The scope of our dissertation will be a relatively new phenomenon that experienced an exponential growth in last years, particularly in Italy: Equity Crowdfunding. More in detail, we will focus on a topic that has been not properly covered yet by the preceding literature. Indeed, we will concentrate on the post-campaign phase, analysing the impact that equity crowdfunding has on the financial and operating performances of the businesses. The main purpose is to investigate the effects and relevance of the benefits that are often associated with equity crowdfunding and its social nature, making a comparison with other financing methods. Most academics so far have focused on the campaign itself, looking at the peculiarities and mechanisms of equity crowdfunding. This is why we hope this dissertation will stimulate further research similar to ours in the next future, when even more data will be available for quantitative analyses. The results of our study point out that equity crowdfunding does not seem to have a significantly better impact on performances, compared to other financing methods. Moreover, there are potential drawbacks in having to manage a high number of crowd-investors. The conclusions we developed aim to be useful for all the academics interested in the topic and even more for practitioners, from entrepreneurs to platform managers, professional investors and policy makers.
Il principale ambito della nostra tesi si riferirà ad un fenomeno relativamente nuovo, il quale ha registrato una crescita esponenziale negli ultimi anni, particolarmente in Italia: l’Equity Crowdfunding. Più nel dettaglio, ci focalizzeremo su un argomento che non è ancora stato trattato a sufficienza dalla letteratura precedente. Infatti, ci concentreremo sulla fase successiva alla campagna, andando ad analizzare l'impatto che l’equity crowdfunding ha sulle performance finanziarie e operative delle imprese. Lo scopo principale è studiare gli effetti e la rilevanza dei benefici che sono spesso associati a questo fenomeno e alla sua natura “sociale”, facendo un confronto con altri metodi di finanziamento. Finora la maggior parte degli accademici ha rivolto la propria attenzione alla campagna stessa, esaminando le peculiarità e i meccanismi tipici dell’equity crowdfunding. Questo è il motivo per cui speriamo che questa tesi possa stimolare ulteriori ricerche simili alla nostra nel prossimo futuro, quando saranno disponibili ancora più dati su cui poter sviluppare analisi quantitative. I risultati del nostro studio dicono che l’equity crowdfunding non sembra avere un impatto significativamente migliore sulle performance, rispetto ad altri metodi di finanziamento. Inoltre, ci sono potenziali svantaggi nel dover gestire un numero elevato di investitori. Le conclusioni che abbiamo delineato mirano ad essere utili per tutti gli accademici interessati all'argomento e ancora di più per i professionisti, dagli imprenditori ai gestori delle piattaforme, investitori professionali e responsabili politici.
Equity crowdfunding and post-campaign financial performances of crowd-backed companies
GIUFFRIDA, DANIELE;Boletta, Francesco
2019/2020
Abstract
The scope of our dissertation will be a relatively new phenomenon that experienced an exponential growth in last years, particularly in Italy: Equity Crowdfunding. More in detail, we will focus on a topic that has been not properly covered yet by the preceding literature. Indeed, we will concentrate on the post-campaign phase, analysing the impact that equity crowdfunding has on the financial and operating performances of the businesses. The main purpose is to investigate the effects and relevance of the benefits that are often associated with equity crowdfunding and its social nature, making a comparison with other financing methods. Most academics so far have focused on the campaign itself, looking at the peculiarities and mechanisms of equity crowdfunding. This is why we hope this dissertation will stimulate further research similar to ours in the next future, when even more data will be available for quantitative analyses. The results of our study point out that equity crowdfunding does not seem to have a significantly better impact on performances, compared to other financing methods. Moreover, there are potential drawbacks in having to manage a high number of crowd-investors. The conclusions we developed aim to be useful for all the academics interested in the topic and even more for practitioners, from entrepreneurs to platform managers, professional investors and policy makers.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/164908