Crowdfunding and Venture Capital: Substitutes or Complements?

被引：10

作者：

D'Ambrosio, Mario ^{[1
]}

Gianfrate, Gianfranco ^{[2
]}

机构：

[1] HIG Capital Milan, Milan, Italy

[2] Harvard Univ, Sustainabil Sci, Cambridge, MA 02138 USA

来源：

JOURNAL OF PRIVATE EQUITY | 2016年 / 20卷 / 01期

关键词：

D O I：

10.3905/jpe.2016.20.1.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The authors study the geographical and time series dynamics of crowdfunding and the degree to which it substitutes or it enhances venture capital (VC). Their findings support the argument that crowdfunding is a substitute of traditional VC for seed capital but it complements VC activity for subsequent rounds of financing. Consistently, they also find that crowdfunding activity clusters in the same main centers as venture capital financing. © 2015Institutional Investor LLC. All Rights Reserved.

引用

页码：7 / 20

页数：14

共 50 条

[21] Crowdfunding, business angels, and venture capital: an exploratory study of the concept of the funding trajectory
Bessiere, Veronique
Stephany, Eric
Wirtz, Peter
[J]. VENTURE CAPITAL, 2020, 22 (02) : 135 - 160
[22] Reward-Based Crowdfunding Campaigns: Informational Value and Access to Venture Capital
Roma, Paolo
Gal-Or, Esther
Chen, Rachel R.
[J]. INFORMATION SYSTEMS RESEARCH, 2018, 29 (03) : 679 - 697
[23] Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors
Buttice, Vincenzo
Di Pietro, Francesca
Tenca, Francesca
[J]. JOURNAL OF CORPORATE FINANCE, 2020, 65
[24] ENERGY AND CAPITAL - SUBSTITUTES OR COMPLEMENTS - A NOTE ON THE IMPORTANCE OF TESTING FOR NONNEUTRAL TECHNICAL PROGRESS
HUNT, LC
[J]. APPLIED ECONOMICS, 1986, 18 (07) : 729 - 735
[25] New technology assessment in entrepreneurial financing - Does crowdfunding predict venture capital investments?
Kaminski, Jermain
Hopp, Christian
Tykvova, Tereza
[J]. TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 2019, 139 : 287 - 302
[26] How New Is Crowdfunding? The Venture Capital Evolution without Revolution - Discourse on Risk Capital Themes and their Relevance to Poland
Frydrych, Denis
Kinder, Tony
[J]. PROBLEMY ZARZADZANIA-MANAGEMENT ISSUES, 2015, 13 (04): : 177 - 194
[27] Complements or substitutes? A Meta-analysis of the role of social capital for individual knowledge transfer
Huang, Yaqi
Wang, Changfeng
Sun, Rui
Chen, Lei
Lin, Zhenzhen
[J]. JOURNAL OF INTELLECTUAL CAPITAL, 2024, 25 (2/3) : 448 - 467
[28] Substitutes or complements? Relationship between natural resources and physical capital - a few stylised facts
Malaczewski, Maciej
[J]. ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA, 2019, 32 (01): : 2195 - 2211
[29] Environmental Sustainability Orientation, Reward-Based Crowdfunding, and Venture Capital: The Mediating Role of Crowdfunding Performance for New Technology Ventures
Roma, Paolo
Vasi, Maria
Testa, Stefania
Perrone, Giovanni
[J]. IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT, 2023, 70 (09) : 3198 - 3212
[30] Information and subsidies: Complements or substitutes?
Ashraf, Nava
Jack, B. Kelsey
Kamenica, Emir
[J]. JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2013, 88 : 133 - 139

← 1 2 3 4 5 →