Entrepreneurship and Equity Crowdfunding: Does It Matter?

Ciro Troise

International Journal of Business and Management, 2021, vol. 14, issue 10, 72

Abstract: This study aims to explore how entrepreneurship, i.e. the three well-known dimensions of entrepreneurial orientation (EO) (innovativeness, risk taking and proactiveness), affects equity crowdfunding (ECF) performance. Many contributions in the entrepreneurship literature suggested that the entrepreneurial process is incomplete with the creation of a new venture. In this vein, the present paper focuses on the company’s fundraising capability, a stage that follow the establishment of a new business. Empirical regression analyses were performed and the sample consists of 134 projects collected from seven Italian platforms. Interesting successful drivers, belonging to the EO sphere, emerge from the study. Findings show statistically significant influence of the three exploratory variables- product innovation (as expression of innovativeness) and planning (as expression of proactiveness) positively affect ECF performance, while equity offered (as expression of risk taking propensity) has a negative impact. Scholars have little knowledge about the role of entrepreneurship in the ECF context, this study sheds some light on the importance of entrepreneurial aspects. The originality of this study lies both in the entrepreneurial framework and in the factors analyzed. The insights could have interesting implications for entrepreneurs, platform managers, investors and policy makers.

Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.ccsenet.org/journal/index.php/ijbm/article/download/0/0/40650/41913 (application/pdf)
http://www.ccsenet.org/journal/index.php/ijbm/article/view/0/40650 (text/html)

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:ibn:ijbmjn:v:14:y:2021:i:10:p:72

Access Statistics for this article

More articles in International Journal of Business and Management from Canadian Center of Science and Education Contact information at EDIRC.
Bibliographic data for series maintained by Canadian Center of Science and Education ().