Entrepreneurial dynamics and investor-oriented approaches for regulating the equity-based crowdfunding

A. Cicchiello, M. Pietronudo, Daniele Leone, Andrea Caporuscio
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引用次数: 10

Abstract

PurposeThe aim of this research is to contribute to the existing literature about the entrepreneurial conditions in crowd-based contexts by describing how different European countries regulate equity crowdfunding market in order to incentive the investments and protect investors.Design/methodology/approachBased on a legal acts' analysis, we conduct a qualitative study comparing the crowdfunding regulation addressed to investors. In particular, we focus our analysis on the European countries with the highest concentration of crowdfunding platforms (i.e. the UK, Germany, France, Italy and Spain).FindingsThe results show that some countries, such as the UK, Germany and France, present an investor-oriented approach based on non-restrictive regulation, while other countries, such as Spain and Italy, have a restrictive approach that protects investors excessively and discourages them. In particular, the case study of France shows how the introduction of unrestricted regulation can produce positive effects on the volume of crowdfunding transactions.Practical implicationsThe paper is addressed to investors, policymakers and intermediaries (platforms) to help the first in orienting themselves between the different crowdfunding regulations and the latter in aligning and orchestrating rules and norms.Originality/valueThis is the first study that analyses the role of investor-oriented regulations in the promotion of entrepreneurship through the identification of four key factors to monitor equity crowdfunding regulations.
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股权众筹的创业动态与投资者导向的规制方法
本研究的目的是通过描述不同的欧洲国家如何规范股权众筹市场以激励投资和保护投资者,从而对众筹环境下的创业条件的现有文献做出贡献。设计/方法/方法基于对法律行为的分析,我们进行了一项定性研究,比较了针对投资者的众筹监管。我们特别关注众筹平台最集中的欧洲国家(即英国、德国、法国、意大利和西班牙)。研究结果表明,一些国家,如英国、德国和法国,采用了基于非限制性监管的投资者导向方法,而其他国家,如西班牙和意大利,采用了过度保护投资者并打击投资者的限制性方法。特别是,法国的案例研究表明,无限制监管的引入如何对众筹交易量产生积极影响。本文面向投资者、政策制定者和中介机构(平台),帮助前者在不同的众筹法规之间定位自己,帮助后者协调和协调规则和规范。这是第一个通过识别四个关键因素来监测股权众筹监管来分析投资者导向监管在促进创业中的作用的研究。
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来源期刊
CiteScore
3.70
自引率
15.80%
发文量
22
期刊介绍: Institutions – especially public policies – are a significant determinant of economic outcomes; entrepreneurship and enterprise development are often the channel by which public policies affect economic outcomes, and by which outcomes feed back to the policy process. The Journal of Entrepreneurship & Public Policy (JEPP) was created to encourage and disseminate quality research about these vital relationships. The ultimate aim is to improve the quality of the political discourse about entrepreneurship and development policies. JEPP publishes two issues per year and welcomes: Empirically oriented academic papers and accepts a wide variety of empirical evidence. Generally, the journal considers any analysis based on real-world circumstances and conditions that can change behaviour, legislation, or outcomes, Conceptual or theoretical papers that indicate a direction for future research, or otherwise advance the field of study, A limited number of carefully and accurately executed replication studies, Book reviews. In general, JEPP seeks high-quality articles that say something interesting about the relationships among public policy and entrepreneurship, entrepreneurship and economic development, or all three areas. Scope/Coverage: Entrepreneurship, Public policy, Public policies and behaviour of economic agents, Interjurisdictional differentials and their effects, Law and entrepreneurship, New firms; startups, Microeconomic analyses of economic development, Development planning and policy, Innovation and invention: processes and incentives, Regional economic activity: growth, development, and changes, Regional development policy.
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