Riassunto analitico
This paper presents an exploratory study about criteria that have an impact on small investors’ behavior when financing a venture in an equity crowdfunding context. Data from nearly 300 campaigns hosted by the top five largest equity-based crowdfunding platforms in Italy offer results on which factors among the firms’ internal governance factors (board structure, education level), external certification factors (such as awards, recognition and patents), and risk factors (e.g. amount of equity offered). Findings highlight the importance of prior crowdfunding success, early investment and comments for successful equity crowdfunding. From there, implications for successful policy design are provided.
|