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@article{ART002543835},
author={Bong-Soo Lee and Woon Wook Jang},
title={A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms},
journal={Journal of Regional Studies and Development},
issn={1738-3846},
year={2019},
volume={28},
number={3},
pages={115-138},
doi={10.22739/ipaid.2019.28.3.115}

TY - JOUR
AU - Bong-Soo Lee
AU - Woon Wook Jang
TI - A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms
JO - Journal of Regional Studies and Development
PY - 2019
VL - 28
IS - 3
PB - Institute for Poverty Alleviation and International Development: IPAID
SP - 115
EP - 138
SN - 1738-3846
AB - 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.
KW - equity-based crowdfunding;success factors;financial performance
DO - 10.22739/ipaid.2019.28.3.115
ER -

Bong-Soo Lee and Woon Wook Jang. (2019). A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms. Journal of Regional Studies and Development, 28(3), 115-138.

Bong-Soo Lee and Woon Wook Jang. 2019, "A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms", Journal of Regional Studies and Development, vol.28, no.3 pp.115-138. Available from: doi:10.22739/ipaid.2019.28.3.115

Bong-Soo Lee, Woon Wook Jang "A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms" Journal of Regional Studies and Development 28.3 pp.115-138 (2019) : 115.

Bong-Soo Lee, Woon Wook Jang. A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms. 2019; 28(3), 115-138. Available from: doi:10.22739/ipaid.2019.28.3.115

Bong-Soo Lee and Woon Wook Jang. "A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms" Journal of Regional Studies and Development 28, no.3 (2019) : 115-138.doi: 10.22739/ipaid.2019.28.3.115

Bong-Soo Lee; Woon Wook Jang. A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms. Journal of Regional Studies and Development, 28(3), 115-138. doi: 10.22739/ipaid.2019.28.3.115

Bong-Soo Lee; Woon Wook Jang. A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms. Journal of Regional Studies and Development. 2019; 28(3) 115-138. doi: 10.22739/ipaid.2019.28.3.115

Bong-Soo Lee, Woon Wook Jang. A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms. 2019; 28(3), 115-138. Available from: doi:10.22739/ipaid.2019.28.3.115

Bong-Soo Lee and Woon Wook Jang. "A Study on the Success Factors of Equity-based Crowdfunding and the Financial Performance of Participating Firms" Journal of Regional Studies and Development 28, no.3 (2019) : 115-138.doi: 10.22739/ipaid.2019.28.3.115