Challenges and opportunities for crowdfunding in emerging markets: an ethical perspective

Johan Bouglet (), Ghislaine Garmilis () and Olivier Joffre ()
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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

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Abstract: Still marginal 10 years ago, crowdfunding is now growing and represents a larger share of the economy each year, especially in emerging markets. At the same time, research on alternative investments in emerging markets is growing at a much faster pace than other similar fields. Indeed, policymakers, investors, and entrepreneurs from emerging markets need to gain a better understanding about the impact of fundraising innovations on sustainable growth in their home countries to facilitate entrepreneurship, growth, and employment. In this chapter, we will firstly review the foundations of crowdfunding as an innovative model, the importance of ethics in this model as well as the responses of regulators to adapt the legislative frameworks in developing countries. Secondly, we will address the question of ethics that characterizes the crowdfunding platform sector today through a double response based both on the stakeholder theory and on the corporate governance theory.

Keywords: Emerging Markets; Alternative Financing; Entrepreneurial Finance; Crowdfunding Platforms; Regulation; Ethics; Stakeholder Theory; Corporate Governance Theory (search for similar items in EconPapers)
Date: 2022-09
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Published in Duc Khuong Nguyen. Handbook of banking and finance in emerging markets, Edward Elgar Publishing, pp.492-505, 2022, 978-1-80088-089-4. ⟨10.4337/9781800880900.00035⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03464429

DOI: 10.4337/9781800880900.00035

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