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Syndication and Profitability of Firms Funded through Equity Crowdfunding
[Syndication et rentabilité des entreprises financées par equity crowdfunding]

Author

Listed:
  • Jihène Meniaoui

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique, ULCO - Université du Littoral Côte d'Opale)

  • Sami Ben Larbi

    (CERGAM de Toulon - Centre d'Études et de Recherche en Gestion d'Aix-Marseille/Equipe de recherche de Toulon - CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon, UTLN - Université de Toulon)

Abstract

By drawing on arguments from agency theory and resource dependence theory, our article examines the impact of syndication on the post-investment profitability of French companies financed through equity crowdfunding (ECF) during the period 2011–2022. Using two econometric approaches suited to the longitudinal nature of our data, our results reveal a negative association between these two variables. While syndication provides financial and cognitive resources to the company, it can also lead to conflicts of interest and coordination issues that may hinder project success and financial performance.

Suggested Citation

  • Jihène Meniaoui & Sami Ben Larbi, 2025. "Syndication and Profitability of Firms Funded through Equity Crowdfunding [Syndication et rentabilité des entreprises financées par equity crowdfunding]," Post-Print hal-05055234, HAL.
    • Handle: RePEc:hal:journl:hal-05055234
    DOI: 10.1684/rfg.2025.72
    as

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