Equity crowdfunding: First resort or last resort?

被引:142
作者
Walthoff-Borm, Xavier [1 ]
Schwienbacher, Armin [2 ]
Vanacker, Tom [1 ]
机构
[1] Univ Ghent, Fac Econ & Business Adm, Sint Pieterspl 7, B-9000 Ghent, Belgium
[2] Univ Cote Azur, SKEMA Business Sch, Dept Finance & Accounting, Ave Willy Brandt, F-59777 Euralille, France
基金
比利时弗兰德研究基金会;
关键词
Entrepreneurial finance; Equity crowdfunding; Financial decision making; Pecking order theory; CAPITAL STRUCTURE; ENTREPRENEURIAL FINANCE; EMPIRICAL-EVIDENCE; INVESTMENT; MARKETS; ACCESS; BANKS; DECISIONS; CHOICE; GROWTH;
D O I
10.1016/j.jbusvent.2018.04.001
中图分类号
F [经济];
学科分类号
02 ;
摘要
Prior research has focused on the factors that affect funding success on equity crowdfunding platforms, but a detailed understanding of the factors that drive firms to search for equity crowdfunding in the first place is lacking. Drawing on the pecking order theory, we argue that firms list on equity crowdfunding platforms as a "last resort" that is, when they lack internal funds and additional debt capacity. In line with the pecking order theory, the empirical evidence shows that firms listed on equity crowdfunding platforms are less profitable, more often have excessive debt levels, and have more intangible assets than matched firms not listed on these platforms. We discuss the implications for theory and practice.
引用
收藏
页码:513 / 533
页数:21
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