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Controlling for the crowd ?: The case of equity-crowdfunding platforms
[Contrôler pour la foule? Le cas des plateformes d'equity-crowdfunding]

Author

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  • Ingrid Fasshauer

    (DICEN-IDF - Dispositifs d'Information et de Communication à l'Ère du Numérique - Paris Île-de-France - UPN - Université Paris Nanterre - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - UPEM - Université Paris-Est Marne-la-Vallée)

Abstract

The rising phenomenon of crowdfunding is an alternative for SMEs to find funds by appealing to the crowd, defined as numerous non expert investors. The growth of crowdfunding relies on the guaranties given to investors that their money is used for the right purpose. This role is dedicated to platforms which make different choice between their own involvement and the investors' involvement in the control of the financed SME. Thanks to a case study on an equity crowdfunding platform, we highlight the levers of control (Simons, 1995) that the platform uses, based on values and on financial information. It allows us to question the nature of the role of the platform and the reality of the "definanciarisation" of the project evaluation (Bessière et Stéphany, 2014)

Suggested Citation

  • Ingrid Fasshauer, 2016. "Controlling for the crowd ?: The case of equity-crowdfunding platforms [Contrôler pour la foule? Le cas des plateformes d'equity-crowdfunding]," Post-Print hal-02276006, HAL.
    • Handle: RePEc:hal:journl:hal-02276006
    DOI: 10.3166/rfg.2016.00070
    Note: View the original document on HAL open archive server: https://hal.science/hal-02276006
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    References listed on IDEAS

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