The study develops an original interdisciplinary approach, leveraging complex networks through which it identifies groups of investors and projects in equity crowdfunding, investigates whether clientele effects arise resulting in specific investor-entrepreneur matching, and explores which investor-entrepreneur combinations can lead to the emergence of collective behaviors. Data about campaigns and investors are gathered from Crowdcube to identify investors and company types that populated this leading UK platform during its early years (2011–2016). Results show that the clientele effect exists only between specific investors and project types: serial investors are attracted to innovative companies, whereas high-value and small investors, representing the largest group in the crowd, prefer mature companies in the consumer product industry. Moreover, the study reveals that information exchange in certain matching drives the clientele effect, resulting in collective behavior on specific segments: small investors engage in collective behaviors only when targeting high-tech innovative companies. These findings provide a new view on the clientele effect in equity crowdfunding platforms and the financing of innovative companies.

Righi, R., Pedrazzoli, A., Righi, S., Venturelli, V. (2024). The clientele effects in equity crowdfunding: A complex network analysis. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 42(June 2024) [10.1016/j.jbef.2024.100907].

The clientele effects in equity crowdfunding: A complex network analysis

Pedrazzoli, Alessia
Secondo
;
2024

Abstract

The study develops an original interdisciplinary approach, leveraging complex networks through which it identifies groups of investors and projects in equity crowdfunding, investigates whether clientele effects arise resulting in specific investor-entrepreneur matching, and explores which investor-entrepreneur combinations can lead to the emergence of collective behaviors. Data about campaigns and investors are gathered from Crowdcube to identify investors and company types that populated this leading UK platform during its early years (2011–2016). Results show that the clientele effect exists only between specific investors and project types: serial investors are attracted to innovative companies, whereas high-value and small investors, representing the largest group in the crowd, prefer mature companies in the consumer product industry. Moreover, the study reveals that information exchange in certain matching drives the clientele effect, resulting in collective behavior on specific segments: small investors engage in collective behaviors only when targeting high-tech innovative companies. These findings provide a new view on the clientele effect in equity crowdfunding platforms and the financing of innovative companies.
Articolo in rivista - Articolo scientifico
Clientele effect; Collective behavior; Complex networks; Crowdfunding; Infomap; Innovation;
English
2-mar-2024
2024
42
June 2024
100907
open
Righi, R., Pedrazzoli, A., Righi, S., Venturelli, V. (2024). The clientele effects in equity crowdfunding: A complex network analysis. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 42(June 2024) [10.1016/j.jbef.2024.100907].
File in questo prodotto:
File Dimensione Formato  
Righi-2024-J Behav Exp Finance-VoR.pdf

accesso aperto

Tipologia di allegato: Publisher’s Version (Version of Record, VoR)
Licenza: Creative Commons
Dimensione 1.29 MB
Formato Adobe PDF
1.29 MB Adobe PDF Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/466481
Citazioni
  • Scopus 0
  • ???jsp.display-item.citation.isi??? ND
Social impact