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Iron curtain echoes: The enduring impact of communism and crowdfunding

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  • Nguyen, Thien Le-Hoang
  • Hsieh, Hui-Ching

Abstract

Do enduring effects of communism on human behaviors persist in the entrepreneurial financial market, particularly in the equity crowdfunding (ECF) market? Our study, utilizing the natural experimental setting provided by the German crowdfunding platform – Companisto – reveals the lingering shadow of communism in the investment strategies of individuals from East Germany. We posit that risk and time preferences shaped during prolonged exposure to communism deter investors from East Germany from making sound contributions to ECF campaigns. Further analyses of the moderating effects of investors' confidence and entrepreneurs' trustworthiness provide insights into their roles in the success of ECF campaigns.

Suggested Citation

  • Nguyen, Thien Le-Hoang & Hsieh, Hui-Ching, 2025. "Iron curtain echoes: The enduring impact of communism and crowdfunding," Journal of Corporate Finance, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:corfin:v:91:y:2025:i:c:s0929119924001858
    DOI: 10.1016/j.jcorpfin.2024.102723
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    More about this item

    Keywords

    Equity crowdfunding; Geography; Post communism; Institutional theory; Investor preferences;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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