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Joakim Winborg . photo

Joakim Winborg

Senior lecturer

Joakim Winborg . photo

“All that glitters is not gold!” : The (Unexplored) Determinants of Equity Crowdfunding

Author

  • Camilla Civardi
  • Andrea Moro
  • Joakim Winborg

Summary, in English

Drawing from the rich literature in behavioural finance and extensive analysis of forum data from a UK equity crowdfunding platform, we present a comprehensive framework that delineates the investment decision-making process of equity crowdfunders. Our framework captures the utilitarian, emotional, and expressive investment motives that drive crowdfunders, their behaviours and actions during and after the campaign, as well as the challenges they encounter in fulfilling their investment goals. Our work highlights the crucial need to explore the extent to which entrepreneurs and crowdfunding platforms cater to the diverse investment motives and expectations of the crowd. We offer practical insights to entrepreneurs and platforms on how they can better align their strategies with the expectations and needs of equity crowdfunders.

Department/s

  • Entrepreneurship
  • Department of Business Administration

Publishing year

2023

Language

English

Publication/Series

Small Business Economics

Document type

Journal article

Publisher

Springer

Topic

  • Business Administration

Keywords

  • Behavioural finance
  • Equity crowdfunding
  • Exit
  • Investment behaviour
  • Investment motives
  • Shareholder activism
  • Start-up

Status

Epub

ISBN/ISSN/Other

  • ISSN: 0921-898X