메뉴 건너뛰기




Volumn 7, Issue 3, 2015, Pages 309-342

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

Author keywords

Crowdfunding; Equity based crowdfunding; Investor communication; New venture financing

Indexed keywords


EID: 84996497484     PISSN: 17554179     EISSN: 17554187     Source Type: Journal    
DOI: 10.1108/QRFM-07-2014-0021     Document Type: Article
Times cited : (119)

References (119)
  • 2
    • 84887561538 scopus 로고    scopus 로고
    • SSRN Working Paper, : (accessed 19 May 2014)
    • Ahlers, G., Cumming, D., Günther, C. and Schweizer, D. (2013), “Equity crowdfunding”, SSRN Working Paper No. 2362340, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2362340 (accessed 19 May 2014).
    • (2013) Equity crowdfunding
    • Ahlers, G.1    Cumming, D.2    Günther, C.3    Schweizer, D.4
  • 3
    • 0011039056 scopus 로고
    • Fools rush in? The institutional context of industry creation
    • Aldrich, H.E. and Fiol, C.M. (1994), “Fools rush in? The institutional context of industry creation”, Academy of Management Review, Vol. 19 No. 4, pp. 645-670.
    • (1994) Academy of Management Review , vol.19 , Issue.4 , pp. 645-670
    • Aldrich, H.E.1    Fiol, C.M.2
  • 4
    • 84868583979 scopus 로고    scopus 로고
    • Social capital of venture capitalists and start-up funding
    • Alexy, O.T., Block, J.H., Sandner, P. and Ter Wal, A.L.J. (2011), “Social capital of venture capitalists and start-up funding”, Small Business Economics, Vol. 39 No. 4, pp. 835-851.
    • (2011) Small Business Economics , vol.39 , Issue.4 , pp. 835-851
    • Alexy, O.T.1    Block, J.H.2    Sandner, P.3    Ter Wal, A.L.J.4
  • 5
    • 84960565609 scopus 로고
    • A simple model of herd behavior
    • Banerjee, A. (1992), “A simple model of herd behavior”, The Quarterly Journal of Economics, Vol. 107 No. 3, pp. 797-817.
    • (1992) The Quarterly Journal of Economics , vol.107 , Issue.3 , pp. 797-817
    • Banerjee, A.1
  • 6
  • 7
    • 1142278777 scopus 로고    scopus 로고
    • Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups
    • Baum, J.A.C. and Silverman, B.S. (2004), “Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups”, Journal of Business Venturing, Vol. 19 No. 3, pp. 411-436.
    • (2004) Journal of Business Venturing , vol.19 , Issue.3 , pp. 411-436
    • Baum, J.A.C.1    Silverman, B.S.2
  • 8
  • 10
    • 79960337790 scopus 로고    scopus 로고
    • Search and herding effects in peer-to-peer lending: evidence from
    • Berkovich, E. (2011), “Search and herding effects in peer-to-peer lending: evidence from prosper.com”, Annals of Finance, Vol. 7 No. 3, pp. 389-405.
    • (2011) Annals of Finance , vol.7 , Issue.3 , pp. 389-405
    • Berkovich, E.1
  • 11
    • 0026950995 scopus 로고
    • Bootstrap finance: the art of start-ups
    • Bhide, A. (1991), “Bootstrap finance: the art of start-ups”, Harvard Business Review, Vol. 70 No. 6, pp. 109-117.
    • (1991) Harvard Business Review , vol.70 , Issue.6 , pp. 109-117
    • Bhide, A.1
  • 12
    • 27744568768 scopus 로고
    • A theory of fads, fashion, custom, and cultural change as informational cascades
    • Bikhchandani, S., Hirshleifer, D. and Welch, I. (1992), “A theory of fads, fashion, custom, and cultural change as informational cascades”, Journal of Political Economy, Vol. 100 No. 5, pp. 992-1026.
    • (1992) Journal of Political Economy , vol.100 , Issue.5 , pp. 992-1026
    • Bikhchandani, S.1    Hirshleifer, D.2    Welch, I.3
  • 13
    • 0010015080 scopus 로고    scopus 로고
    • Herd behavior in financial markets
    • Bikhchandani, S. and Sharma, S. (2001), “Herd behavior in financial markets”, IMF Staff Papers, Vol. 47 No. 3, pp. 279-310.
    • (2001) IMF Staff Papers , vol.47 , Issue.3 , pp. 279-310
    • Bikhchandani, S.1    Sharma, S.2
  • 15
    • 56049101413 scopus 로고    scopus 로고
    • A multi-level review of impression management motives and behaviors
    • Bolino, M.C., Kacmar, K.M., Turnley, W.H. and Gilstrap, J.B. (2008), “A multi-level review of impression management motives and behaviors”, Journal of Management, Vol. 34 No. 6, pp. 1080-1109.
    • (2008) Journal of Management , vol.34 , Issue.6 , pp. 1080-1109
    • Bolino, M.C.1    Kacmar, K.M.2    Turnley, W.H.3    Gilstrap, J.B.4
  • 16
    • 84922351651 scopus 로고    scopus 로고
    • Identifying expertise and using it to extract the Wisdom of the Crowds
    • Budescu, D. and Chen, E. (2014), “Identifying expertise and using it to extract the Wisdom of the Crowds”, Management Science, Vol. 61 No. 2.
    • (2014) Management Science , vol.61 , Issue.2
    • Budescu, D.1    Chen, E.2
  • 17
    • 84884628474 scopus 로고    scopus 로고
    • Herding behavior as a network externality
    • (accessed 2 April 2013)
    • Burtch, G. (2011), “Herding behavior as a network externality”, Proceedings ICIS2011, available at: http://community.mis.temple.edu/gburtch/files/2012/02/2011-Burtch-2.pdf (accessed 2 April 2013).
    • (2011) Proceedings ICIS , vol.2011
    • Burtch, G.1
  • 18
    • 84923499039 scopus 로고    scopus 로고
    • The hidden cost of accommodating crowdfunder privacy preferences: a randomized field experiment
    • (accessed 12 December 2014)
    • Burtch, G., Ghose, A. and Wattal, S. (2014), “The hidden cost of accommodating crowdfunder privacy preferences: a randomized field experiment”, Management Science, pp. 14-26, available at: http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2479577 (accessed 12 December 2014).
    • (2014) Management Science , pp. 14-26
    • Burtch, G.1    Ghose, A.2    Wattal, S.3
  • 19
    • 84993923489 scopus 로고
    • Investment bank reputation, information production, and financial intermediation
    • Chemmanur, T. and Fulghieri, P. (1994), “Investment bank reputation, information production, and financial intermediation”, The Journal of Finance, Vol. 49 No. 1, pp. 57-79.
    • (1994) The Journal of Finance , vol.49 , Issue.1 , pp. 57-79
    • Chemmanur, T.1    Fulghieri, P.2
  • 20
    • 84902119050 scopus 로고    scopus 로고
    • Auctions for social lending: a theoretical analysis
    • Chen, N., Ghosh, A. and Lambert, N.S. (2013), “Auctions for social lending: a theoretical analysis”, Games and Economic Behavior, Vol. 86, pp. 367-391.
    • (2013) Games and Economic Behavior , vol.86 , pp. 367-391
    • Chen, N.1    Ghosh, A.2    Lambert, N.S.3
  • 21
    • 84934283953 scopus 로고    scopus 로고
    • Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments?
    • Cholakova, M. and Clarysse, B. (2014), “Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments?”, Entrepreneurship Theory and Practice, Vol. 39 No. 1.
    • (2014) Entrepreneurship Theory and Practice , vol.39 , Issue.1
    • Cholakova, M.1    Clarysse, B.2
  • 22
    • 33645738127 scopus 로고    scopus 로고
    • Herd behavior in a laboratory financial market
    • Cipriani, M. and Guarino, A. (2005), “Herd behavior in a laboratory financial market”, American Economic Review, Vol. 95 No. 5, pp. 1427-1443.
    • (2005) American Economic Review , vol.95 , Issue.5 , pp. 1427-1443
    • Cipriani, M.1    Guarino, A.2
  • 23
    • 47249135408 scopus 로고    scopus 로고
    • The impact of entrepreneurs’ oral ‘pitch’presentation skills on business angels’ initial screening investment decisions
    • Clark, C. (2008), “The impact of entrepreneurs’ oral ‘pitch’presentation skills on business angels’ initial screening investment decisions”, Venture Capital, Vol. 10 No. 3, pp. 257-279.
    • (2008) Venture Capital , vol.10 , Issue.3 , pp. 257-279
    • Clark, C.1
  • 25
    • 84905784948 scopus 로고    scopus 로고
    • Internal social capital and the attraction of early contributions in crowdfunding
    • Colombo, M.G., Franzoni, C. and Rossi-Lamastra, C. (2014), “Internal social capital and the attraction of early contributions in crowdfunding”, Entrepreneurship Theory and Practice, Vol. 39 No. 1.
    • (2014) Entrepreneurship Theory and Practice , vol.39 , Issue.1
    • Colombo, M.G.1    Franzoni, C.2    Rossi-Lamastra, C.3
  • 27
    • 84888014709 scopus 로고    scopus 로고
    • Demand driven securities regulation: evidence from crowdfunding
    • Cumming, D. and Johan, S. (2013), “Demand driven securities regulation: evidence from crowdfunding”, Venture Capital, Vol. 15 No. 4, pp. 361-379.
    • (2013) Venture Capital , vol.15 , Issue.4 , pp. 361-379
    • Cumming, D.1    Johan, S.2
  • 29
    • 84949476175 scopus 로고
    • The research act: the interrelationship of theory and method
    • in and (Eds),., Allyn and Bacon, Boston, MA
    • Denzin, N.K. (1978), “The research act: the interrelationship of theory and method”, in Manis, J.G. and Meltzer, B.N. (Eds),., Symbolic Interaction: A Reader in Social Psychology, Allyn and Bacon, Boston, MA, pp. 58-68.
    • (1978) Symbolic Interaction: A Reader in Social Psychology , pp. 58-68
    • Denzin, N.K.1    Manis, J.G.2    Meltzer, B.N.3
  • 30
    • 0001138987 scopus 로고    scopus 로고
    • Rational herding in financial economics
    • Devenow, A. and Welch, I. (1996), “Rational herding in financial economics”, European Economic Review, Vol. 40 Nos 3/5, pp. 603-615.
    • (1996) European Economic Review , vol.40 , Issue.3-5 , pp. 603-615
    • Devenow, A.1    Welch, I.2
  • 31
    • 0036274176 scopus 로고    scopus 로고
    • Auction or agent (or both)? A study of moderators of the herding bias in digital auctions
    • Dholakia, U.M., Basuroy, S. and Soltysinski, K. (2002), “Auction or agent (or both)? A study of moderators of the herding bias in digital auctions”, International Journal of Research in Marketing, Vol. 19 No. 2, pp. 115-130.
    • (2002) International Journal of Research in Marketing , vol.19 , Issue.2 , pp. 115-130
    • Dholakia, U.M.1    Basuroy, S.2    Soltysinski, K.3
  • 34
    • 79952161046 scopus 로고    scopus 로고
    • Quality disclosure and certification: theory and practice
    • Dranove, D. and Jin, G. (2010), “Quality disclosure and certification: theory and practice”, Journal of Economic Literature, Vol. 48 No. 4, pp. 935-963.
    • (2010) Journal of Economic Literature , vol.48 , Issue.4 , pp. 935-963
    • Dranove, D.1    Jin, G.2
  • 35
    • 60649098552 scopus 로고    scopus 로고
    • Informational cascades and software adoption on the internet: an empirical investigation
    • Duan, B.W., Gu, B. and Whinston, A.B. (2009), “Informational cascades and software adoption on the internet: an empirical investigation”, MIS Quarterly, Vol. 33 No. 1, pp. 23-48.
    • (2009) MIS Quarterly , vol.33 , Issue.1 , pp. 23-48
    • Duan, B.W.1    Gu, B.2    Whinston, A.B.3
  • 36
    • 84864484014 scopus 로고    scopus 로고
    • Trust and credit: the role of appearance in peer-to-peer lending
    • Duarte, J., Siegel, S. and Young, L. (2012), “Trust and credit: the role of appearance in peer-to-peer lending”, Review of Financial Studies, Vol. 25 No. 8, pp. 2455-2484.
    • (2012) Review of Financial Studies , vol.25 , Issue.8 , pp. 2455-2484
    • Duarte, J.1    Siegel, S.2    Young, L.3
  • 37
    • 85189842898 scopus 로고    scopus 로고
    • (accessed 30 August 2014)
    • ECN (2014), “Startup Europe crowdfunding network – final report”, available at: www.crowdfundingnetwork.eu/2014/05/startup-europe-crowdfunding-network-final-report/ (accessed 30 August 2014).
    • (2014) Startup Europe crowdfunding network – final report
  • 38
    • 85189852452 scopus 로고    scopus 로고
    • 2013 European private equity activity
    • (accessed 30 December 2014)
    • EVCA (2014), “2013 European private equity activity”, Statistics on Fundraising Investments & Divestments, available at: www.evca.eu/media/142790/2013-european-private-equity-activity.pdf (accessed 30 December 2014).
    • (2014) Statistics on Fundraising Investments & Divestments
  • 39
    • 85011195870 scopus 로고    scopus 로고
    • Private investors’ investment criteria: insights from qualitative data
    • Feeney, L., Haines, G.H. and Riding, A.L. (1999), “Private investors’ investment criteria: insights from qualitative data”, Venture Capital, Vol. 1 No. 2, pp. 121-145.
    • (1999) Venture Capital , vol.1 , Issue.2 , pp. 121-145
    • Feeney, L.1    Haines, G.H.2    Riding, A.L.3
  • 41
    • 84901287932 scopus 로고    scopus 로고
    • Online entrepreneurial communication: mitigating uncertainty and increasing differentiation via Twitter
    • Fischer, E. and Reuber, A.R. (2014), “Online entrepreneurial communication: mitigating uncertainty and increasing differentiation via Twitter”, Journal of Business Venturing, Vol. 29 No. 4, pp. 565-583.
    • (2014) Journal of Business Venturing , vol.29 , Issue.4 , pp. 565-583
    • Fischer, E.1    Reuber, A.R.2
  • 42
    • 84904515203 scopus 로고    scopus 로고
    • Exploring entrepreneurial legitimacy in reward-based crowdfunding
    • Frydrych, D., Bock, A., Kinder, T. and Koeck, B. (2014), “Exploring entrepreneurial legitimacy in reward-based crowdfunding”, Venture Capital, Vol. 16 No. 3, pp. 247-269.
    • (2014) Venture Capital , vol.16 , Issue.3 , pp. 247-269
    • Frydrych, D.1    Bock, A.2    Kinder, T.3    Koeck, B.4
  • 43
    • 70350466340 scopus 로고    scopus 로고
    • Exploring the drivers of corporate reputation: a study of Italian securities analysts
    • Gabbioneta, C., Ravasi, D. and Mazzola, P. (2007), “Exploring the drivers of corporate reputation: a study of Italian securities analysts”, Corporate Reputation Review, Vol. 10 No. 2, pp. 99-123.
    • (2007) Corporate Reputation Review , vol.10 , Issue.2 , pp. 99-123
    • Gabbioneta, C.1    Ravasi, D.2    Mazzola, P.3
  • 45
    • 84873639987 scopus 로고    scopus 로고
    • Seeking qualitative rigor in inductive research: notes on the Gioia methodology
    • Gioia, D.A., Corley, K.G. and Hamilton, A.L. (2012), “Seeking qualitative rigor in inductive research: notes on the Gioia methodology”, Organizational Research Methods, Vol. 16 No. 1, pp. 15-31.
    • (2012) Organizational Research Methods , vol.16 , Issue.1 , pp. 15-31
    • Gioia, D.A.1    Corley, K.G.2    Hamilton, A.L.3
  • 47
    • 0001779071 scopus 로고
    • Venture capitalists’ decision criteria in new venture evaluation
    • Hall, J. and Hofer, C. (1993), “Venture capitalists’ decision criteria in new venture evaluation”, Journal of Business Venturing, Vol. 8 No. 1, pp. 25-42.
    • (1993) Journal of Business Venturing , vol.8 , Issue.1 , pp. 25-42
    • Hall, J.1    Hofer, C.2
  • 48
    • 84887965719 scopus 로고    scopus 로고
    • Crowdfunding and the revitalization of the early stage risk capital market: catalyst or chimera?
    • Harrison, R. (2013), “Crowdfunding and the revitalization of the early stage risk capital market: catalyst or chimera?”, Venture Capital, Vol. 15 No. 4, pp. 283-287.
    • (2013) Venture Capital , vol.15 , Issue.4 , pp. 283-287
    • Harrison, R.1
  • 50
    • 84996475225 scopus 로고    scopus 로고
    • The new intermediary on the block: funding portals under the Crowdfund act
    • Heminway, J. (2013), “The new intermediary on the block: funding portals under the Crowdfund act”, UC Davis Business Law Journal, Vol. 13 No. 2, pp. 177-205.
    • (2013) UC Davis Business Law Journal , vol.13 , Issue.2 , pp. 177-205
    • Heminway, J.1
  • 51
    • 84942254531 scopus 로고    scopus 로고
    • Investor and market protection in the crowdfunding era: disclosing to and for the’crowd’
    • Heminway, J. (2014), “Investor and market protection in the crowdfunding era: disclosing to and for the’crowd’”, Vermont Law Review, Vol. 38 No. 827, pp. 827-848.
    • (2014) Vermont Law Review , vol.38 , Issue.827 , pp. 827-848
    • Heminway, J.1
  • 53
    • 82955251206 scopus 로고    scopus 로고
    • Tell me a good story and I may lend you my money: the role of narratives in peer-to-peer lending decisions
    • Herzenstein, M., Sonenshein, S. and Dholakia, U.M. (2011), “Tell me a good story and I may lend you my money: the role of narratives in peer-to-peer lending decisions”, Journal of Marketing Research, Vol. 48 No. 2011, pp. 138-149.
    • (2011) Journal of Marketing Research , vol.48 , Issue.2011 , pp. 138-149
    • Herzenstein, M.1    Sonenshein, S.2    Dholakia, U.M.3
  • 54
    • 71949123095 scopus 로고    scopus 로고
    • An organizational impression management perspective on the formation of corporate reputations
    • Highhouse, S., Brooks, M.E. and Gregarus, G. (2009), “An organizational impression management perspective on the formation of corporate reputations”, Journal of Management, Vol. 35 No. 6, pp. 1481-1493.
    • (2009) Journal of Management , vol.35 , Issue.6 , pp. 1481-1493
    • Highhouse, S.1    Brooks, M.E.2    Gregarus, G.3
  • 55
    • 84937701237 scopus 로고    scopus 로고
    • SSRN Working Paper 1615483, : (accessed 1 August 2014)
    • Hildebrand, T., Puri, M. and Rocholl, J. (2013), “Adverse incentives in crowdfunding”, SSRN Working Paper No. 1615483, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1615483 (accessed 1 August 2014).
    • (2013) Adverse incentives in crowdfunding
    • Hildebrand, T.1    Puri, M.2    Rocholl, J.3
  • 56
    • 84986047705 scopus 로고    scopus 로고
    • Herd behaviour and cascading in capital markets: a review and synthesis
    • Hirshleifer, D. and Hong Teoh, S. (2003), “Herd behaviour and cascading in capital markets: a review and synthesis”, European Financial Management, Vol. 9 No. 1, pp. 25-66.
    • (2003) European Financial Management , vol.9 , Issue.1 , pp. 25-66
    • Hirshleifer, D.1    Hong Teoh, S.2
  • 57
    • 84860378642 scopus 로고    scopus 로고
    • Investor relations beyond financials: non-financial factors and capital market image building
    • Hoffmann, C. and Fieseler, C. (2012), “Investor relations beyond financials: non-financial factors and capital market image building”, Corporate Communications: An International Journal, Vol. 17 No. 2, pp. 138-155.
    • (2012) Corporate Communications: An International Journal , vol.17 , Issue.2 , pp. 138-155
    • Hoffmann, C.1    Fieseler, C.2
  • 59
    • 4344630945 scopus 로고    scopus 로고
    • What do entrepreneurs pay for venture capital affiliation?
    • Hsu, D. (2004), “What do entrepreneurs pay for venture capital affiliation?”, The Journal of Finance, Vol. 59 No. 4, pp. 1805-1844.
    • (2004) The Journal of Finance , vol.59 , Issue.4 , pp. 1805-1844
    • Hsu, D.1
  • 60
    • 79952349303 scopus 로고    scopus 로고
    • Opinion leadership and social contagion in new product diffusion
    • Iyengar, R., Van den Bulte, C. and Valente, T.W. (2011), “Opinion leadership and social contagion in new product diffusion”, Marketing Science, Vol. 30 No. 2, pp. 195-212.
    • (2011) Marketing Science , vol.30 , Issue.2 , pp. 195-212
    • Iyengar, R.1    Valente, T.W.2
  • 62
    • 0000894869 scopus 로고
    • Toward a general theory of strategic self-presentation
    • in (Ed.), Erlbaum, Hillsdale, New York, NY
    • Jones, E. and Pittman, T. (1982), “Toward a general theory of strategic self-presentation”, in Suls, J. (Ed.), Psychological Perspectives on the Self, Erlbaum, Hillsdale, New York, NY, pp. 231-261.
    • (1982) Psychological Perspectives on the Self , pp. 231-261
    • Jones, E.1    Pittman, T.2    Suls, J.3
  • 64
    • 66049105159 scopus 로고    scopus 로고
    • Form or substance: the role of business plans in venture capital decision making
    • Kirsch, D., Goldfarb, B. and Gera, A. (2009), “Form or substance: the role of business plans in venture capital decision making”, Strategic Management Journal, Vol. 515 No. 1, pp. 487-515.
    • (2009) Strategic Management Journal , vol.515 , Issue.1 , pp. 487-515
    • Kirsch, D.1    Goldfarb, B.2    Gera, A.3
  • 65
    • 84893315044 scopus 로고    scopus 로고
    • Crowdinvesting in Deutschland – Markt, Rechtslage und Regelungsperspektive
    • Klöhn, L. and Hornuf, L. (2012), “Crowdinvesting in Deutschland – Markt, Rechtslage und Regelungsperspektive”, Zeitschrift für Bankrecht und Bankwirtschaft ZBB, Vol. 24 No. 4, pp. 237-266.
    • (2012) Zeitschrift für Bankrecht und Bankwirtschaft ZBB , vol.24 , Issue.4 , pp. 237-266
    • Klöhn, L.1    Hornuf, L.2
  • 66
    • 33646244288 scopus 로고    scopus 로고
    • Investor relations for start-ups: an analysis of venture capital investors’ communicative needs
    • Kollmann, T. and Kuckertz, A. (2006), “Investor relations for start-ups: an analysis of venture capital investors’ communicative needs”, International Journal of Technology Management, Vol. 34 No. 1, pp. 47-62.
    • (2006) International Journal of Technology Management , vol.34 , Issue.1 , pp. 47-62
    • Kollmann, T.1    Kuckertz, A.2
  • 67
    • 0002924652 scopus 로고
    • The relationship between private investors and small firms: an agency theory approach
    • Landström, H. (1992), “The relationship between private investors and small firms: an agency theory approach”, Entrepreneurship & Regional Development, Vol. 4 No. 3, pp. 199-223.
    • (1992) Entrepreneurship & Regional Development , vol.4 , Issue.3 , pp. 199-223
    • Landström, H.1
  • 69
    • 61849148959 scopus 로고    scopus 로고
    • A descriptive account of the investor relations profession: a national study
    • Laskin, A.V. (2009), “A descriptive account of the investor relations profession: a national study”, Journal of Business Communication, Vol. 46 No. 2, pp. 208-233.
    • (2009) Journal of Business Communication , vol.46 , Issue.2 , pp. 208-233
    • Laskin, A.V.1
  • 70
    • 84887895148 scopus 로고    scopus 로고
    • Crowdfunding social ventures: a model and research agenda
    • Lehner, O.M. (2013), “Crowdfunding social ventures: a model and research agenda”, Venture Capital, Vol. 15 No. 4, pp. 289-311.
    • (2013) Venture Capital , vol.15 , Issue.4 , pp. 289-311
    • Lehner, O.M.1
  • 72
    • 84996604807 scopus 로고    scopus 로고
    • SRRN Working Paper 2397571, : (accessed 30 August 2014)
    • Lin, Y., Boh, W.F. and Goh, K.H. (2014), “How different are crowdfunders?”, SRRN Working Paper No. 2397571, available at: http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2397571 (accessed 30 August 2014).
    • (2014) How different are crowdfunders?
    • Lin, Y.1    Boh, W.F.2    Goh, K.H.3
  • 74
    • 0034372409 scopus 로고    scopus 로고
    • Investment banker reputation and the performance of seasoned equity issuers
    • McLaughlin, R., Safieddine, A. and Vasudevan, G. (2000), “Investment banker reputation and the performance of seasoned equity issuers”, Financial Management, Vol. 29 No. 1, pp. 96-110.
    • (2000) Financial Management , vol.29 , Issue.1 , pp. 96-110
    • McLaughlin, R.1    Safieddine, A.2    Vasudevan, G.3
  • 75
    • 3042603465 scopus 로고    scopus 로고
    • ‘Auditioning for money’ what do technology investors look for at the initial screening stage?
    • Mason, C. and Harrison, R. (2003), “‘Auditioning for money’ what do technology investors look for at the initial screening stage?”, The Journal of Private Equity, Vol. 6 No. 2, pp. 29-42.
    • (2003) The Journal of Private Equity , vol.6 , Issue.2 , pp. 29-42
    • Mason, C.1    Harrison, R.2
  • 76
    • 3242664551 scopus 로고    scopus 로고
    • What do investors look for in a business plan?: A comparison of the investment criteria of bankers, venture capitalists and business angels
    • Mason, C. and Stark, M. (2004), “What do investors look for in a business plan?: A comparison of the investment criteria of bankers, venture capitalists and business angels”, International Small Business Journal, Vol. 22 No. 3, pp. 227-248.
    • (2004) International Small Business Journal , vol.22 , Issue.3 , pp. 227-248
    • Mason, C.1    Stark, M.2
  • 77
    • 84887182432 scopus 로고    scopus 로고
    • & utm_medium=text & utm_content=LP+bottom & utm_campaign=2013CF+Launch (accessed 2 June 2014)
    • Massolution (2013), “2013 crowdfunding report”, available at: www.crowdsourcing.org/editorial/2013cf-the-crowdfunding-industry-report/25107?utm_source=website & utm_medium=text & utm_content=LP+bottom & utm_campaign=2013CF+Launch (accessed 2 June 2014).
    • (2013) 2013 crowdfunding report
    • Massolution, M.1
  • 78
    • 78751591726 scopus 로고    scopus 로고
    • Business angel early stage decision making
    • Elsevier
    • Maxwell, A.L., Jeffrey, S.A. and Lévesque, M. (2011), “Business angel early stage decision making”, Journal of Business Venturing, Elsevier, Vol. 26 No. 2, pp. 212-225.
    • (2011) Journal of Business Venturing , vol.26 , Issue.2 , pp. 212-225
    • Maxwell, A.L.1    Jeffrey, S.A.2    Lévesque, M.3
  • 80
    • 33751551248 scopus 로고    scopus 로고
    • How to build reputation in financial markets
    • Mazzola, P., Ravasi, D. and Gabbioneta, C. (2006), “How to build reputation in financial markets”, Long Range Planning, Vol. 39 No. 4, pp. 385-407.
    • (2006) Long Range Planning , vol.39 , Issue.4 , pp. 385-407
    • Mazzola, P.1    Ravasi, D.2    Gabbioneta, C.3
  • 81
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson, W. and Weiss, K. (1991), “Venture capitalist certification in initial public offerings”, The Journal of Finance, Vol. 46 No. 3, pp. 879-903.
    • (1991) The Journal of Finance , vol.46 , Issue.3 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 82
    • 84867542726 scopus 로고    scopus 로고
    • Do unverifiable disclosures matter? Evidence from peer-to-peer lending
    • Michels, J. (2012), “Do unverifiable disclosures matter? Evidence from peer-to-peer lending”, The Accounting Review, Vol. 87 No. 4, pp. 1385-1413.
    • (2012) The Accounting Review , vol.87 , Issue.4 , pp. 1385-1413
    • Michels, J.1
  • 85
    • 84887164772 scopus 로고    scopus 로고
    • The dynamics of crowdfunding: an exploratory study
    • Mollick, E. (2014), “The dynamics of crowdfunding: an exploratory study”, Journal of Business Venturing, Vol. 29 No. 1, pp. 1-16.
    • (2014) Journal of Business Venturing , vol.29 , Issue.1 , pp. 1-16
    • Mollick, E.1
  • 87
    • 84996481420 scopus 로고    scopus 로고
    • Crowdfunding und Crowdinvesting: state of the Art der wirtschafts- wissenschaftlichen Literatur
    • Moritz, A. and Block, J. (2014), “Crowdfunding und Crowdinvesting: state of the Art der wirtschafts- wissenschaftlichen Literatur”, ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 62 No. 1, pp. 57-90.
    • (2014) ZfKE – Zeitschrift für KMU und Entrepreneurship , vol.62 , Issue.1 , pp. 57-90
    • Moritz, A.1    Block, J.2
  • 88
    • 84973354776 scopus 로고    scopus 로고
    • The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: a signaling theory perspective
    • Moss, T.W., Neubaum, D.O. and Meyskens, M. (2014), “The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: a signaling theory perspective”, Entrepreneurship Theory and Practice, Vol. 39 No. 1.
    • (2014) Entrepreneurship Theory and Practice , vol.39 , Issue.1
    • Moss, T.W.1    Neubaum, D.O.2    Meyskens, M.3
  • 89
    • 84865749990 scopus 로고    scopus 로고
    • The influence of entrepreneurs’ credentials and impression management behaviors on perceptions of new venture legitimacy
    • Nagy, B.G., Pollack, J.M., Rutherford, M.W. and Lohrke, F.T. (2012), “The influence of entrepreneurs’ credentials and impression management behaviors on perceptions of new venture legitimacy”, Entrepreneurship Theory and Practice, Vol. 36 No. 5, pp. 941-965.
    • (2012) Entrepreneurship Theory and Practice , vol.36 , Issue.5 , pp. 941-965
    • Nagy, B.G.1    Pollack, J.M.2    Rutherford, M.W.3    Lohrke, F.T.4
  • 90
    • 84943010114 scopus 로고    scopus 로고
    • Venture capital reputation and investment performance
    • Nahata, R. (2008), “Venture capital reputation and investment performance”, Journal of Financial Economics, Vol. 90 No. 2, pp. 127-151.
    • (2008) Journal of Financial Economics , vol.90 , Issue.2 , pp. 127-151
    • Nahata, R.1
  • 91
    • 77955624723 scopus 로고    scopus 로고
    • Asymmetric social interactions in physician prescription behavior: the role of opinion leaders
    • Nair, H., Manchanda, P. and Bhatia, T. (2010), “Asymmetric social interactions in physician prescription behavior: the role of opinion leaders”, Journal of Marketing Research, Vol. 47 No. 5, pp. 883-895.
    • (2010) Journal of Marketing Research , vol.47 , Issue.5 , pp. 883-895
    • Nair, H.1    Manchanda, P.2    Bhatia, T.3
  • 92
    • 84866258492 scopus 로고    scopus 로고
    • (accessed 30 December 2014)
    • OECD (2014), “Financing SMEs and entrepreneurs 2014 – an OECD scoreboard”, available at: www.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2014_fin_sme_ent-2014-en (accessed 30 December 2014).
    • (2014) Financing SMEs and entrepreneurs 2014 – an OECD scoreboard
  • 93
    • 85015262830 scopus 로고    scopus 로고
    • Toward a theory of behavioral finance: implications from the natural sciences
    • Olsen, R.A. (2010), “Toward a theory of behavioral finance: implications from the natural sciences”, Qualitative Research in Financial Markets, Vol. 2 No. 2, pp. 100-128.
    • (2010) Qualitative Research in Financial Markets , vol.2 , Issue.2 , pp. 100-128
    • Olsen, R.A.1
  • 94
    • 80052638056 scopus 로고    scopus 로고
    • Crowd-funding: transforming customers into investors through innovative service platforms
    • Ordanini, A., Miceli, L., Pizzetti, M. and Parasuraman, A. (2011), “Crowd-funding: transforming customers into investors through innovative service platforms”, Journal of Service Management, Vol. 22 No. 4, pp. 443-470.
    • (2011) Journal of Service Management , vol.22 , Issue.4 , pp. 443-470
    • Ordanini, A.1    Miceli, L.2    Pizzetti, M.3    Parasuraman, A.4
  • 95
    • 84901251846 scopus 로고    scopus 로고
    • How entrepreneurs seduce business angels: an impression management approach
    • Parhankangas, A. and Ehrlich, M. (2013), “How entrepreneurs seduce business angels: an impression management approach”, Journal of Business Venturing, Vol. 29 No. 4, pp. 543-564.
    • (2013) Journal of Business Venturing , vol.29 , Issue.4 , pp. 543-564
    • Parhankangas, A.1    Ehrlich, M.2
  • 96
    • 84865735267 scopus 로고    scopus 로고
    • Preparedness and cognitive legitimacy as antecedents of new venture funding in televised business pitches
    • Pollack, J.M., Rutherford, M.W. and Nagy, B.G. (2012), “Preparedness and cognitive legitimacy as antecedents of new venture funding in televised business pitches”, Entrepreneurship Theory and Practice, Vol. 36 No. 5, pp. 915-939.
    • (2012) Entrepreneurship Theory and Practice , vol.36 , Issue.5 , pp. 915-939
    • Pollack, J.M.1    Rutherford, M.W.2    Nagy, B.G.3
  • 97
    • 47849086391 scopus 로고    scopus 로고
    • The fruits of legitimacy: why some new ventures gain more from innovation than others
    • Rao, R., Chandy, R. and Prabhu, J. (2008), “The fruits of legitimacy: why some new ventures gain more from innovation than others”, Journal of Marketing, Vol. 72 No. 4, pp. 58-75.
    • (2008) Journal of Marketing , vol.72 , Issue.4 , pp. 58-75
    • Rao, R.1    Chandy, R.2    Prabhu, J.3
  • 99
    • 84864248819 scopus 로고    scopus 로고
    • Online crowds-extraordinary mass behavior on the internet
    • (accessed 9 November 2013)
    • Russ, C. (2007), “Online crowds-extraordinary mass behavior on the internet”, Proceedings of i-Media, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1620803 (accessed 9 November 2013).
    • (2007) Proceedings of i-Media
    • Russ, C.1
  • 100
    • 0030305325 scopus 로고    scopus 로고
    • Procedural justice in entrepreneur-investor relations
    • Sapienza, H. and Korsgaard, M. (1996), “Procedural justice in entrepreneur-investor relations”, Academy of Management Journal, Vol. 39 No. 3, pp. 544-574.
    • (1996) Academy of Management Journal , vol.39 , Issue.3 , pp. 544-574
    • Sapienza, H.1    Korsgaard, M.2
  • 101
    • 84908545291 scopus 로고    scopus 로고
    • The social network effect: the determinants of giving through social media
    • Saxton, G.D. and Wang, L. (2014), “The social network effect: the determinants of giving through social media”, Nonprofit and Voluntary Sector Quarterly, Vol. 43 No. 5, pp. 850-868.
    • (2014) Nonprofit and Voluntary Sector Quarterly , vol.43 , Issue.5 , pp. 850-868
    • Saxton, G.D.1    Wang, L.2
  • 102
    • 0036493063 scopus 로고    scopus 로고
    • Network ties, reputation, and the financing of new ventures
    • Shane, S. and Cable, D. (2002), “Network ties, reputation, and the financing of new ventures”, Management Science, Vol. 48 No. 3, pp. 364-381.
    • (2002) Management Science , vol.48 , Issue.3 , pp. 364-381
    • Shane, S.1    Cable, D.2
  • 103
    • 0037392889 scopus 로고    scopus 로고
    • A new venture’s cognitive legitimacy: an assessment by customers
    • Shepherd, D.A. and Zacharakis, A. (2003), “A new venture’s cognitive legitimacy: an assessment by customers”, Journal of Small Business Management, Vol. 41 No. 2, pp. 148-167.
    • (2003) Journal of Small Business Management , vol.41 , Issue.2 , pp. 148-167
    • Shepherd, D.A.1    Zacharakis, A.2
  • 104
    • 0004179594 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, NJ
    • Shiller, R. (2000), Irrational Exuberance, Princeton University Press, Princeton, NJ.
    • (2000) Irrational Exuberance
    • Shiller, R.1
  • 105
    • 61849098881 scopus 로고    scopus 로고
    • When rational sellers face nonrational buyers: evidence from herding on eBay
    • Simonsohn, U. and Ariely, D. (2008), “When rational sellers face nonrational buyers: evidence from herding on eBay”, Management Science, Vol. 54 No. 9, pp. 1624-1637.
    • (2008) Management Science , vol.54 , Issue.9 , pp. 1624-1637
    • Simonsohn, U.1    Ariely, D.2
  • 106
    • 84931571920 scopus 로고    scopus 로고
    • Peer effects in charitable giving: evidence from the (running) field
    • Smith, S., Windmeijer, F. and Wright, E. (2013), “Peer effects in charitable giving: evidence from the (running) field”, The Economic Journal, Vol. 125 No. 585.
    • (2013) The Economic Journal , vol.125 , Issue.585
    • Smith, S.1    Windmeijer, F.2    Wright, E.3
  • 107
    • 0002887795 scopus 로고    scopus 로고
    • Simulating the madness of crowds: price bubbles in an auction-mediated robot market
    • Steiglitz, K.E.N. and Shapiro, D. (1998), “Simulating the madness of crowds: price bubbles in an auction-mediated robot market”, Computational Economics, Vol. 12 No. 1, pp. 35-59.
    • (1998) Computational Economics , vol.12 , Issue.1 , pp. 35-59
    • Steiglitz, K.E.N.1    Shapiro, D.2
  • 108
    • 85041440705 scopus 로고
    • Social structure and organizations
    • in (Ed.), Rand McNally, Chicago, IL
    • Stinchcombe, A. (1965), “Social structure and organizations”, in March, J.G. (Ed.), Handbook of Organizations, Rand McNally, Chicago, IL, pp. 142-193.
    • (1965) Handbook of Organizations , pp. 142-193
    • Stinchcombe, A.1    March, J.G.2
  • 110
    • 0033243272 scopus 로고    scopus 로고
    • Interorganizational endorsements and the performance of entrepreneurial ventures
    • Stuart, T., Hoang, H. and Hybels, R. (1999), “Interorganizational endorsements and the performance of entrepreneurial ventures”, Administrative Science Quarterly, Vol. 44 No. 2, pp. 315-349.
    • (1999) Administrative Science Quarterly , vol.44 , Issue.2 , pp. 315-349
    • Stuart, T.1    Hoang, H.2    Hybels, R.3
  • 112
    • 84888009381 scopus 로고    scopus 로고
    • A conceptualized investment model of crowdfunding
    • Tomczak, A. and Brem, A. (2013), “A conceptualized investment model of crowdfunding”, Venture Capital, Vol. 15 No. 4, pp. 335-359.
    • (2013) Venture Capital , vol.15 , Issue.4 , pp. 335-359
    • Tomczak, A.1    Brem, A.2
  • 113
    • 85011163853 scopus 로고    scopus 로고
    • A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis
    • Van Osnabrugge, M. (2000), “A comparison of business angel and venture capitalist investment procedures: an agency theory-based analysis”, Venture Capital, Vol. 2 No. 2, pp. 91-109.
    • (2000) Venture Capital , vol.2 , Issue.2 , pp. 91-109
    • Van Osnabrugge, M.1
  • 114
    • 85189850240 scopus 로고    scopus 로고
    • Workshop on Computational Social Science and the Wisdom of Crowds at NIPS2010, : (accessed 25 March 2013)
    • Ward, C. and Ramachandran, V. (2010), “Crowdfunding the next hit: microfunding online experience goods”, Workshop on Computational Social Science and the Wisdom of Crowds at NIPS2010, available at: http://people.cs.umass.edu/∼wallach/workshops/nips2010css/papers/ward.pdf (accessed 25 March 2013).
    • (2010) Crowdfunding the next hit: microfunding online experience goods
    • Ward, C.1    Ramachandran, V.2
  • 115
    • 84898938978 scopus 로고    scopus 로고
    • Proceedings of the 17th ACM Conference on Computer Supported Cooperative Work & Social Computing, New York, NY, ACM
    • Wash, R. and Solomon, J. (2014), “Coordinating donors on crowdfunding websites”, Proceedings of the 17th ACM Conference on Computer Supported Cooperative Work & Social Computing, ACM, New York, NY, pp. 38-48.
    • (2014) Coordinating donors on crowdfunding websites , pp. 38-48
    • Wash, R.1    Solomon, J.2
  • 116
    • 36749044180 scopus 로고    scopus 로고
    • Influentials, networks, and public opinion formation
    • Watts, D. and Dodds, P. (2007), “Influentials, networks, and public opinion formation”, Journal of Consumer Research, Vol. 34 No. 4, pp. 441-458.
    • (2007) Journal of Consumer Research , vol.34 , Issue.4 , pp. 441-458
    • Watts, D.1    Dodds, P.2
  • 117
    • 0001268563 scopus 로고
    • What constitutes a theoretical contribution?
    • Whetten, D. (1989), “What constitutes a theoretical contribution?”, Academy of Management Review, Vol. 14 No. 4, pp. 490-495.
    • (1989) Academy of Management Review , vol.14 , Issue.4 , pp. 490-495
    • Whetten, D.1
  • 118
    • 84861371398 scopus 로고    scopus 로고
    • Rational herding in microloan markets
    • Zhang, J. and Liu, P. (2012), “Rational herding in microloan markets”, Management Science, Vol. 58 No. 5, pp. 892-912.
    • (2012) Management Science , vol.58 , Issue.5 , pp. 892-912
    • Zhang, J.1    Liu, P.2
  • 119
    • 0036638319 scopus 로고    scopus 로고
    • Beyond survival: achieving new venture growth by building legitimacy
    • Zimmerman, M. and Zeitz, G. (2002), “Beyond survival: achieving new venture growth by building legitimacy”, Academy of Management Review, Vol. 27 No. 3, pp. 414-431.
    • (2002) Academy of Management Review , vol.27 , Issue.3 , pp. 414-431
    • Zimmerman, M.1    Zeitz, G.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.