The 4th European Alternative Finance Benchmarking Report

Ziegler, Tania; Shneor, Rotem; Wenzlaff, Karsten; Odorović, Ana; Hao, Rui; Ryll, Lukas

doi:10.2139/ssrn.3772260

Cited by 26 publications

(43 citation statements)

References 9 publications

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“…Similarly, (Lehner and Harrer, 2019, p. 89) argue that crowdfunding platforms have an incentive to work together to inform and influence legislation to enhance the current regulatory status. These arguments are consistent with empirical findings that the “changes to regulations” are ranked as one of the highest risk factors by platforms operating different business models (Ziegler et al , 2019, p. 53–54).…”

Section: Theoretical Framework For Self-regulation In Crowdfundingsupporting

confidence: 89%

“…The business model focus of the CoC is derived firstly from a specific mentioning of equity- and lending-based crowdfunding in the CoC; secondly from the content analysis of the provisions which apply only to financial-return-based models such as equity- and lending-based crowdfunding; or thirdly, from the membership structure of the associations. The predominance of this business model of crowdfunding platforms can be explained by the more prevailing fear of market failure in equity-based and lending-based crowdfunding, as discussed in the previous section (Ziegler et al , 2018, 2019).…”

Section: Methodology Of Case Studiesmentioning

confidence: 99%

“…In some other countries, regulators introduced bespoke-crowdfunding regimes to stimulate its development. Some empirical evidence shows that there is a high correlation between adequacy of crowdfunding regulations as perceived by platforms and volumes per capita (Ziegler et al , 2019, pp. 55–56).…”

Section: A Comparative Study Of Codes Of Conduct In the European Crowdfunding Marketmentioning

confidence: 99%

“…CoCs have appeared in countries with most developed crowdfunding market, in terms of either total volumes (the United Kingdom, France, Germany, Netherlands, Nordic Countries, Austria) or volumes per capita (Estonia) (Ziegler et al , 2019). The relationship between the maturity of a crowdfunding market and the existence of CoCs and crowdfunding associations is twofold.…”

Section: A Comparative Study Of Codes Of Conduct In the European Crowdfunding Marketmentioning

confidence: 99%

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The joint production of confidence – self-regulation in European crowdfunding markets

Odorović¹,

Wenzlaff²

2020

BJM

Self Cite

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PurposeThe paper discusses the rationale for a widespread reliance on Codes of Conduct (CoC) in European crowdfunding through the lenses of economic theories of self-regulation. By analysing the institutional design of CoCs in crowdfunding, the paper illustrates the differences in their regulatory context, inclusiveness, monitoring and enforcement. It offers the first systematic overview of substantial rules of CoCs in crowdfunding.Design/methodology/approachA comparative case study of nine CoCs in Europe is used to illustrate differences in their institutional design and discern the economic purpose of the CoC.FindingsThe institutional design of different CoCs in Europe mainly supports voluntary theories of self-regulation. In particular, the theory of reputation commons has the most explanatory power. The substantial rules of CoC in different markets show the potential sources of market failure through the perspectives of platforms.Research limitations/implicationsCoCs appear in various regulatory, cultural, and industry contexts of different countries. Some of the institutional design features of CoC might be a result of these characteristics.Practical implicationsCrowdfunding associations wishing to develop their own CoC may learn from a comparative overview of key provisions.Social implicationsFor governments in Europe, contemplating creating or revising bespoke crowdfunding regimes, the paper identifies areas where crowdfunding platforms perceive market failure.Originality/valueThis paper is the first systematic study of self-regulatory institutions in European crowdfunding. The paper employs a theoretical framework for the analysis of self-regulation in crowdfunding and provides a comparison of a regulatory context, inclusiveness, monitoring and enforcement of different CoCs in Europe.

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Section: Theoretical Framework For Self-regulation In Crowdfundingsupporting

confidence: 89%

Section: Methodology Of Case Studiesmentioning

confidence: 99%

Section: A Comparative Study Of Codes Of Conduct In the European Crowdfunding Marketmentioning

confidence: 99%

Section: A Comparative Study Of Codes Of Conduct In the European Crowdfunding Marketmentioning

confidence: 99%

See 2 more Smart Citations

The joint production of confidence – self-regulation in European crowdfunding markets

Odorović¹,

Wenzlaff²

2020

BJM

Self Cite

View full text Add to dashboard Cite

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“…In 2018, the combined market activity of the industry grew to £17.2billionan increase of about 10 times compared to the £1.74 billions of 2014 (Baeck et al, 2014;Zhang et al, 2018). In a wider region, European online alternative finance industry (excluding the UK) grew 63% from € 2.06 billion in 2016 to €3.37 billion in 2017 (Ziegler et al, 2019). The market in the United States grew by 24% with $42.81 billion total market volume in 2017 than the previous year.…”

Section: Crowdfunding and Entrepreneurial Financementioning

confidence: 99%

Crowdfunding

Ying

Harris

Lam

2020

The Palgrave Encyclopedia of Interest Groups, Lobbying and Public Affairs

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Crowdfunding is the approach fundraisers take to raise funding for a project, venture, or personal needs, from a crowd of people, or known as investors, backers, or supporters based on characteristics of different crowdfunding models, essentially through the Internet. Crowdfunding is considered as an alternative finance option for different purposes of businesses (e.g., new venture creation, business growth and exit), individuals (e.g., life events and challenging circumstances), local communities (e.g., saving a local pub), and public sector. This entry will have a brief look at the history and trend of the different crowdfunding models, as well as their relationship with entrepreneurs and public sector.

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Attention across borders: Investor attention as a driver of cross‐border equity crowdfunding investments

Maula

Lukkarinen

2022

Strategic Entrepreneurship

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Digital equity crowdfunding platforms have brought an unprecedented number of international investment opportunities to investors' reach. Although most equity crowdfunding investments are still made domestically, cross-border investments often have a decisive role in a campaign's success. We therefore ask what drives crossborder investments and theorize how international investors' attention directs their investment choices. We leverage unique data and several complementary approaches to examine this question. Our contribution to the equity crowdfunding literature is twofold: (a) we theorize and empirically show how international investor attention affects cross-border equity crowdfunding investments, and (b) we conduct the first empirical study of the drivers of cross-border investments in equity crowdfunding. These findings also have implications for new venture internationalization research and the broader literature on investor attention.

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The 4th European Alternative Finance Benchmarking Report

Cited by 26 publications

References 9 publications

The joint production of confidence – self-regulation in European crowdfunding markets

The joint production of confidence – self-regulation in European crowdfunding markets

Crowdfunding

Attention across borders: Investor attention as a driver of cross‐border equity crowdfunding investments

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