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Financement et gouvernance des start-ups en equitycrowdfunding

Author

Listed:
  • Véronique Bessière

    (Université de Montpellier, MRM – IAE – Labex Entreprendre)

  • Eric Stéphany

    (Université de Montpellier, MRM – IAE – Labex Entreprendre)

Abstract

(VF)Par rapport aux modes de financement traditionnels, l’equitycrowdfunding (ECF) introduit deux nouveaux acteurs : la plateforme et la foule. Cet article étudie leurs rôles et leurs spécificités dans le processus de financement et dans le design de la gouvernance de la start-up. Ce nouveau système est totalement ouvert, composé d’un très grand nombre de participants hétérogènes qui apportent des ressources financières mais aussi et surtout un retour à la start-up sur leur perception du projet. L’ECF met en jeu de manière centrale les ressources cognitives et donc le rôle d’une gouvernance cognitive. L’article discute les questions de gouvernance introduites par cette nouvelle forme d’intermédiation financière. (VA)Compared to traditional ways of fundraising, equitycrowdfunding (ECF) introduces two new stakeholders: the platform and the crowd. This article examines their roles and specificities in the process of financing and in the design of governance. This new system is fully open, composed by a large number of heterogeneous participants who provide not only financial resources but also and most importantly a feedback to the start up on its project. ECF highlights the role of cognitive resources and the role of cognitive governance. The article discusses the issues introduced by this new financial intermediation system.

Suggested Citation

  • Véronique Bessière & Eric Stéphany, 2015. "Financement et gouvernance des start-ups en equitycrowdfunding," Revue Finance Contrôle Stratégie, revues.org, vol. 18(4), pages 1-24, December.
    • Handle: RePEc:dij:revfcs:v:18:y:2015:i:4:p:1-24.
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    Cited by:

    1. Odile Uzan & Mélanie Czepik & Philippe Castelnau & Olivier Cretté & Olivier Joffre & Mehdi Heraut-Zérigui & Jean-Jacques Pluchart, 2018. "Synthèse cycles de conférences ORSE - ADERSE : RSE & performance globale : juin 2015 à janvier 2017," Working Papers hal-02282633, HAL.

    More about this item

    Keywords

    Equitycrowdfunding; gouvernance d’entreprise; gouvernance cognitive; crowdsourcing; start-up; corporate governance; cognitive resources.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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