Equity Crowdfunding: First Resort or Last Resort?
| Autor: | Tom Vanacker, Xavier Walthoff-Borm, Armin Schwienbacher |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
050208 finance
media_common.quotation_subject 05 social sciences Monetary economics General Medicine Affect (psychology) Entrepreneurial finance Management of Technology and Innovation Debt Pecking order theory 0502 economics and business Equity crowdfunding Business Business and International Management Marketing Empirical evidence 050203 business & management media_common |
| Zdroj: | Academy of Management Proceedings. 2017:17135 |
| ISSN: | 2151-6561 0065-0668 |
| Popis: | Prior research has focused on the factors that affect funding success on equity crowdfunding platforms, but a detailed understanding of the factors that drive firms to search for equity crowdfunding in the first place is lacking. Drawing on the pecking order theory, we argue that firms list on equity crowdfunding platforms as a “last resort”—that is, when they lack internal funds and additional debt capacity. In line with the pecking order theory, the empirical evidence shows that firms listed on equity crowdfunding platforms are less profitable, more often have excessive debt levels, and have more intangible assets than matched firms not listed on these platforms. We discuss the implications for theory and practice. |
| Databáze: | OpenAIRE |
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