Iron curtain echoes: The enduring impact of communism and crowdfunding

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-12-05 DOI:10.1016/j.jcorpfin.2024.102723

Thien Le-Hoang Nguyen, Hui-Ching Hsieh

引用次数: 0

Abstract

Do enduring effects of communism on human behaviors persist in the entrepreneurial financial market, particularly in the equity crowdfunding (ECF) market? Our study, utilizing the natural experimental setting provided by the German crowdfunding platform – Companisto – reveals the lingering shadow of communism in the investment strategies of individuals from East Germany. We posit that risk and time preferences shaped during prolonged exposure to communism deter investors from East Germany from making sound contributions to ECF campaigns. Further analyses of the moderating effects of investors' confidence and entrepreneurs' trustworthiness provide insights into their roles in the success of ECF campaigns.

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铁幕回响：共产主义和众筹的持久影响

共产主义对人类行为的持久影响是否持续存在于创业金融市场，特别是股权众筹（ECF）市场？我们的研究利用德国众筹平台Companisto提供的自然实验环境，揭示了东德个人投资策略中挥之不去的共产主义阴影。我们假设，在长期接触共产主义期间形成的风险和时间偏好会阻止来自东德的投资者为ECF活动做出合理的贡献。进一步分析投资者信心和企业家可信度的调节作用，可以深入了解它们在ECF活动成功中的作用。

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

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.