The role of platform stakes in equity crowdfunding success

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-09-12 DOI:10.1016/j.frl.2024.106097

引用次数: 0

Abstract

This study examines the influence of platform characteristics — ownership stakes and underwriting fees — on the outcomes of equity crowdfunding campaigns and their ability to attract subsequent funding. Analyzing data from 2016 to 2022 across all U.S. equity crowdfunding platforms, our findings reveal that while platform ownership stakes positively correlate with immediate campaign success and follow-on funding, underwriting fees negatively impact success. However, these correlations weaken or reverse when analyzing the varying stakes taken within an individual platform like Wefunder and StartEngine. The findings highlight the importance of using multiple platforms in analyzing the impact of platform stakes on success.

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平台股权在股权众筹成功中的作用

本研究探讨了平台特征--所有权股份和承销费--对股权众筹活动结果及其吸引后续资金能力的影响。通过分析 2016 年至 2022 年美国所有股权众筹平台的数据，我们的研究结果表明，平台所有权股份与即时活动成功率和后续融资呈正相关，而承销费则对成功率产生负面影响。不过，在分析 Wefunder 和 StartEngine 等单个平台的不同股权时，这些相关性会减弱或逆转。这些发现强调了在分析平台股权对成功的影响时使用多个平台的重要性。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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