Syndication and Profitability of Firms Funded through Equity Crowdfunding

Syndication et rentabilité des entreprises financées par equity crowdfunding

Jihène Meniaoui and Sami Ben Larbi ()
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Jihène Meniaoui: LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique, ULCO - Université du Littoral Côte d'Opale
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, UTLN - Université de Toulon

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Abstract: By drawing on arguments from agency theory and resource dependence theory, our article examines the impact of syndication on the post-investment profitability of French companies financed through equity crowdfunding (ECF) during the period 2011–2022. Using two econometric approaches suited to the longitudinal nature of our data, our results reveal a negative association between these two variables. While syndication provides financial and cognitive resources to the company, it can also lead to conflicts of interest and coordination issues that may hinder project success and financial performance.

Keywords: Syndication; post-investment profitability; Equity Crowdfunding; agency theory; resource dependence theory.; Rentabilité post-investissement; Théorie de l'agence; Théorie de la dépendance aux ressources (search for similar items in EconPapers)
Date: 2025-04-29
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Published in Revue Française de Gestion, 2025, 51 (321), pp.93-117. ⟨10.1684/rfg.2025.72⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05055234

DOI: 10.1684/rfg.2025.72

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