How relevant is the individual’s levels of innovativeness in the investment decisions in equity crowdfunding campaigns?

IF 5 3区管理学 Q1 BUSINESS

European Journal of Innovation Management Pub Date : 2024-02-28 DOI:10.1108/ejim-03-2022-0124

Antonio Salvi, Vittorio Boscia, Niccolò Nirino, Gazi Mahabubul Alam, Felice Petruzzella

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引用次数: 0

Abstract

Purpose

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

Design/methodology/approach

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Findings

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Originality/value

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

查看原文本刊更多论文

个人的创新水平与股权众筹活动中的投资决策有多大关系？

目的本研究调查了个人创新水平（ILI）与个人股权众筹融资意向（IIF）之间的关系，以了解个人性格（IP）是否以及在多大程度上能够促进众筹的成功。此外，在与两个行为特征（积极主动型人格（PP）和经验开放型人格（OE））交互作用的基础上，对 ILI 和 IIF 之间的基线关系进行了细分。结果结果表明，个人的创新水平与个人的股权众筹融资意向之间存在正相关关系。此外，当模型中引入调节因子时，这种关系仍然是正向的，这表明PP和OE是加强主要关系的个人特质。原创性/价值我们的研究结果有助于丰富文献流，根据这些文献，股权众筹是一种有用的工具，不仅能够弥补公司在其生命周期第一阶段的资金缺口。研究结果还有助于创新进程的发展，并在众筹社区内形成一种社会认同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Innovation Management Multiple-

CiteScore

10.40

自引率

17.60%

发文量

107

期刊介绍： The subject of innovation is receiving increased interest both from companies because of their increased awareness of the impact of innovation in determining market success and also from the research community. Academics are increasingly beginning to place innovation as a priority area in their research agenda. This impetus has been partly fuelled by the Economic & Social Research Council (ESRC) who have designated innovation as one of nine research areas in their research initiative schemes.