For the past view years, crowd-funding has been a popular tool in financing charitable projects in Indonesia. This research is aimed at investigating the factors influencing a person to use donation crowd-funding. This research applied the research model based on the Unified Theory of Acceptance and Use of Technology (UTAUT). The data were collected through surveys and the SmartPLS 3.0 was used to analyze 161 respondents. A field survey of respondents was undertaken with both convergent and discriminant validities being conducted. The results of the structural equation modeling show that performance expectancy, effort expectancy, social influence, and facilitating conditions positively and significantly affect donors’ intention to use donation crowd-funding. Finally, a discussion and a conclusion including academic and practical implications are also presented.
{"title":"Factors Influencing Intention to Donate through Donation Crowd-Funding: Evidence from Indonesia","authors":"Arya Dwi Wisesa, M. Kholid, R. Hamdani","doi":"10.2139/ssrn.3784229","DOIUrl":"https://doi.org/10.2139/ssrn.3784229","url":null,"abstract":"For the past view years, crowd-funding has been a popular tool in financing charitable projects in Indonesia. This research is aimed at investigating the factors influencing a person to use donation crowd-funding. This research applied the research model based on the Unified Theory of Acceptance and Use of Technology (UTAUT). The data were collected through surveys and the SmartPLS 3.0 was used to analyze 161 respondents. A field survey of respondents was undertaken with both convergent and discriminant validities being conducted. The results of the structural equation modeling show that performance expectancy, effort expectancy, social influence, and facilitating conditions positively and significantly affect donors’ intention to use donation crowd-funding. Finally, a discussion and a conclusion including academic and practical implications are also presented.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"88 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89121066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
James R. Brown, Gustav Martinsson, Christian Thomann
We study how liquidity constraints affect entrepreneurial activity using a temporary lending program introduced in Sweden at the height of the financial crisis. Firms could suspend payment of all labor-related taxes and fees, but any suspended payments were considered a fixed rate loan from the Swedish government. The structure of the program made it relatively more beneficial for firms with high ex ante labor expenses. Exploiting this aspect of the program to address endogenous selection into the program, we find that the increase in liquidity allowed participating firms to increase both net debt levels and rates of real investment spending. While these results highlight the existence and real impact of binding credit constraints in an important subset of entrepreneurial firms, our estimates suggest that fewer than 10 percent of economy-wide firms needed liquidity, even at the height of the crisis.
{"title":"Access to Liquidity in a Financial Crisis","authors":"James R. Brown, Gustav Martinsson, Christian Thomann","doi":"10.2139/ssrn.2506694","DOIUrl":"https://doi.org/10.2139/ssrn.2506694","url":null,"abstract":"We study how liquidity constraints affect entrepreneurial activity using a temporary lending program introduced in Sweden at the height of the financial crisis. Firms could suspend payment of all labor-related taxes and fees, but any suspended payments were considered a fixed rate loan from the Swedish government. The structure of the program made it relatively more beneficial for firms with high ex ante labor expenses. Exploiting this aspect of the program to address endogenous selection into the program, we find that the increase in liquidity allowed participating firms to increase both net debt levels and rates of real investment spending. While these results highlight the existence and real impact of binding credit constraints in an important subset of entrepreneurial firms, our estimates suggest that fewer than 10 percent of economy-wide firms needed liquidity, even at the height of the crisis.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85342614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prior studies on chief executive officer (CEO) compensation have mainly focused on large firms from a broad spectrum of industries. This study aims to provide further evidence on the determinants of CEO compensation for small, homogeneous firms. Using a sample of Australian early-stage mining exploration entities (MEEs) over the 2004−2017 period, we document a set of predictors of CEO compensation that are unique to this group of firms. First, fluctuations in commodity prices are found to be positively associated with CEO stock options value. Second, we find that signals of MEEs’ future prospects, conveyed through additions to and acquisition of capitalised exploration and evaluation expenditure, have positive impacts on CEO compensation. Third, proceeds from equity raisings indicate CEOs’ effort and skills to improve shareholder wealth, resulting in higher compensation. Lastly, we find some evidence supporting the relevance of non-executive directors’ advisory role over their monitoring role.
{"title":"CEO Compensation in Early-Stage Firms","authors":"T. Bui, Andrew Ferguson, P. Lam","doi":"10.2139/ssrn.3446455","DOIUrl":"https://doi.org/10.2139/ssrn.3446455","url":null,"abstract":"Prior studies on chief executive officer (CEO) compensation have mainly focused on large firms from a broad spectrum of industries. This study aims to provide further evidence on the determinants of CEO compensation for small, homogeneous firms. Using a sample of Australian early-stage mining exploration entities (MEEs) over the 2004−2017 period, we document a set of predictors of CEO compensation that are unique to this group of firms. First, fluctuations in commodity prices are found to be positively associated with CEO stock options value. Second, we find that signals of MEEs’ future prospects, conveyed through additions to and acquisition of capitalised exploration and evaluation expenditure, have positive impacts on CEO compensation. Third, proceeds from equity raisings indicate CEOs’ effort and skills to improve shareholder wealth, resulting in higher compensation. Lastly, we find some evidence supporting the relevance of non-executive directors’ advisory role over their monitoring role.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72818214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Do investors' moods influence their contributions to risky investments in equity crowdfunding? Yes. We use weather as a proxy for mood because besides serving as powerful mood stimulus, changes in weather are plausibly exogenous and orthogonal to attributes of crowdfunding campaigns, yielding an advantageous identification strategy. Our results, based on data from Companisto -- one of the largest European equity crowdfunding platforms -- indicate that change in sky cloud cover from zero to full reduces investors' contribution amounts by about 10-15% (across different specifications). Our paper highlights the broader role of financiers' moods and emotions in providing valuable financial resources to entrepreneurs.
{"title":"Weather-Induced Mood and Crowdfunding","authors":"Kourosh Shafi, A. Mohammadi","doi":"10.2139/ssrn.3439246","DOIUrl":"https://doi.org/10.2139/ssrn.3439246","url":null,"abstract":"Do investors' moods influence their contributions to risky investments in equity crowdfunding? Yes. We use weather as a proxy for mood because besides serving as powerful mood stimulus, changes in weather are plausibly exogenous and orthogonal to attributes of crowdfunding campaigns, yielding an advantageous identification strategy. Our results, based on data from Companisto -- one of the largest European equity crowdfunding platforms -- indicate that change in sky cloud cover from zero to full reduces investors' contribution amounts by about 10-15% (across different specifications). Our paper highlights the broader role of financiers' moods and emotions in providing valuable financial resources to entrepreneurs.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83119689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The following article examines how adaptation and mitigation activities contribute to small business resilience. Resilient businesses are those that survive disasters and surpass their pre-disaster revenue levels. The results of a multivariate probit analysis suggest that pre-Hurricane Katrina mitigation and adaptation activities contributed to business resilience. Additionally, an analysis of financial resources showed that formal and informal loans increased the likelihood that a business would adapt while insurance payments decreased the likelihood that a business would adapt.
{"title":"The Effect of Adaptation and Mitigation for Small Businesses Impacted by Hurricane Katrina","authors":"Tia M. McDonald, Maria I. Marshall","doi":"10.2139/ssrn.3432664","DOIUrl":"https://doi.org/10.2139/ssrn.3432664","url":null,"abstract":"The following article examines how adaptation and mitigation activities contribute to small business resilience. Resilient businesses are those that survive disasters and surpass their pre-disaster revenue levels. The results of a multivariate probit analysis suggest that pre-Hurricane Katrina mitigation and adaptation activities contributed to business resilience. Additionally, an analysis of financial resources showed that formal and informal loans increased the likelihood that a business would adapt while insurance payments decreased the likelihood that a business would adapt.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76931554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the role of cross-listings in the digital token marketplace ecosystem. Using a unique set of publicly available and hand-collected data from 3625 tokens traded in 108 marketplaces, we find significant increases in price, trading volume, network growth and on-chain activity around the date of a token's first cross-listing. Tokens earn a 16% crypto-market adjusted return in the two weeks around the cross-listing date. Daily network growth triples on the day of cross-listing. Using the uniquely heterogeneous characteristics of token marketplaces, we identify specific value-creation channels. We provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, we find higher returns for cross-listings that reduce market segmentation and improve information production. Our reported findings have significant policy implications in terms of more transparent regulations to reduce financial misconduct in the digital marketplace.
{"title":"Returns and network growth of digital tokens after cross-listings","authors":"Hugo E Benedetti, Ehsan Nikbakht","doi":"10.2139/ssrn.3267392","DOIUrl":"https://doi.org/10.2139/ssrn.3267392","url":null,"abstract":"Abstract This paper examines the role of cross-listings in the digital token marketplace ecosystem. Using a unique set of publicly available and hand-collected data from 3625 tokens traded in 108 marketplaces, we find significant increases in price, trading volume, network growth and on-chain activity around the date of a token's first cross-listing. Tokens earn a 16% crypto-market adjusted return in the two weeks around the cross-listing date. Daily network growth triples on the day of cross-listing. Using the uniquely heterogeneous characteristics of token marketplaces, we identify specific value-creation channels. We provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, we find higher returns for cross-listings that reduce market segmentation and improve information production. Our reported findings have significant policy implications in terms of more transparent regulations to reduce financial misconduct in the digital marketplace.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"191 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75817019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Logistic Regression and Support Vector Machine algorithms, together with Linear and Non-Linear Deep Neural Networks, are applied to lending data in order to replicate lender acceptance of loans and predict the likelihood of default of issued loans. A two phase model is proposed; the first phase predicts loan rejection, while the second one predicts default risk for approved loans. Logistic Regression was found to be the best performer for the first phase, with test set recall macro score of $77.4 %$. Deep Neural Networks were applied to the second phase only, were they achieved best performance, with validation set recall score of $72 %$, for defaults. This shows that AI can improve current credit risk models reducing the default risk of issued loans by as much as $70 %$. The models were also applied to loans taken for small businesses alone. The first phase of the model performs significantly better when trained on the whole dataset. Instead, the second phase performs significantly better when trained on the small business subset. This suggests a potential discrepancy between how these loans are screened and how they should be analysed in terms of default prediction.
{"title":"P2P Loan Acceptance and Default Prediction with Artificial Intelligence","authors":"J. Turiel, T. Aste","doi":"10.2139/ssrn.3417122","DOIUrl":"https://doi.org/10.2139/ssrn.3417122","url":null,"abstract":"Logistic Regression and Support Vector Machine algorithms, together with Linear and Non-Linear Deep Neural Networks, are applied to lending data in order to replicate lender acceptance of loans and predict the likelihood of default of issued loans. A two phase model is proposed; the first phase predicts loan rejection, while the second one predicts default risk for approved loans. Logistic Regression was found to be the best performer for the first phase, with test set recall macro score of $77.4 %$. Deep Neural Networks were applied to the second phase only, were they achieved best performance, with validation set recall score of $72 %$, for defaults. This shows that AI can improve current credit risk models reducing the default risk of issued loans by as much as $70 %$. The models were also applied to loans taken for small businesses alone. The first phase of the model performs significantly better when trained on the whole dataset. Instead, the second phase performs significantly better when trained on the small business subset. This suggests a potential discrepancy between how these loans are screened and how they should be analysed in terms of default prediction.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"56 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87713053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital. They also raise more funds and attract more investors relative to companies that only provide management-certified financial statements. However, relative to reviews, audits are not associated with a greater likelihood of success in an ECF offering other than attracting more investors. Finally, we find that assurance is indirectly associated with a company's post-ECF survival and its ability to raise future capital. This suggests that assurance at the time of ECF has implications for a company's success beyond ECF.
{"title":"The Role of Assurance in Equity Crowdfunding","authors":"Evisa Bogdani, Monika Causholli, W. Knechel","doi":"10.2139/ssrn.3462582","DOIUrl":"https://doi.org/10.2139/ssrn.3462582","url":null,"abstract":"The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital. They also raise more funds and attract more investors relative to companies that only provide management-certified financial statements. However, relative to reviews, audits are not associated with a greater likelihood of success in an ECF offering other than attracting more investors. Finally, we find that assurance is indirectly associated with a company's post-ECF survival and its ability to raise future capital. This suggests that assurance at the time of ECF has implications for a company's success beyond ECF.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88442127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Blockchain technology has the potential to supplement the existing infrastructure for securities offerings. After examining the shortcomings of historical attempts, the article analyses the redeeming features of blockchain-based securities offerings including lower overall cost structure, substantially reduced settlement cycle, counter-party risk and systemic risk reduction, enhanced transparency, among others. The authors examine the tradeoffs between opportunities and risks of blockchain-based securities offerings.
{"title":"Blockchain-Based Securities Offerings","authors":"Wulf A. Kaal, Samuel A. W. Evans","doi":"10.2139/SSRN.3411110","DOIUrl":"https://doi.org/10.2139/SSRN.3411110","url":null,"abstract":"Blockchain technology has the potential to supplement the existing infrastructure for securities offerings. After examining the shortcomings of historical attempts, the article analyses the redeeming features of blockchain-based securities offerings including lower overall cost structure, substantially reduced settlement cycle, counter-party risk and systemic risk reduction, enhanced transparency, among others. The authors examine the tradeoffs between opportunities and risks of blockchain-based securities offerings.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"83 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74549836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Being one of FinTech's most innovative operating tools in the age of 4.0, crowdfunding is one of the ways that is used to raise money without financial intermediations. This method helps companies and individuals worldwide raise millions of dollars from members of the public with low capital-cost, however, factors impacted on the success or failure of new kind of funds mobilizing method still be a controversial topic. Accordingly, the author aims at clarifying the influence of founders on the success of crowdfunding in Vietnam by primary data collected from questionnaire survey with Logistic Regression Model and Multiple Linear Regression Model. Based on the results, recommendations were proposed for founders to develop the modern kind of financial tools.
{"title":"Impacts of Founder on The Success of Crowdfunding in Vietnam","authors":"D. Linh","doi":"10.2139/ssrn.3413411","DOIUrl":"https://doi.org/10.2139/ssrn.3413411","url":null,"abstract":"Being one of FinTech's most innovative operating tools in the age of 4.0, crowdfunding is one of the ways that is used to raise money without financial intermediations. This method helps companies and individuals worldwide raise millions of dollars from members of the public with low capital-cost, however, factors impacted on the success or failure of new kind of funds mobilizing method still be a controversial topic. Accordingly, the author aims at clarifying the influence of founders on the success of crowdfunding in Vietnam by primary data collected from questionnaire survey with Logistic Regression Model and Multiple Linear Regression Model. Based on the results, recommendations were proposed for founders to develop the modern kind of financial tools.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85895606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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