본문 바로가기
  • Home

A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms

  • Journal of Regional Studies and Development
  • Abbr : JRSD
  • 2019, 28(3), pp.115-138
  • DOI : 10.22739/ipaid.2019.28.3.115
  • Publisher : Institute for Poverty Alleviation and International Development: IPAID
  • Research Area : Social Science > Area Studies > Regional Studies in general > Comparative / Statistical Regional Studies
  • Received : July 3, 2019
  • Accepted : December 9, 2019
  • Published : December 30, 2019

Bong-Soo Lee 1 Woon Wook Jang 2

1코리아엔젤스 협동조합
2연세대학교

Accredited

ABSTRACT

In Korea, the equity-based crowdfunding has began in 2016 through the amendment of the Capital Market Law in 2015. In this study, we used a regression analysis to find the factors influencing funding success by using the participating companies' funding information for two years after the start of the equity-based crowdfunding. The empirical results show that the subscription rate was high when the funding was intermediated by the professional crowdfunding companies than the investment banks, and when the companies have high intangible assets, R&D expenses and sales. In addition, we found that the firms succeeded in the crowdfunding have increased intangible assets and the expenses for employees training and advertising than those that failed in the funding.

Citation status

* References for papers published after 2022 are currently being built.