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An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process

Michael E. Cummings (), Hans Rawhouser (), Silvio Vismara () and Erin L. Hamilton ()
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Michael E. Cummings: University of Arkansas
Hans Rawhouser: University of Nevada, Las Vegas
Silvio Vismara: University of Bergamo
Erin L. Hamilton: University of Nevada, Las Vegas

Small Business Economics, 2020, vol. 54, issue 4, No 1, 907-932

Abstract: Abstract Equity crowdfunding is a unique form of entrepreneurial finance that combines elements of private and public equity. We articulate its distinctive features, then review and qualitatively analyze a large corpus of 540 public comments submitted by stakeholders in response to new US equity crowdfunding regulations. Through a qualitative content analytic approach, we combine actor (issuer, investor, and intermediary) and perspective (relational, behavioral, and technical) dimensions to develop a taxonomy of 18 categories, from which we derive and present unanswered questions and fruitful research directions in this emerging domain.

Keywords: Crowdfunding; Equity crowdfunding; Entrepreneurial finance; Regulation; Qualitative content analysis; G30; K22; L26; M13 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s11187-018-00134-5

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