IDEAS home Printed from https://ideas.repec.org/a/ids/ijgsbu/v11y2020i3p258-278.html
   My bibliography  Save this article

Encouraging investment in SMEs through equity-based crowdfunding

Author

Listed:
  • Antonella Francesca Cicchiello
  • Daniele Leone

Abstract

This paper examines the role may be played by the national policymakers in developing equity crowdfunding markets through a proper implementation of European Directives on this field. We analyse all directives and communications dealing with crowdfunding issued by the European Commission from 2000 to 2018. Then, we compare and assess their impact on the national legislation of the analysed countries. Results show that countries which have correctly and fully transposed into law the European Directives - without any infringement or delays - by aligning their national regulations with European objectives (e.g., the UK) are able to avoid destabilising phenomena of regulatory arbitrage. Countries with delayed and incorrect transposition and/or wrong application of the directives (e.g., France, Italy, and Spain) are currently facing serious destabilising effects of international financial markets with modest growth of equity crowdfunding markets. This paper draws attention to the ongoing process of Europe-wide equity crowdfunding regulatory convergence.

Suggested Citation

  • Antonella Francesca Cicchiello & Daniele Leone, 2020. "Encouraging investment in SMEs through equity-based crowdfunding," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 11(3), pages 258-278.
    • Handle: RePEc:ids:ijgsbu:v:11:y:2020:i:3:p:258-278
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=109553
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
    2. Saman Adhami & Gianfranco Gianfrate & Sofia Johan, 2023. "Risks and returns in crowdlending," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 309-340, June.
    3. Budi Agus Riswandi & Abdurrahman Alfaqiih & Lucky Suryo Wicaksono, 2023. "Design of Equity Crowdfunding in the Digital Age," Laws, MDPI, vol. 12(1), pages 1-22, January.
    4. Evgeny Popov & Anna Veretennikova & Sergey Fedoreev, 2022. "The Model of OTC Securities Market Transformation in the Context of Asset Tokenization," Mathematics, MDPI, vol. 10(19), pages 1-16, September.
    5. Salvador Cruz Rambaud & Joaquín López Pascual & Roberto Moro-Visconti & Emilio M. Santandreu, 2022. "Should gender be a determinant factor for granting crowdfunded microloans?," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-13, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijgsbu:v:11:y:2020:i:3:p:258-278. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=37 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.