Access to digital finance: Equity crowdfunding across countries and platforms

被引:2
作者
Estrin, Saul [1 ]
Khavul, Susanna [1 ,2 ]
Kritikos, Alexander S. [3 ,4 ,5 ]
Loeher, Jonas [6 ]
机构
[1] London Sch Econ, Dept Management, London, England
[2] San Jose State Univ, Lucas Coll, Grad Sch Management, San Jose, CA 95192 USA
[3] DIW Berlin, Berlin, Germany
[4] CEPA Univ Potsdam, IAB Nuremberg, Nurnberg, Germany
[5] GLO Essen, Independence, VA USA
[6] Inst Mittelstands Forsch IfM Bonn, Bonn, Germany
来源
PLOS ONE | 2024年 / 19卷 / 01期
关键词
ENTREPRENEURIAL FINANCE; ECONOMICS;
D O I
10.1371/journal.pone.0293292
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated with differences across three countries and seven platforms. Using a novel dataset of successful fundraising on the most prominent platforms in the UK, Germany, and the USA, we find the underlying relationship between the number of investors and the amount of money raised for entrepreneurs is loglinear, with a coefficient less than one and concave to the origin. We identify significant variation in the average amount invested in each pitch across countries and platforms. Our findings have implications for market actors as well as regulators who set competitive frameworks.
引用
收藏
页数:17
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