Equity crowdfunding: a traditional regulation for an innovative model?

L'equity crowdfunding, une régulation traditionnelle pour un modèle innovant ?

Johan Bouglet and Ghislaine Garmilis ()
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Johan Bouglet: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
Ghislaine Garmilis: IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]

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Abstract: The aim of this article is to highlight Equity Crowdfunding Sites‘ governance mechanisms, through an exploratory research on French Equity Crowdfunding Sites, based on an original database. Challenging a well-documented literature on cognitive mechanisms, the study shows that they tend to promote disciplinary mechanisms, which supposedly ensure shareholders' protection. The key role of Business Angels in the governance system is also addressed.

Keywords: Crowdfunding sites; Business angels; Equity crowdfunding; Governance; Sustainable Development Goals; Plateformes d’Equity crowdfunding; Gouvernance; Plateforme; Objectifs de Développement Durable (search for similar items in EconPapers)
Date: 2018-05
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Published in Revue Française de Gestion, 2018, 44 (273), pp.107 - 133. ⟨10.3166/rfg.2018.00236⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01899547

DOI: 10.3166/rfg.2018.00236

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