Determinants of profitability in companies financed by equity crowdfunding

Les déterminants de la rentabilité des entreprises financées par equity crowdfunding

Jihène Meniaoui and Sami Ben Larbi ()
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Sami Ben Larbi: CERGAM de Toulon - Centre d'Études et de Recherche en Gestion d'Aix-Marseille/Equipe de recherche de Toulon - CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon

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Abstract: By mobilizing arguments from the shareholder and cognitive approaches to governance, we propose in this paper to analyze the determinants of post-investment profitability of French companies financed by equity crowdfunding during the 2014-2020 period. Our paper favours an extension of the generalized linear models (Liang and Zeger, 1986; McCullagh and Nelder, 1989), recommended when dealing with non-independent longitudinal data. Our results show that the post-investment profitability of companies financed by ECF depends on the investment mode proposed by the platforms, but also on other attributes related to the profile of the project owner(s) and its stage of development.

Keywords: Equity Crowdfunding; post-investment profitability; shareholder and cognitive approaches to governance; rentabilité post-investissement; approches actionnariale et cognitive de la gouvernance (search for similar items in EconPapers)
Date: 2024
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Published in Recherches en sciences de gestion, inPress, 160

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04527827

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