An Equity Crowdfunding Research Agenda: Evidence from Stakeholder Participation in the Rulemaking Process

Authors

Michael E. Cummings, University of Arkansas
Hans Rawhouser, University of Nevada, Las VegasFollow
Silvio Vismara, University of Bergamo; Ghent UniversityFollow
Erin L. Hamilton, University of Nevada, Las VegasFollow

Document Type

Article

Publication Date

1-8-2019

Publication Title

Small Business Economics

First page number:

1

Last page number:

26

Abstract

Equity crowdfunding is a unique form of entrepreneurial finance that combines elements of private and public equity. We articulate its distinctive features, then review and qualitatively analyze a large corpus of 540 public comments submitted by stakeholders in response to new US equity crowdfunding regulations. Through a qualitative content analytic approach, we combine actor (issuer, investor, and intermediary) and perspective (relational, behavioral, and technical) dimensions to develop a taxonomy of 18 categories, from which we derive and present unanswered questions and fruitful research directions in this emerging domain.

Keywords

Crowdfunding; Equity crowdfunding; Entrepreneurial finance; Regulation; Qualitative content analysis

Disciplines

Entrepreneurial and Small Business Operations

Language

English

Repository Citation

Cummings, M. E., Rawhouser, H., Vismara, S., Hamilton, E. L. (2019). An Equity Crowdfunding Research Agenda: Evidence from Stakeholder Participation in the Rulemaking Process. Small Business Economics 1-26.
http://dx.doi.org/10.1007/s11187-018-00134-5