Success factors in equity crowdfunding: The case of Japan

Guerram, Adel; Meada, Yuji; Mezaache, Ali

مجلة الدراسات المالية والمحاسبية والإدارية
Volume 9, Numéro 2, Pages 93-111
2022-12-31

Success Factors In Equity Crowdfunding: The Case Of Japan

Authors : Guerram Adel . Meada Yuji . Mezaache Ali .

Abstract

Equity Crowdfunding, as a recent entrant in the entrepreneurial finance, has become an appropriate alternative for projects promoters. This financial solution was newly introduced in Japan, making the question: What influences the investment decision of Japanese Equity crowd investors? highly relevant. To answer this question, and draw lessons from the Japanese experience, our study applies a quantitative approach to data collected from Japan’s first Equity Crowdfunding platform “FUNDINNO”. The results show that factors related to the presence of professional investors, the company’s size, the patent, the expected sales at the exit time and the technological nature of the project have a significant positive impact on attracting equity crowd investors.