The role of competition on equity crowdfunding

Sandra Correia (), Miguel Sousa and Elísio Brandão
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Sandra Correia: Universidade do Porto
Miguel Sousa: Universidade do Porto
Elísio Brandão: Universidade do Porto

The Journal of Technology Transfer, 2025, vol. 50, issue 4, No 5, 1416-1460

Abstract: Abstract Our study investigates competition’s impact on ECF campaigns, analyzing 37,201 daily observations from 1081 campaigns. While we found that the number of competing campaigns does not significantly influence the likelihood of funding, our daily analysis reveals its effect on campaign performance, impacting investors participation and funds raised. Additionally, more competitors reduce final number of investors. Furthermore, blockbuster projects from other industries have an adverse cannibalization effect, lowering campaign success probability. These findings emphasize the role of the competitive landscape in guiding entrepreneurs’ strategic decisions to improve the prospects of ECF campaigns success.

Keywords: Equity crowdfunding; Alternative finance; Competition (search for similar items in EconPapers)
JEL-codes: G23 L26 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10961-024-10145-y

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