IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03553731.html
   My bibliography  Save this paper

Performance des entreprises financées par Equity-Crowdfunding

Author

Listed:
  • Stéphane Koffel

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract

Cet article vise à étudier l'impact du financement par Equity-Crowdfunding sur la performance des entreprises financées. Ce nouveau mode de financement en fonds propres des entreprises fait intervenir deux nouveaux acteurs, la foule et la plateforme. Ces acteurs interviennent généralement dans des entreprises en phase de démarrage, et peuvent ainsi se retrouver dans des projets semblables à un autre acteur de la finance d'entreprise : les Business Angels. En précisant les caractéristiques principales de ces modes de financement, nous cherchons à identifier les effets que leur intervention peut produire sur la création de valeur de l'entreprise. A partir d'un échantillon de 952 entreprises financées par ces investisseurs dans quatre pays européens et d'une méthodologie quantitative de comparaison de moyenne et d'appariement par les scores de propension, nous proposons de voir si le financement par Equity-Crowdfunding participe ou non à la création de valeur d'une entreprise, et en quoi sa contribution peut différer de celle d'un Business Angel. Les résultats de notre étude montrent que si les entreprises financées par ces deux investisseurs présentent des performances comparables, l'effet de leur intervention sur cette performance diffère.

Suggested Citation

  • Stéphane Koffel, 2017. "Performance des entreprises financées par Equity-Crowdfunding," Post-Print hal-03553731, HAL.
    • Handle: RePEc:hal:journl:hal-03553731
    Note: View the original document on HAL open archive server: https://hal.science/hal-03553731
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03553731/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.
    2. Ajay Agrawal & Christian Catalini & Avi Goldfarb, 2014. "Some Simple Economics of Crowdfunding," Innovation Policy and the Economy, University of Chicago Press, vol. 14(1), pages 63-97.
    3. Core, John E. & Holthausen, Robert W. & Larcker, David F., 1999. "Corporate governance, chief executive officer compensation, and firm performance," Journal of Financial Economics, Elsevier, vol. 51(3), pages 371-406, March.
    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. Silvio Vismara, 2018. "Information Cascades among Investors in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 42(3), pages 467-497, May.
    2. Wesemann, Henrik & Wincent, Joakim, 2021. "A whole new world: Counterintuitive crowdfunding insights for female founders," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    3. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2020. "Does a Local Bias Exist in Equity Crowdfunding?," CESifo Working Paper Series 8154, CESifo.
    4. Appio, Francesco Paolo & Leone, Daniele & Platania, Federico & Schiavone, Francesco, 2020. "Why are rewards not delivered on time in rewards-based crowdfunding campaigns? An empirical exploration," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    5. Jung, Eunjun & Lee, Changjun & Hwang, Junseok, 2022. "Effective strategies to attract crowdfunding investment based on the novelty of business ideas," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
    6. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    7. Thomas Clauss & Thomas Niemand & Sascha Kraus & Patrick Schnetzer & Alexander Brem, 2019. "Increasing Crowdfunding Success Through Social Media: The Importance Of Reach And Utilisation In Reward-Based Crowdfunding," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 24(03), pages 1-30, May.
    8. Evila Piva & Cristina Rossi-Lamastra, 2018. "Human capital signals and entrepreneurs’ success in equity crowdfunding," Small Business Economics, Springer, vol. 51(3), pages 667-686, October.
    9. Zunino, Diego & van Praag, Mirjam C. & Dushnitsky, Gary, 2017. "Badge of Honor or Scarlet Letter? Unpacking Investors' Judgment of Entrepreneurs' Past Failure," IZA Discussion Papers 11017, Institute of Labor Economics (IZA).
    10. Sylvain Dejean, 2019. "The role of distance and social networks in the geography of crowdfunding: evidence from France," Working Papers hal-01645147, HAL.
    11. Butticè, Vincenzo & Colombo, Massimo G. & Fumagalli, Elena & Orsenigo, Carlotta, 2019. "Green oriented crowdfunding campaigns: Their characteristics and diffusion in different institutional settings," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 85-97.
    12. Mingchun Chen & Zhiying Liu & Chaoliang Ma & Xiuyuan Gong, 2021. "A distinctive early bird price in reward-based crowdfunding," Electronic Commerce Research, Springer, vol. 21(2), pages 347-370, June.
    13. Saul Estrin & Susanna Khavul & Mike Wright, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," Small Business Economics, Springer, vol. 58(4), pages 1761-1781, April.
    14. Seyb, Stella K., 2022. "Red flags and rave reviews: Explaining too-good-to-be-true crowdfunding campaigns," Business Horizons, Elsevier, vol. 65(1), pages 69-78.
    15. Estrin, Saul & Gozman, Daniel & Khavul, Susanna, 2017. "Equity crowdfunding and early stage entrepreneurial finance: damaging or disruptive?," LSE Research Online Documents on Economics 86590, London School of Economics and Political Science, LSE Library.
    16. Du, Shaofu & Peng, Jing & Nie, Tengfei & Yu, Yugang, 2020. "Pricing strategies and mechanism choice in reward-based crowdfunding," European Journal of Operational Research, Elsevier, vol. 284(3), pages 951-966.
    17. Jesús Mauricio Flórez-Parra & Gracia Rubio Martín & Carmen Rapallo Serrano, 2020. "Corporate Social Responsibility and Crowdfunding: The Experience of the Colectual Platform in Empowering Economic and Sustainable Projects," Sustainability, MDPI, vol. 12(13), pages 1-20, June.
    18. José Jacinto Bilau & Jorge Pires, 2018. "What Drives The Funding Success Of Reward-Based Crowdfunding Campaigns?," Poslovna izvrsnost/Business Excellence, Faculty of Economics and Business, University of Zagreb, vol. 12(2), pages 27-40.
    19. Jin-Hyuk Kim & Frank Stähler, 2020. "The Impact of Peer-to-Peer Lending on Small Business Loans," CESifo Working Paper Series 8268, CESifo.
    20. Mahmood, Ammara & Luffarelli, Jonathan & Mukesh, Mudra, 2019. "What's in a logo? The impact of complex visual cues in equity crowdfunding," Journal of Business Venturing, Elsevier, vol. 34(1), pages 41-62.

    More about this item

    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:hal:journl:hal-03553731. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.