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Titel
A research note on entrepreneurs' financial commitment and crowdfunding success / Jonas Löher, Stefan Schneck and Arndt Werner ; Herausgeber Institut für Mittelstandsforschung Bonn
VerfasserLöher, Jonas In der Gemeinsamen Normdatei der DNB nachschlagen ; Schneck, Stefan In der Gemeinsamen Normdatei der DNB nachschlagen ; Werner, Arndt In der Gemeinsamen Normdatei der DNB nachschlagen
KörperschaftInstitut für Mittelstandsforschung Bonn In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBonn : Institut für Mittelstandsforschung, April 2018
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Elektronische Ressource
Umfang1 Online-Ressource (19 Seiten)
SerieWorking paper ; 18,03
URNurn:nbn:de:hbz:5:2-162074 Persistent Identifier (URN)
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 Das Dokument ist frei verfügbar.
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A research note on entrepreneurs' financial commitment and crowdfunding success [0.68 mb]
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Zusammenfassung

Established early stage investors decide to invest in new ventures after evaluating the propensity of success and the risk of failure. Consequently, it is of considerable importance that the new business owners have substantial 'skin in the game' and are thus highly committed to business success. Despite its key role in practice, the entrepreneurs' own financial commitment has not yet been discussed in a crowdfunding context. Applying a signaling approach, our empirical findings show that entrepreneurs with comparatively more ex ante financial commitment in their project achieve significantly higher funding success. Moreover, our results suggest that financial commitment is the single most important variable determining funding success.