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Backer behaviours: an explorative study of investor types in equity crowdfunding
Kristianstad University, Faculty of Business, Department of Business. Kristianstad University, Faculty of Business, Research environment Governance, Regulation, Internationalization and Performance (GRIP. Blekinge Institute of Technology.
2021 (English)In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, E-ISSN 1741-8054, Vol. 42, no 1/2, p. 156-168Article in journal (Refereed) Published
Abstract [en]

Equity crowdfunding (ECF) is a new source of early-stage finance where ordinary people are the investors. In this context, investors are called backers, and their behaviours are less well understood. The contribution of this paper is to explore differences between backer investment behaviours. This is important, as it further positions backers when it comes to behaviour of different investor types, but also enables a discussion of attitudes and management of uncertainty from a portfolio theory perspective. The data include 4,938 backer transactions collected from FundedByMe.com during 2012-2016. Most backers invest in single campaign portfolios (single-portfolio backers) and seem less attracted to uncertainty. However, 16% of the crowd invest in multiple campaign portfolios (multi-portfolio backers). They seem more attracted to uncertainty and most of them diversify to manage the portfolio uncertainty. Hence, a minority of the crowd seem to care about uncertainty and manage it in a professional manner.

Place, publisher, year, edition, pages
2021. Vol. 42, no 1/2, p. 156-168
Keywords [en]
Early-stage finance, equity crowdfunding, ECF, backer behaviour, investor behaviour, investment patterns, portfolio management, diversification, specialisation, management of uncertainty
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hkr:diva-21527DOI: 10.1504/IJESB.2021.112266OAI: oai:DiVA.org:hkr-21527DiVA, id: diva2:1519185
Available from: 2021-01-18 Created: 2021-01-18 Last updated: 2021-01-18Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
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  • asciidoc
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