Equity crowdfunding: an empirical investigation of success factors in real estate crowdfunding

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2021-10-21 DOI:10.1108/jpif-06-2021-0055
G. Gigante, Giacomo Cozzio
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引用次数: 1

Abstract

PurposeThis study analyses the success factors of crowdfunding campaigns in the real estate sector.Design/methodology/approachThe success factors of general crowdfunding campaigns were identified then adapted to real estate and tested through multiple statistical analyses (T-tests, correlation matrices, variance inflation factor (VIF) and linear regression).FindingsThe findings shows that crowdfunding use in the real estate sector is evolving and that crowdfunding is a potentially disruptive tool in this sector. They also demonstrate that project duration and expected return on investment (ROI) play key roles in campaign success.Research limitations/implicationsResults are based on the Italian context only. Extending the analysis to other markets represents a fruitful starting point for further analysis.Practical implicationsThe outcomes of the paper might be useful both for perspective entrepreneurs, who are considering crowdfunding to finance their projects, and for platforms in order to shape systems and services towards enhancing campaign success.Originality/valueAlthough there are existing studies on crowdfunding success factors and applications of crowdfunding as a tool, no previous study specifically investigates the use of crowdfunding in Italian real estate by analysing success factors.
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股权众筹:房地产众筹成功因素的实证研究
目的本研究分析房地产行业众筹活动的成功因素。设计/方法/方法确定了一般众筹活动的成功因素,然后将其应用于房地产,并通过多种统计分析(t检验、相关矩阵、方差膨胀因子(VIF)和线性回归)进行测试。研究结果表明,众筹在房地产行业的应用正在不断发展,众筹是该行业潜在的颠覆性工具。他们还表明,项目持续时间和预期投资回报率(ROI)在活动成功中起着关键作用。研究局限性/意义研究结果仅基于意大利语上下文。将分析扩展到其他市场代表了进一步分析的富有成效的起点。实际意义:本文的结果可能对有远见的企业家有用,他们正在考虑通过众筹为他们的项目融资,也可能对平台有用,以便塑造系统和服务,以提高活动的成功。虽然已有关于众筹成功因素和众筹作为工具的应用的研究,但没有研究专门通过分析成功因素来调查众筹在意大利房地产中的使用。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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