Equity Crowdfunding: Essays about the Scientific Development and the Investor Perspective

Foreword
Preface
Acknowledgments
Abstract
Contents
List of Figures
List of Tables
1 Introduction
	1.1	General Background
	1.2	Relevance and Overall Research Aim
	1.3	Research Objective
	1.4	Thesis Structure and Methodological Approach
2 Equity Crowdfunding: A Systematic Review of the Literature
	2.1	Introduction
	2.2	Methods
		2.2.1	Planning the Review
		2.2.2	Conducting the Review
		2.2.3	Data Synthesis
	2.3	Reporting the Findings
		2.3.1	Descriptive Analysis of Equity Crowdfunding Research
			2.3.1.1 Development of the Body of Literature
			2.3.1.2 Conferences on Equity Crowdfunding
			2.3.1.3 Geographical Coverage
			2.3.1.4 Methodological Information
			2.3.1.5 Observations and Implications
		2.3.2	Thematic Analysis
			2.3.2.1 Capital Market Perspective
				2.3.2.1.1 Functioning and Development of Equity Crowdfunding
				2.3.2.1.2 Potential role of Equity Crowdfunding
				2.3.2.1.3 Review
				2.3.2.1.4 Discussion and Future Research Avenues for the Capital Market Perspective
			2.3.2.2 Entrepreneur Perspective
				2.3.2.2.1 Rationales for Equity Crowdfunding
				2.3.2.2.2 Determinants of Campaign Success
				2.3.2.2.3 Gender Issues
				2.3.2.2.4 Discussion and Future Research Activities for the Entrepreneur Perspective
			2.3.2.3 Institutional Perspective
				2.3.2.3.1 Impact of Laws
				2.3.2.3.2 Comparison of Legal Conditions
				2.3.2.3.3 Contracting Practices
				2.3.2.3.4 Discussion and Future Research Avenues for the Institutional Perspective
			2.3.2.4 Investor Perspective
				2.3.2.4.1 Motives for Investing
				2.3.2.4.2 Investment Evaluation
				2.3.2.4.3 Investor Type
				2.3.2.4.4 Investment Dynamics
				2.3.2.4.5 Return on Investment
				2.3.2.4.6 Discussion and Future Research Avenues for the Investor Perspective
			2.3.2.5 Platform Perspective
				2.3.2.5.1 Platform Design
				2.3.2.5.2 Shareholder risks
				2.3.2.5.3 Discussion and Future Research Avenues for the Platform Perspective
	2.4	Conclusion and Limitations
3 Investors in Equity Crowdfunding: The Relationship Between Investment Motivation and Evaluation Criteria
	3.1	Introduction
	3.2	Literature Review
		3.2.1	Investor Motivation in Crowdfunding and Beyond
		3.2.2	Signals and Investment Decision Criteria in Equity Crowdfunding and Beyond
		3.2.3	The Relationship Between Specific Signals and Underlying Investment Motivation
	3.3	Conceptual Framework
	3.4	Methods
		3.4.1	Sample and Survey Structure
		3.4.2	Measurement
		3.4.3	Analysis
			3.4.3.1 Factor Analysis for Investment Motivation
			3.4.3.2 Factor Analysis for Evaluation Criteria
			3.4.3.3 Estimation Technique
	3.5	Results
		3.5.1	Descriptive Statistics
		3.5.2	Regression Results
	3.6	Discussion and Conclusion
		3.6.1	Synthesis and Discussion of the Main Results
		3.6.2	Theoretical and Practical Implications
		3.6.3	Limitations and Future Research Questions
4 How Can Innovative Technology Ventures Gain Legitimacy? Evidence from Equity Crowdfunding
	4.1	Introduction
	4.2	Theory and Hypotheses
		4.2.1	The Role of Innovativeness in Equity Crowdfunding
			4.2.1.1 Identity Mechanism: Media Coverage
			4.2.1.2 Associative Mechanisms: Alliances
			4.2.1.3 Organizational Mechanism: Presence of Professional Investors
	4.3	Overview of Studies
		4.3.1	Method: Study 1
			4.3.1.1 Sample and Data Collection: Study 1
			4.3.1.2 Measures
				4.3.1.2.1 Dependent Variables
				4.3.1.2.2 Independent Variables
		4.3.2	Results: Study 1
			4.3.2.1 Descriptive Statistics
			4.3.2.2 Regression Analysis
			4.3.2.3 Additional Analysis
		4.3.3	Method: Study 2
			4.3.3.1 Conjoint Experiment
			4.3.3.2 Scenario Setting
			4.3.3.3 Attribute Levels and Design
			4.3.3.4 Sample and Procedure
			4.3.3.5 Variables
		4.3.4	Results: Study 2
	4.4	Discussion and Conclusion
		4.4.1	Synthesis and Discussion of the Main Results
		4.4.2	Theoretical Contributions and Implications
		4.4.3	Practical Contributions and Implications
		4.4.4	Limitations and Future Research Avenues
	4.5	Concluding Remarks
5 Conclusion
	5.1	Summary of Main Findings
	5.2	Contributions and Implications
		5.2.1	Theoretical Contributions
		5.2.2	Practical Implications
	5.3	Limitations and Avenues for Future Research
	5.4	Overall Concluding Remarks
Appendix
References