موسسات غیر رسمی و سرمایه گذاری جمعی سهمی مبتنی بر اینترنت
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موسسات غیر رسمی و سرمایه گذاری جمعی سهمی مبتنی بر اینترنت

عنوان فارسی مقاله: موسسات غیر رسمی و سرمایه گذاری جمعی سهمی مبتنی بر اینترنت
عنوان انگلیسی مقاله: Informal Institutions and Internet-based Equity Crowdfunding
مجله/کنفرانس: مجله مدیریت بین المللی - Journal of International Management
رشته های تحصیلی مرتبط: مدیریت، اقتصاد
گرایش های تحصیلی مرتبط: مدیریت مالی، اقتصاد مالی، اقتصاد پولی، مدیریت فناوری اطلاعات
کلمات کلیدی فارسی: سرمايه گذاري جمعی، سرمايه گذاري جمعی سهمی، موسسات غير رسمي، تحول سازمانی، نهادينه سازي، رشد بازار، بشردوستی
کلمات کلیدی انگلیسی: Crowdfunding، Equity crowdfunding، Informal institutions، Institutional evolution، Institutionalization، Market maturity، Philanthropy
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.intman.2017.07.001
دانشگاه: Bryan School of Business and Economics, The University of North Carolina at Greensboro, Bryan Building, Room: 368, P. O. Box 26165, Greensboro, NC 27402-6165, USA
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 2/426 در سال 2017
شاخص H_index: 56 در سال 2019
شاخص SJR: 1/432 در سال 2017
شناسه ISSN: 1075-4253
شاخص Quartile (چارک): Q1 در سال 2017
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 19
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: خیر
کد محصول: E11128
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- The approach to informal institutions


3- Methods


4- Findings


5- Discussion and implications


6- Concluding comments


References

نمونه متن انگلیسی مقاله

Abstract


Equity-based crowdfunding is emerging as an increasingly important source of entrepreneurial financing. This paper examines the effects of informal institutions on entrepreneurs' ability and willingness to engage in efforts to raise equity crowdfunding. It also investigates how informal institutions are linked to investors' response to ECF. Also reviewed are the differences in the effects of informal institutions on equity crowdfunding vis-à-vis other forms of crowdfunding. The paper also delves into factors that are likely to lead to the development of favorable informal institutions from the standpoint of equity crowdfunding. It utilizes inductive theory-building approach.


Introduction


Equity-based crowdfunding (ECF)1 is emerging as an increasingly important source of entrepreneurial financing. For instance, “business and entrepreneurship” category accounted for 27.4% of total CF volume in 2012, which increased to 41.3% in 2014 (Reuters.com, 2015). One estimate suggested that the Internet-based ECF (IECF) market was US$400 million worldwide in 2013, which increased to US$1.1 billion in 2014 (Feit, 2015). In 2014, ECF accounted for 30% of all seed capital in the U.K. (Exporter, 2015). Nonetheless, economies worldwide vary greatly in entrepreneurs' efforts to raise and investors' propensity to invest in ECF. For instance, per capita ECF in 2015 was estimated at US$0.003 in Latin America and the Caribbean (LAC) region, US$0.23 in Asia Pacific and US$8.32 in the U.S. (Table 1). It can be argued that like any economic phenomenon (Parto, 2005), ECF has institutional components and implications. Before proceeding, some clarifying definitions are offered. Institutions are “macro-level rules of the game” (North, 1990, p. 27), which include: a) formal institutions such as rules, laws, constitutions; and b) informal institutions such as social norms, conventions and self-imposed codes (North, 1996). Informal institutions can also be viewed as normative and cultural-cognitive pillars in Scott's (2001) conceptualization of institutions. Legitimacy related to normative and cognitive institutions can be mapped to “morally governed behavior”, and “recognizable, taken-for-granted behavior” respectively (Scott et al., 2000, p. 238). Institutionalization is defined as the process by which a practice (e.g., ECF) acquires legitimacy and achieves a taken for-granted status (Kshetri, 2009). For instance, ECF is said to be institutionalized if this practice is legitimated by regulators, investors, entrepreneurs and other relevant actors. Institutional field is “formed around the issues that become important to the interests and objectives of specific collectives of organizations” (Hoffman, 1999, p. 352). Institutional field members are entities that have a voice in influencing institutional norms regarding the issues involved and participate in the negotiation on these issues (Kshetri, 2009).

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