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Encouraging investment in SMEs through equity-based crowdfunding

Author

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  • Antonella Francesca Cicchiello
  • Daniele Leone

Abstract

This paper examines the role may be played by the national policymakers in developing equity crowdfunding markets through a proper implementation of European Directives on this field. We analyse all directives and communications dealing with crowdfunding issued by the European Commission from 2000 to 2018. Then, we compare and assess their impact on the national legislation of the analysed countries. Results show that countries which have correctly and fully transposed into law the European Directives - without any infringement or delays - by aligning their national regulations with European objectives (e.g., the UK) are able to avoid destabilising phenomena of regulatory arbitrage. Countries with delayed and incorrect transposition and/or wrong application of the directives (e.g., France, Italy, and Spain) are currently facing serious destabilising effects of international financial markets with modest growth of equity crowdfunding markets. This paper draws attention to the ongoing process of Europe-wide equity crowdfunding regulatory convergence.

Suggested Citation

  • Antonella Francesca Cicchiello & Daniele Leone, 2020. "Encouraging investment in SMEs through equity-based crowdfunding," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 11(3), pages 258-278.
    • Handle: RePEc:ids:ijgsbu:v:11:y:2020:i:3:p:258-278
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    Citations

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    Cited by:

    1. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
    2. Evgeny Popov & Anna Veretennikova & Sergey Fedoreev, 2022. "The Model of OTC Securities Market Transformation in the Context of Asset Tokenization," Mathematics, MDPI, vol. 10(19), pages 1-16, September.
    3. Dario Salerno & Andrea Gatto & Simona Russo, 2024. "New data and descriptor for crowdfunding and renewable energy," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(5), pages 4703-4713, October.
    4. Salvador Cruz Rambaud & Joaquín López Pascual & Roberto Moro-Visconti & Emilio M. Santandreu, 2022. "Should gender be a determinant factor for granting crowdfunded microloans?," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-13, December.
    5. Saman Adhami & Gianfranco Gianfrate & Sofia Johan, 2023. "Risks and returns in crowdlending," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 309-340, June.
    6. Budi Agus Riswandi & Abdurrahman Alfaqiih & Lucky Suryo Wicaksono, 2023. "Design of Equity Crowdfunding in the Digital Age," Laws, MDPI, vol. 12(1), pages 1-22, January.

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