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Equity crowdfunding and governance : toward an integrative model and research agenda

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Abstract
Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market failure. In this paper, we depart from current equity crowdfunding research that focuses almost exclusively on the funding success and funding dynamics on platforms to study the effective governance of equity-crowdfunded (ECF) firms and how it relates to these firms’ success. We propose a conceptual model that identifies a multitude of governance mechanisms (e.g., internal or external and formal or informal) that potentially operate in equity crowdfunding markets to reduce adverse selection and moral hazard problems. Further, building on this framework, we offer a roadmap for future research that examines how different governance mechanisms may help in the selection and development of successful ECF firms.
Keywords
Entrepreneurial finance, equity crowdfunding, corporate governance, information asymmetry, adverse selection, moral hazard, CORPORATE GOVERNANCE, INFORMAL INSTITUTIONS, SIGNALING THEORY, MARKET, FIRM, CROWD, PERFORMANCE, SUCCESS, ENTREPRENEURSHIP, DETERMINANTS

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Citation

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MLA
Cumming, Douglas J., et al. “Equity Crowdfunding and Governance : Toward an Integrative Model and Research Agenda.” ACADEMY OF MANAGEMENT PERSPECTIVES, vol. 35, no. 1, 2021, pp. 69–95, doi:10.5465/amp.2017.0208.
APA
Cumming, D. J., Vanacker, T., & Zahra, S. A. (2021). Equity crowdfunding and governance : toward an integrative model and research agenda. ACADEMY OF MANAGEMENT PERSPECTIVES, 35(1), 69–95. https://doi.org/10.5465/amp.2017.0208
Chicago author-date
Cumming, Douglas J., Tom Vanacker, and Shaker A. Zahra. 2021. “Equity Crowdfunding and Governance : Toward an Integrative Model and Research Agenda.” ACADEMY OF MANAGEMENT PERSPECTIVES 35 (1): 69–95. https://doi.org/10.5465/amp.2017.0208.
Chicago author-date (all authors)
Cumming, Douglas J., Tom Vanacker, and Shaker A. Zahra. 2021. “Equity Crowdfunding and Governance : Toward an Integrative Model and Research Agenda.” ACADEMY OF MANAGEMENT PERSPECTIVES 35 (1): 69–95. doi:10.5465/amp.2017.0208.
Vancouver
1.
Cumming DJ, Vanacker T, Zahra SA. Equity crowdfunding and governance : toward an integrative model and research agenda. ACADEMY OF MANAGEMENT PERSPECTIVES. 2021;35(1):69–95.
IEEE
[1]
D. J. Cumming, T. Vanacker, and S. A. Zahra, “Equity crowdfunding and governance : toward an integrative model and research agenda,” ACADEMY OF MANAGEMENT PERSPECTIVES, vol. 35, no. 1, pp. 69–95, 2021.
@article{8589545,
  abstract     = {{Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market failure. In this paper, we depart from current equity crowdfunding research that focuses almost exclusively on the funding success and funding dynamics on platforms to study the effective governance of equity-crowdfunded (ECF) firms and how it relates to these firms’ success. We propose a conceptual model that identifies a multitude of governance mechanisms (e.g., internal or external and formal or informal) that potentially operate in equity crowdfunding markets to reduce adverse selection and moral hazard problems. Further, building on this framework, we offer a roadmap for future research that examines how different governance mechanisms may help in the selection and development of successful ECF firms.}},
  author       = {{Cumming, Douglas J. and Vanacker, Tom and Zahra, Shaker A.}},
  issn         = {{1558-9080}},
  journal      = {{ACADEMY OF MANAGEMENT PERSPECTIVES}},
  keywords     = {{Entrepreneurial  finance,equity crowdfunding,corporate governance,information asymmetry,adverse selection,moral hazard,CORPORATE GOVERNANCE,INFORMAL INSTITUTIONS,SIGNALING THEORY,MARKET,FIRM,CROWD,PERFORMANCE,SUCCESS,ENTREPRENEURSHIP,DETERMINANTS}},
  language     = {{eng}},
  number       = {{1}},
  pages        = {{69--95}},
  title        = {{Equity crowdfunding and governance : toward an integrative model and research agenda}},
  url          = {{http://dx.doi.org/10.5465/amp.2017.0208}},
  volume       = {{35}},
  year         = {{2021}},
}

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