They do not look alike: what kind of private investors do equity crowdfunded firms attract?
نویسندگان
چکیده
Abstract Using a dataset of 170 firms that successfully fundraised via the two most prominent UK equity crowdfunding platforms, we investigate whether and how having run an campaign is associated to reputation follow-on venture capital investors attracted. From comparison with control group received seed round from business angels, found have successful attract lower reputable VCs. These results are confirmed when controlling for endogeneity firms’ characteristics. Considering shareholder structure chosen by firm raising crowdfunding, opting direct structure, which entails higher coordination agency costs, less VCs compared nominee structure.
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ژورنال
عنوان ژورنال: Journal of Technology Transfer
سال: 2021
ISSN: ['1573-7047', '0892-9912']
DOI: https://doi.org/10.1007/s10961-021-09895-w