Protection of crowdfunders: a typology of equity crowdfunding platforms through governance mechanisms

La protection des investisseurs en crowdfunding: typologie des plateformes d’equity crowdfunding par les mécanismes de gouvernance

Johan Bouglet (), Ghislaine Garmilis () and Olivier Joffre ()
Additional contact information
Johan Bouglet: IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel
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 - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], ETHOS - Ethique, Technologies, Humains, Organisations, Société - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]
Olivier Joffre: IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel

Post-Print from HAL

Abstract: Are crowdfunders investors like any other? One may wonder whether governance mechanisms designed to protect the interests of shareholders will be attractive to crowdfunders. We developed an original database integrating all French equity crowdfunding platforms to propose a typology of platforms based on their governance mechanisms. We identify four categories of governance systems, going beyond the usual dichotomy. Finally, we examine platforms' popularity and show that the crowd is attentive to the disciplinary mechanisms designed to force the manager to act in the shareholders' interests.

Keywords: Platforms; Equity Crowdfunding; Corporate Governance; Rationality; Popularity; Plateformes; Gouvernance d’entreprise; Rationalité; Popularité (search for similar items in EconPapers)
Date: 2021-06
References: Add references at CitEc
Citations:

Published in Revue de l'Entrepreneuriat, 2021, 20 (1), pp.37-64. ⟨10.3917/entre1.pr.0007⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03321852

DOI: 10.3917/entre1.pr.0007

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().