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Financement et gouvernance des start-ups en equitycrowdfunding

Author

Listed:
  • Véronique Bessiere

    (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

  • Eric Stephany

    (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

Abstract

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.

Suggested Citation

  • Véronique Bessiere & Eric Stephany, 2015. "Financement et gouvernance des start-ups en equitycrowdfunding," Post-Print hal-02009240, HAL.
    • Handle: RePEc:hal:journl:hal-02009240
    DOI: 10.4000/fcs.1684
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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

    gouvernance d’entreprise; gouvernance cognitive; start-up; Equitycrowdfunding; corporate governance cognitive resources; crowdsourcing; start up;
    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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