Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/288628 
Year of Publication: 
2020
Citation: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 57 [Issue:] 2 [Publisher:] Springer US [Place:] New York, NY [Year:] 2020 [Pages:] 905-926
Publisher: 
Springer US, New York, NY
Abstract: 
Crowdinvesting emerged recently as an alternative way of funding for start-up projects. Our dataset consists of 16,666 investments made at Companisto, one of the largest crowdinvesting platforms in Europe. Using cluster analysis based on individual investment decisions, we find that crowdinvestors differ in their investment strategies and motivations. We can distinguish three types of crowdinvestors: Casual Investors, Crowd Enthusiasts, and Sophisticated Investors. The types also vary in their response to project quality signals, project-related information reducing the degree of uncertainty, and social influence by fellow investors. We conclude that crowdinvestors are anything but a homogeneous group. Instead, they are motivated by different factors and respond to different signals when making investment decisions.
Subjects: 
Crowdinvesting
Entrepreneurial finance
New ventures
Cluster analysis
Social influence
Signaling
JEL: 
G23
G41
L26
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.