This study examines the determinants of equity crowdfunding (ECF) campaign success in Malaysia through the lens of quality signaling theory and behavioral herding dynamics. Using a manually collected dataset of 335 completed campaigns launched on pitchIN, MyStartr, and AtaPlus between 2016 and...

Start-up subsidies play an important role in supporting start-up innovation and performance. However, what characteristics help and hinder start-ups to seek start-up subsidies remains unclear. We study whether and how founder personality, as captured by the big five personality traits and...

Scholars have highlighted the critical role of funding targets in determining the amount of funding acquired in equity crowdfunding campaigns. However, there is little equity crowdfunding research that incorporates funding targets as a focal variable of interest. Moreover, the findings in these...

This is ESMA's first annual market report on the EU crowdfunding market, based on data we receive from National Competent Authorities (NCAs) under the European Crowdfunding Service Providers for Business Regulation, which came into effect in November 2021. This first report covers a sample of 98...

Frame of the research: Crowdfunding has emerged as a transformative fintech solution, significantly changing the financing of new projects. Among the various forms of crowdfunding, purpose-driven platforms like Kiva transcend traditional financial transactions by emphasizing social and economic...

In this study, we empirically examine the determinants of fundraising success in Japan's lending-based crowdfunding (LBCF), with a focus on the financial literacy of investors. Using 465 campaigns on the LBCF platform "Bankers" (December 2020-September 2024), we test two predictions derived from...

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between...

This paper explores the relationship between equity crowdfunding (ECF) and the growth of Italian SMEs. Using two case studies, one in the agri-food sector and the other in cleantech, and comparing them with non-crowdfunded equivalents, we find that ECF significantly enhanced the post-campaign...

Using a difference-in-differences design and a global database of startups, investors and deals, we study the effect of exits (IPOs and acquisitions) of unicorn companies - privately held startups valued over USD 1 billion - on the subsequent investment activity of their investors. We find that...

This study focused on investigating the factors that drive reward-based crowdfunding in Africa, particularly considering the increasing limitations that entrepreneurs face in accessing traditional financial resources globally, by analysing 215 crowdfunding projects from prominent platforms like...

After initial coin offerings (ICOs), decentralized digital platforms (DDPs) decide whether to go public or remain private. We explore the implications of the public-versus-private decision for the growth and decentralization of DDPs. Employing a difference-in-differences framework, we find that...

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between...

Blockchain technology and crowdfunding (CF) have emerged as disruptive forces in the finance and entrepreneurship landscape, potentially transforming traditional modes of capital raising and investment. This study investigates the intersection of blockchain technology and CF to provide a...

This review synthesizes 48 academic studies on Initial Coin Offerings (ICOs) from 2018 to 2023, employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance. It identifies four key themes: (1) regulatory intricacies, market...

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between...

Initial Coin Offerings (ICOs) have emerged as a transformative financing mechanism, allowing startups to raise capital through blockchain technology and digital tokens. This paper presents a systematic literature review of 115 articles published between 2016 and 2024, sourced from the Scopus...

This study explores how competition and macroeconomic factors affect the success of equity-based crowdfunding campaigns (ECF). Using a dataset of 247 campaigns from multiple platforms in Poland, we use logistic, Tobit and fixed-effects panel regressions to evaluate the impact of within-platform...