风险投资
透视图(图形)
联营
内生性
多元概率模型
创业
业务
财务
创业金融
新企业
匹配(统计)
Probit模型
股权众筹
信息不对称
普罗比特
经济
种子基金
计量经济学
人工智能
统计
计算机科学
数学
作者
Sunghan Ryu,Keongtae Kim,Jungpil Hahn
标识
DOI:10.25300/misq/2022/16620
摘要
This study adopts a signaling theory perspective to examine whether and how crowdfunding (relative to angel financing) influences subsequent venture capital (VC) investments in startups. We used a bivariate probit model with propensity score matching to address the potential endogeneity of the initial funding choice. Subsequently, we found that crowdfunded startups have a lower chance of receiving VC funding than angel-financed startups and that the effect is more negative for startups located outside of startup cluster cities. We show that corporate VCs, unlike independent VCs comprising the majority of VCs, favor crowdfunded startups. Our study contributes to the literature on crowdfunding, startup finance, and the transformative effects of IT-enabled platforms. This study further discusses the practical implications of crowdfunding in startup finance ecosystems.
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