The role of due diligence in crowdfunding platforms

被引：88

作者：

Cumming, Douglas J. ^{[1
,2
]}

Johan, Sofia A. ^{[1
]}

Zhang, Yelin ^{[3
]}

机构：

[1] Florida Atlantic Univ, Coll Business, 777 Glades Rd, Boca Raton, FL 33431 USA

[2] Univ Birmingham, Birmingham Business Sch, Univ House,116 Edgbaston Pk Rd, Birmingham B15 2TY, W Midlands, England

[3] Gonzaga Univ, Sch Business Adm, 502 E Boone Ave, Spokane, WA 99258 USA

来源：

JOURNAL OF BANKING & FINANCE | 2019年 / 108卷

关键词：

Crowdfunding; Entrepreneurial finance; Intermediaries; VENTURE CAPITAL EXITS; INVESTMENT; PORTFOLIO; SIZE;

D O I：

10.1016/j.jbankfin.2019.105661

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Crowdfunding platform due diligence comprises background checks, site visits, credit checks, crosschecks, account monitoring, and third party proof on funding projects. We evaluate the factors associated with platforms' compliance expenses, and their due diligence application. We find that due diligence is related to legislation requirement, platform size, and type or complexity of crowdfunding campaigns. In addition, we find that platforms applying due diligence provide more services to project issuers and funders. Furthermore, due diligence is associated with higher percentage of successful campaigns, more fund contributors, and larger amount of capital raised on platforms. Our analyses are supported by platform level data, covering the period 2014-2017. (C) 2019 Elsevier B.V. All rights reserved.

引用

页数：17