano Sul Crowdinvesting.

Puaschunder, J. M. (2017). Socio-psychological motives of socially responsible investors. Global Corporate Governance, 19, 209–247.

Rand, W. M. (1971). Objective criteria for the evaluation of clustering methods. Journal of the American Statistical Association, 66, 846–850.

Risterucci, F. (2016). The ten commandments of crowdfunding. In Crowdfunding in Europe (pp. 241–248). Switzerland: Springer International Publishing.

Sapienza, H. J., Korsgaard, M. A., & Forbes, D. P. (2003). The self-determination motive and entrepreneurs’ choice of financing. In A. K. Jerome & D. A. Shepherd (Eds.), Cognitive approaches to entrepreneurship research (Advances in entrepreneurship, firm emergence and growth, Volume 6) (pp. 105–138). Emerald Group Publishing Limited.

Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. SSRN Electronic Journal, 10, 1–23.

Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364–381.

Signori, A., & Vismara, S. (2018). Does success bring success? The post offering lives of equity crowdfunding firms. Journal of Corporate Finance, 50, 575–591.

Snyder, J., Mathers, A., & Crooks, V. A. (2016). Fund my treatment!: A call for ethics-focused social science research into the use of crowdfunding for medical care. Social Science & Medicine, 169, 27–30.

Technavio (2016). Global crowdfunding market 2016–2020.

Timmons, J. A., & Sapienza, H. J. (1992). Venture capital: The decade ahead. In D. L. Sexton & J. D. Kasarda (Eds.), The state of the art of entrepreneurship (pp. 402–437). Boston: PWSKENT Publishing Company.

Torkanovskiy, E. (2016). Non-equity crowdfunding as a National Phenomenon in a global industry: The case of Russia. In Crowdfunding in Europe (pp. 115–123). Switzerland: Springer International Publishing.

Vanacker, T. R., & Manigart, S. (2010). Pecking order and debt capacity considerations for high growth companies seeking financing. Small Business Economics, 35(1), 53–69.

Venkatesh, V., & Bala, H. (2008). Technology acceptance model 3 and a research agenda on interventions. Decision Sciences, 39(2), 273–315.

Vismara, S. (2016a). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46, 579–590.

Vismara, S. (2016b). Information cascades among investors in equity crowdfunding. Entrepreneurship Theory and Practice, 42(3), 467–497.

Vulkan, N., Astebro, T. B., & Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37–49.

Walthoff-Borm, X., Schwienbacher, A., & Vanacker, T. (2018). Equity crowdfunding: First resort or last resort? Journal of Business Venturing, 33, 513–533.

Wetzel, W. E. (1983). Angels and informal risk capital. Sloan Management Review, 24(4), 23–34.

Wetzel, W. E., & Seymour, C. R. (1981). Informal risk capital in New England: Report and survey results. University of New Hampshire.

Wheat, R. E., Wang, Y., Byrnes, J. E., & Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology & Evolution, 28(2), 71–72.

Yang, Z., Jun, M., & Peterson, R. T. (2004). Measuring customer perceived online service quality: Scale development and managerial implications. International Journal of Operations & Production Management, 24(11), 1149–1174.

Titel: Segmenting “digital investors”: evidence from the Italian equity crowdfunding market
verfasst von: Rosangela Feola
Massimiliano Vesci
Ezio Marinato
Roberto Parente
Publikationsdatum: 31.08.2019
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 3/2021
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-019-00265-3

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 3/2021

The labor market reintegration of returned refugees in Afghanistan

Corporate venture capital in the IT sector and relationships in VC syndication networks

University-linked programmes for sustainable entrepreneurship and regional development: how and with what impact?

Towards sustainable entrepreneurial ecosystems: examining the effect of contextual factors on sustainable entrepreneurial activities in the sharing economy

Understanding the gender gap in immigrant entrepreneurship: a multi-country study of immigrants’ embeddedness in economic, social, and institutional contexts

Corporate entrepreneurship, product innovation, and knowledge conversion: the role of digital platforms