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An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process

Author

Listed:
  • Michael E. Cummings

    (University of Arkansas)

  • Hans Rawhouser

    (University of Nevada, Las Vegas)

  • Silvio Vismara

    (University of Bergamo
    Ghent University)

  • Erin L. Hamilton

    (University of Nevada, Las Vegas)

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.

Suggested Citation

  • Michael E. Cummings & Hans Rawhouser & Silvio Vismara & Erin L. Hamilton, 2020. "An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process," Small Business Economics, Springer, vol. 54(4), pages 907-932, April.
    • Handle: RePEc:kap:sbusec:v:54:y:2020:i:4:d:10.1007_s11187-018-00134-5
    DOI: 10.1007/s11187-018-00134-5
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    7. Saul Estrin & Susanna Khavul & Mike Wright, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," Small Business Economics, Springer, vol. 58(4), pages 1761-1781, April.
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