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Kazem Mochkabad Khoramchahi

Equity
Crowdfunding
Essays about the Scientific
Development and the Investor
Perspective
Equity Crowdfunding
Kazem Mochkabad Khoramchahi

Equity Crowdfunding
Essays about the Scientific
Development and the Investor
Perspective
Kazem Mochkabad Khoramchahi
Wuppertal, Germany

Dissertation, University of Wuppertal, Schumpeter School of Business and E

­ conomics,
2020

ISBN 978-3-658-31265-7 ISBN 978-3-658-31266-4 (eBook)

https://doi.org/10.1007/978-3-658-31266-4

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Fachmedien
Wiesbaden GmbH, part of Springer Nature 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher,
whether the whole or part of the material is concerned, specifically the rights of translation,
reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any
other physical way, and transmission or information storage and retrieval, electronic adaptation,
computer software, or by similar or dissimilar methodology now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in
this book are believed to be true and accurate at the date of publication. Neither the publisher
nor the authors or the editors give a warranty, expressed or implied, with respect to the material
contained herein or for any errors or omissions that may have been made. The publisher remains
neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Planung/Lektorat: Carina Reibold

This Springer Gabler imprint is published by the registered company Springer Fachmedien
­Wiesbaden GmbH part of Springer Nature.
The registered company address is: Abraham-Lincoln-Str. 46, 65189 Wiesbaden, Germany
For Ali, my Dad
Foreword

For capital-seeking early-stage ventures, the question of how to secure the

­necessary external capital is most challenging. Since the subprime mortgage crisis
in 2008, the market for early-stage financing was significantly transformed and has
provided fertile ground for alternative forms for securing external capital. Kazem
Mochkabad Khoramchahi’s dissertation entitled “Equity Crowdfunding: Essays
about the Scientific Development and the Investor Perspective” offers extensive
insights into one of the most promising entrepreneurial financing forms—equity
crowdfunding. Via equity crowdfunding, entrepreneurs have the chance to pres-
ent their venture(s) on intermediary online-based platforms, to acquire finan-
cial resources from numerous, often less experienced investors. In return, equity
crowdfunding investors have the chance to receive company shares of young
and innovative ventures. In his dissertation, Kazem Mochkabad Khoramchahi
addresses a ‘hot-topic’ in entrepreneurship research, which is highly relevant for
practitioners and continuously discussed at a policy level. Following the central
question about the challenges that participating capital market players in equity
crowdfunding face, Kazem Mochkabad Khoramchahi empirically addresses vari-
ous problems in relation to the relevant actors in the equity crowdfunding ecosys-
tem (e.g. investors and entrepreneurs) by employing different empirical research
methods. For instance, Kazem Mochkabad Khoramchahi shows how investors
inform their investment decisions and how entrepreneurs can build legitimacy in
the eyes of this new and highly relevant investor group. In this regard, this dis-
sertation provides robust empirical results and well-grounded implications, which
contribute to the current scientific, practical, and policy discussions about equity
crowdfunding. Moreover, the insightful future research questions Kazem Mochka-
bad Khoramchahi provides, have the potential to advance equity crowdfunding as
a research field within the broader field of entrepreneurship.

vii
viii Foreword

I highly recommend this doctoral thesis to everybody interested in equity

crowdfunding as well as capital seeking entrepreneurs and regulators who might
benefit from the well-grounded practical implications.

Wuppertal
09.06.2020 Prof. Dr. Christine Volkmann
Preface

This doctoral thesis consists of five chapters. While chapter one and five represent
the framework of this dissertation, chapters two, three and four make up the cen-
tral part of the thesis. Each of these three chapters presents one scientific study
that empirically examines a different research question relating to the overall
topic of “Equity Crowdfunding: Essays about the Scientific Development and the
Investor Perspective.”
Chapter two, “Equity Crowdfunding: A Systematic Review of the Literature”,
investigates the current body of equity crowdfunding research. By systemati-
cally and thematically analyzing 113 scientific research papers, this study high-
lights important aspects about the current evolution of equity crowdfunding as a
research field, identifies dominant research perspectives and outlines numerous
possible avenues for future research. This study has been recently published in
Small Business Economics: An Entrepreneurship Journal.
Chapter three presents the second study, “Investors in Equity Crowdfunding:
The Relationship between Investment Motivation and Evaluation Criteria,” and
examines the significance of specific investment evaluation criteria in relation to
the underlying investment motivations of equity crowdfunding investors.
Chapter four examines the question, “How can Innovative Technology Ven-
tures gain Legitimacy? Evidence from Equity Crowdfunding”. Based on a
­multi-study-multi-method approach, this study analyzes how equity crowdfund-
ing investors evaluate radically innovative ventures in equity crowdfunding. This
study also shows how radically innovative ventures can establish legitimacy in the
eyes of equity crowdfunding investors.
Earlier versions of the studies in chapters two, three and four have been pre-
sented at the following conferences: 20th Annual Interdisciplinary Conference

ix
x Preface

on Entrepreneurship and Innovation—G-Forum in Leipzig, Germany (2016),

21st Annual Interdisciplinary Conference on Entrepreneurship and Inno-
vation—G-Forum in Wuppertal, Germany (2017), European Academy of
Management—Reykjavík, Iceland (2018), 4th Entrepreneurial Finance Con-
ference—Trier, Germany (2019), Academy of Management 2020- 80 th Annaul
Meeting- Virtual Session Presentation.

Kazem Mochkabad Khoramchahi

Acknowledgments

I could not have completed this dissertation without the kind and patient support
of several people and I am sincerely grateful to all of them. First of all, I would
like to thank my thesis supervisor, Prof. Dr. Christine K. Volkmann, who moti-
vated and encouraged me throughout the process. I greatly enjoyed her supervi-
sion, including the extensive feedback and the fact that her door was always open
for questions and discussions about my doctoral project. Her extensive support
has made a significant contribution to improving the quality of this dissertation
and ensuring its completion. I would also like to thank her for providing me with
the opportunity to participate in various scientific conferences to present and dis-
cuss different parts of my doctoral thesis with renowned researchers in the field of
entrepreneurship and entrepreneurial finance.
In addition, I am particularly grateful for Dr. Marc Grünhagen’s exceptional
and constant support. He was always supportive during my research and provided
me with valuable feedback, advice and assistance throughout the duration of this
project. I would also like to thank my colleagues and friends, Simon Kleinert and
Tobias Bürger, who provided me with invaluable support and feedback at every
stage of this dissertation through numerous reviews and discussions. Thanks also
go to Prof. Dr. Diemo Urbig for his constant support, critical comments and sev-
eral fruitful lessons on STATA, as well as his advice on publishing my research. I
would also like to thank Sarah Jensen, Vanessa Schmieja and Mats Schumacher,
who were always willing to answer questions and provide feedback concerning
the application of different methodological approaches in this dissertation. Like-
wise, I would like to thank Prof. Dr. Jörn Hendrich Block for his friendly review
of my first published research paper.

xi
xii Acknowledgments

Last but not least, I would like to thank my family—in particular my par-
ents, Christa and Ali, for their constant love, trust, confidence, unfailing support,
approval and belief in me. Finally, thanks go to my girlfriend, Anahid, for putting
up with me during the stressful last months of this project. Without the steady
support, patience and encouragement of my family and girlfriend, this doctoral
project would not have been possible.
Clarification of Author’s Contributions

Chapter two: Equity Crowdfunding: A Systematic Review of the Literature

Kazem Mochkabad Khoramchahi was the lead and corresponding author of this
study. He was responsible for gathering and reviewing the data, which was syn-
thesized to a final sample of 113 scientific contributions focusing purely on equity
crowdfunding. He also conducted all the analysis and was responsible for the results
and discussion, thereby identifying potential future research questions. Prof. Dr.
Christine Volkmann contributed throughout the whole study process with useful
comments and insights. She also reviewed different versions on the way to the final
manuscript. This chapter has already been published as “Equity Crowdfunding: A
Systematic Review of the Literature” in Small Business Economics: An Entrepre-
neurship Journal (https://doi.org/10.1007/s11187-018-0081-x). The process of publi-
cation, including responding to revisions from the reviewers, was also led by Kazem
Mochkabad Khoramchahi.
Chapter three: Segmenting the Equity Crowdfunding Market: Towards a
Typology of Equity Crowdfunding Investors
Kazem Mochkabad Khoramchahi was the sole author of this paper.
Chapter four: How can Innovative Technology Ventures Gain Legitimacy? Evi-
dence from Equity Crowdfunding
Kazem Mochkabad Khoramchahi was the sole author of this chapter. For the
first study (observational data), he used a sub-sample of the observational data
set conducted by Simon Kleinert, which he had already used in his published
study, “Third-Party Signals in Equity Crowdfunding: The Role of Prior Financ-
ing” in Small Business Economics: An Entrepreneurship Journal (https://doi.
org/10.1007/s11187-018-0125-2). Kazem Mochkabad Khoramchahi was respon-
sible for adjusting this sub-sample for the purpose of chapter four, which included

xiii
xiv Clarification of Author’s Contributions

defining and deriving further variables. In addition, he was responsible for the
design and execution of the online conjoint experiment and he conducted the
analysis and wrote the results and discussion sections for both studies.
Abstract

Since the subprime mortgage crisis in 2008, the challenges of securing nec-
essary external capital have become even more significant for capital-seeking
­early-stage ventures. Traditional capital providers for young ventures, i.e., banks,
business angels and venture capitalists, have shifted their investment activities
to more mature ventures in later stages of the entrepreneurial process. However,
this withdrawal of traditional capital providers has created fertile ground for inno-
vative internet-based financing alternatives, i.e., crowdfunding. While several
forms of crowdfunding have emerged, equity crowdfunding has evolved into the
most promising alternative for young entrepreneurial ventures and has received
worldwide attention from established financial services (e.g., financial supervi-
sory authorities), policymakers (e.g., the EU Commission) and numerous schol-
ars from the field of entrepreneurship and entrepreneurial finance. Since 2012,
a number of academic disciplines—including the social sciences, information
technology, economics and entrepreneurial finance—have conducted scientific
research into equity crowdfunding. However, due to its multidisciplinary nature
and rapid evolution, a holistic systematization of equity crowdfunding research is
needed to avoid the risk of stagnation, as well as to contribute to the ongoing sci-
entific discussion of equity crowdfunding as a research field. Therefore, the first
research aim of this dissertation is to provide a systematic overview of the sci-
entific development of equity crowdfunding, including the elaboration of several
promising future research avenues to encourage further advancements. The sec-
ond aim, deriving from the first, is to shed light on the less explored supply-side,
i.e., the investor perspective, of equity crowdfunding. To address these research
objectives in a precise matter, this dissertation consists of three scientific studies,
each providing important theoretical and practical implications. The first study
provides a systematic literature review and thematic analysis of 113 scientific

xv
xvi Abstract

equity crowdfunding research papers and identifies five research perspectives

that have so far dominated equity crowdfunding: capital market, entrepreneur,
institution, investor and platform. The results suggest that the investor perspec-
tive has received little scholarly attention. Therefore, study two uses a survey of
102 equity crowdfunding investors to explore the relationship between underly-
ing investment motivation and the significance of various investment evaluation
criteria. The analysis provides first insights into the concept that the significance
of various evaluation criteria is indeed dependent on the underlying investment
motivation of equity crowdfunding investors. The third study examines how
investors in equity crowdfunding evaluate radically innovative ventures. It also
demonstrates how radically innovative ventures can establish venture legitimacy
in an equity crowdfunding context. The results suggest that established alliances
with reputable upstream and downstream partners, as well as previous invest-
ments by professional investors (i.e., business angels and venture capitalists), con-
vey legitimacy to investors and are therefore particularly beneficial in facilitating
favorable campaign outcomes for radically innovative ventures.
Contents

1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 General Background. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Relevance and Overall Research Aim . . . . . . . . . . . . . . . . . . . . . . . . 3
1.3 Research Objective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.4 Thesis Structure and Methodological Approach . . . . . . . . . . . . . . . . 6
2 Equity Crowdfunding: A Systematic Review of the Literature. . . . . . 9
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2.2 Methods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2.2.1 Planning the Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2.2.2 Conducting the Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2.2.3 Data Synthesis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.3 Reporting the Findings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.3.1 Descriptive Analysis of Equity
Crowdfunding Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.3.1.1 Development of the Body of Literature . . . . . . . . . 14
2.3.1.2 Conferences on Equity Crowdfunding. . . . . . . . . . 16
2.3.1.3 Geographical Coverage. . . . . . . . . . . . . . . . . . . . . . 16
2.3.1.4 Methodological Information. . . . . . . . . . . . . . . . . . 17
2.3.1.5 Observations and Implications. . . . . . . . . . . . . . . . 18
2.3.2 Thematic Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
2.3.2.1 Capital Market Perspective. . . . . . . . . . . . . . . . . . . 19
2.3.2.1.1 Functioning and Development
of Equity Crowdfunding. . . . . . . . . . . . 19
2.3.2.1.2 Potential role of Equity
Crowdfunding. . . . . . . . . . . . . . . . . . . . 20
2.3.2.1.3 Review . . . . . . . . . . . . . . . . . . . . . . . . . 21

xvii
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