IDEAS home Printed from https://ideas.repec.org/a/ipf/psejou/v41y2017i2p259-287.html
   My bibliography  Save this article

Crowdfunding - Croatian legal perspective and comparison to other sources of financing

Author

Listed:
  • Katarina Durdenic

    (PhD Student at the University of Zagreb, Faculty of Law, Zagreb, Croatia)

Abstract

Crowdfunding is a new way of financing ideas by raising small amounts of money from a large number of people, typically via the internet. Most countries do not have special legislation governing crowdfunding but some countries like the United States, Italy, France, the United Kingdom and Germany have amended their legislation with provisions specifically designed for crowdfunding. The first aim of this research was to examine which existing legislation could be applied to crowdfunding as well as to review whether there is a need in the Croatian system to introduce new legislation designed specifically for crowdfunding issues. The second research aim was to compare crowdfunding with other sources of financing in order to decide whether it can represent a substitute for them or only a possible complementary instrument.

Suggested Citation

  • Katarina Durdenic, 2017. "Crowdfunding - Croatian legal perspective and comparison to other sources of financing," Public Sector Economics, Institute of Public Finance, vol. 41(2), pages 259-287.
    • Handle: RePEc:ipf:psejou:v:41:y:2017:i:2:p:259-287
    DOI: 10.3326/pse.41.2.5
    as

    Download full text from publisher

    File URL: http://www.pse-journal.hr/upload/files/pse/2017/2/djurdjenic.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.3326/pse.41.2.5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Lars Hornuf & Armin Schwienbacher, 2015. "Funding Dynamics in Crowdinvesting," Research Papers in Economics 2015-09, University of Trier, Department of Economics.
    2. Sebastiaan N. Hooghiemstra & Kristof Buysere, 2016. "The Perfect Regulation of Crowdfunding: What Should the European Regulator Do?," FGF Studies in Small Business and Entrepreneurship, in: Dennis Brüntje & Oliver Gajda (ed.), Crowdfunding in Europe, edition 1, pages 135-165, Springer.
    3. William Michael Cunningham, 2012. "The JOBS Act," Springer Books, in: The Jobs Act, chapter 0, pages 3-20, Springer.
    4. William Michael Cunningham, 2012. "The Jobs Act," Springer Books, Springer, number 978-1-4302-4756-2, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Richard Harrison, 2013. "Crowdfunding and the revitalisation of the early stage risk capital market: catalyst or chimera?," Venture Capital, Taylor & Francis Journals, vol. 15(4), pages 283-287, October.
    2. Kędzierska-Szczepaniak Angelika, 2018. "The Initiatives Supported by Reward-Based Crowdfunding in Poland," Management Sciences. Nauki o Zarządzaniu, Sciendo, vol. 23(4), pages 18-27, December.
    3. Leimeister, Jan Marco & Zogaj, Shkodran, 2013. "Neue Arbeitsorganisation durch Crowdsourcing: Eine Literaturstudie," Arbeitspapiere 287, Hans-Böckler-Stiftung, Düsseldorf.
    4. Kędzierska-Szczepaniak Angelika & Próchniak Joanna, 2018. "Financing of Cultural Projects Through Crowdfunding Platforms in Poland Using the Example of Wspieramkulture.Pl," Management Sciences. Nauki o Zarządzaniu, Sciendo, vol. 23(3), pages 12-22, September.
    5. Angelika Kedzierska-Szczepaniak, 2016. "The use of crowdfunding in the financing of economic activity (Wykorzystanie crowdfundingu w finansowaniu dzialalnosci gospodarczej)," Research Reports, University of Warsaw, Faculty of Management, vol. 2(21), pages 31-41.
    6. Silvio Vismara, 2018. "Information Cascades among Investors in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 42(3), pages 467-497, May.
    7. Kate Gasparro & Ashby Monk, 2020. "Demystifying “localness†of infrastructure assets: Crowdfunders as local intermediaries for global investors," Environment and Planning A, , vol. 52(5), pages 878-897, August.
    8. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2017. "Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Failure," CESifo Working Paper Series 6642, CESifo.
    9. Jörn Block & Lars Hornuf & Alexandra Moritz, 2018. "Which updates during an equity crowdfunding campaign increase crowd participation?," Small Business Economics, Springer, vol. 50(1), pages 3-27, January.
    10. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2017. "Dynamics of Investor Communication in Equity Crowdfunding," Research Papers in Economics 2017-04, University of Trier, Department of Economics.
    11. Friedemann Polzin & Helen Toxopeus & Erik Stam, 2018. "The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders," Small Business Economics, Springer, vol. 50(2), pages 251-273, February.
    12. Alice Rossi & Silvio Vismara, 2018. "What do crowdfunding platforms do? A comparison between investment-based platforms in Europe," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 93-118, March.
    13. Mohammadi, Ali & Shafi, Kourosh, 2015. "The contribution patterns of equity-crowdfunding investors: Gender, Risk aversion and Observational learning," Working Paper Series in Economics and Institutions of Innovation 419, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    14. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    15. Jörn Block & Lars Hornuf & Alexandra Moritz, 2016. "Which updates during an equity crowdfunding campaign increase crowd participation? An exploratory analysis," Research Papers in Economics 2016-06, University of Trier, Department of Economics.
    16. Joseph Denis Njayou Oyong, 2022. "Analyse Exploratoire De La Représentation Du Marche De L'Equity Crowdfunding Par Les Investisseurs Particuliers Exploratory Analysis Of The Perception Of Individual Investors Of The Equity Crowdfundin," Post-Print hal-03777041, HAL.
    17. Lars Hornuf & Matthias Neuenkirch, 2017. "Pricing shares in equity crowdfunding," Small Business Economics, Springer, vol. 48(4), pages 795-811, April.
    18. Mónika Kuti & Zsolt Bedõ & Dorottya Geiszl, 2017. "Equity-based Crowdfunding," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(4), pages 187-200.
    19. Ali Mohammadi & Kourosh Shafi, 2018. "Gender differences in the contribution patterns of equity-crowdfunding investors," Small Business Economics, Springer, vol. 50(2), pages 275-287, February.

    More about this item

    Keywords

    crowdfunding legislation; crowddonating; crowdrewarding; crowdinvesting; crowdlending; comparison with other sources of financing;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

    Statistics

    Access and download statistics

    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:ipf:psejou:v:41:y:2017:i:2:p:259-287. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Martina Fabris (email available below). General contact details of provider: https://edirc.repec.org/data/ijfffhr.html .

    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.