The impact of past fundraising experiences on the fundraising performance of equity crowdfunding projects

Xue Yang (), Huiling Wang () and Fangyue Li
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Xue Yang: Nanjing University
Huiling Wang: Shenzhen Institute of Information Technology
Fangyue Li: Home Link Shanghai

Electronic Commerce Research, 2024, vol. 24, issue 2, No 24, 1385-1405

Abstract: Abstract Currently, small and medium-sized enterprises (SMEs) have been the mainstay of technological innovation. Given the paucity of financial support, equity crowdfunding has become a popular way for SMEs to obtain project funds in recent years. Based on all successful crowdfunding projects on Seedrs, an equity crowdfunding platform, we delved into the impact of the content not displayed on project’s presentation page, particularly past fundraising experiences, on fundraising performance. Additionally, we empirically explored the influence of three dimensions, namely whether there was past fundraising experience, the number of past fundraising experience(s), and the amount of the last fundraising, on the fundraising ratio and the number of investors. The research results indicate that (1) the fundraising ratio is not significantly related to whether there was past fundraising experience and the number of past fundraising experience(s), but positively related to the amount of the last fundraising; (2) the number of investors is not significantly related to whether there was past fundraising experience, but positively related to the number of past fundraising experience(s) and negatively related to the amount of the last fundraising. Theoretically, we explored the relations between the information not displayed and fundraising performance from the perspective of past fundraising experience, supplementing and enriching the related research. Practically, we revealed the information searching behaviors of investors and guided the crowdfunding platforms in the information display.

Keywords: Equity crowdfunding; Past fundraising experience; Fundraising performance; Fundraising ratio; Number of investors (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10660-024-09815-8

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