Alexandra Moritz

Crowdfunding: A Literature Review and Research Directions

Crowdfunding has become important in recent years. However, there is no comprehensive overview of the economic literature on this topic. This paper provides an overview of crowdfunding literature, classified in terms of the main actors (capital seekers, capital providers, and intermediaries), and presents important research questions for future research.

Investor communication in equity-based crowdfunding: a qualitative-empirical study

Purpose - – This study’s aim is to investigate the role of investor communication in equity-based crowdfunding. The study explores whether and how investor communication can reduce information asymmetries between investors and new ventures in equity-based crowdfunding, thereby facilitating the crowd’s investment decisions. Design/methodology/approach - – This paper follows an exploratory qualitative research approach based on semi-structured interviews with 23 market participants in equity-based crowdfunding: 12 investors, 6 new ventures and 5 third parties (mostly platform operators). After analyzing, coding and categorizing the data, this paper developed a theoretical framework and presented it in a set of six propositions. Findings - – The results indicate that the venture’s overall impression – especially perceived sympathy, openness and trustworthiness – is important to reduce perceived information asymmetries of investors in equity-based crowdfunding. To communicate these soft facts, personal communication seems to be replaced by pseudo-personal communication over the Internet (e.g. videos, investor relations channels and social media). In addition, the communications of third parties (e.g. other crowd investors, professional and experienced investors and other external stakeholders) influence the decision-making process of investors in equity-based crowdfunding. Third-party endorsements reduce the perceived information asymmetries and lower the importance of pseudo-personal communications by the venture. Originality/value - – Prior research shows that investor communication reduces information asymmetries between companies and investors. Currently, little is known about the role of investor communication in equity-based crowdfunding. This study focuses on the role of investor communication to reduce the perceived information asymmetries of investors in equity-based crowdfunding.

Financing patterns of European SMEs – an empirical taxonomy

Abstract This paper develops an empirical taxonomy of SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally financed SMEs. These SME financing types differ according to the number of financing instruments used and the combinations thereof. Furthermore, the SME financing types can be profiled according to their firm-, product-, industry- and country-specific characteristics. Our findings support policy-makers in assessing the impact of policy changes on SME financing and in designing financing programmes tailored to the specific needs of SMEs.

Investor Communication in Crowdfunding: A Qualitative-Empirical Study

Prior research shows that investor communication reduces information asymmetries between companies and investors. So far, little is known about the role of investor communication in crowdfunding. This paper explores whether and how investor communication can reduce information asymmetries between crowd investors and new ventures, thereby facilitating the crowd’s investment decisions. The study follows an exploratory qualitative research approach based on semi-structured interviews with 17 crowdfunding participants: six crowd investors, six new ventures, and five third parties. After analyzing, coding, and categorizing the data, we developed a theoretical framework and present it in a set of six propositions. The results indicate that the venture’s overall impression — especially perceived sympathy, openness, and trustworthiness — plays a significant role in reducing the information asymmetries of crowd investors. To communicate these soft facts, personal communication seems to be replaced by pseudo-personal communication over the Internet (e.g., videos, investor relations channels, social media). In addition, the communications of third parties (e.g., other crowd investors, professional and experienced investors, customers and business associates) influence the decision making process of crowd investors. Third party endorsements are valued as quality signals reducing perceived information asymmetries and lowering the importance and effect of pseudo-personal communications by the venture.

Corporate Social Responsibility im Mittelstand: theoretische Überlegungen und empirische Evidenz

Corporate Social Responsibility (CSR) ist zu einem wichtigen Bestandteil in der Unternehmenstatigkeit geworden. Dieser Beitrag beschaftigt sich mit der Frage, ob und inwiefern sich CSR im Mittelstand von CSR in anderen Unternehmen unterscheidet. Auf theoretischer Ebene werden zunachst Vermutungen formuliert, wie sich mittelstandische Unternehmen (unterschieden nach Familien- und Grundungsunternehmen) hinsichtlich CSR von anderen Unternehmen unterscheiden. Anschliesend wird die empirische Literatur zu CSR im Mittelstand gesichtet und zusammengefasst. Der Beitrag schliest mit Empfehlungen zu zukunftiger Forschung uber CSR im Mittelstand.