The DOI matches its Crossref record; 39 of the 39 references it cites were found in a registry or an index.
Does success bring success? The post-offering lives of equity-crowdfunded firms
Abstract
Using an augmented dataset with combined information from Crowdcube, Crunchbase, and Companies House, we study the population of 212 successfully funded initial equity offerings on the UK's largest crowdfunding platform Crowdcube from inception (2011) to 2015. We find that 18% of these firms failed, while 35% pursued one or more seasoned equity offerings in the form of either private equity injection (9%) or follow-on crowdfunding offering (25%), while three firms were acquired. Among the determinants of the post-campaign scenarios, we find that the degree of investor participation in the initial offering plays a relevant role. In particular, firms with more dispersed ownership are less likely to issue further equity, while those that reach the target capital more quickly are more likely to launch a follow-on offering. Further, none of the companies initially backed by qualified investors subsequently failed.
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Cites
A Proportional Hazards Model for the Subdistribution of a Competing Risk
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The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
Grossman, S. J., & Hart, O. D. (1986) · Journal of Political Economy · doi:10.1086/261404 · Cited by 9,352
The dynamics of crowdfunding: An exploratory study
Mollick, E. (2014) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2013.06.005 · Cited by 4,221
The structure and governance of venture-capital organizations
Sahlman, W. A. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90065-8 · Cited by 2,609
Optimal Investment, Monitoring, and the Staging of Venture Capital
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Signaling in Equity Crowdfunding
Ahlers, G. K. C., Cumming, D., Günther, C., & Schweizer, D. (2015) · Entrepreneurship Theory and Practice · doi:10.1111/etap.12157 · Cited by 1,848
Network models of the diffusion of innovations
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Cited by
Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2021.101941 · Cited by 521
Does equity crowdfunding democratize entrepreneurial finance?
Cumming, D., Meoli, M., & Vismara, S. (2021) · Small Business Economics · doi:10.1007/s11187-019-00188-z · Cited by 268
Self-citation
Metadata
- Authors
- Signori, A., & Vismara, S.
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2018-06
- Volume
- 50
- Pages
- 575-591
- ISSN
- 0929-1199 (ISSN-L)
- OpenAlex
- W2767486661
- Cited by
- 308
- References
- 39
- FWCI
- 44.81
- Type
- journal article
- Language
- en
- Open access
- closed
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