Repository logo
 
Publication

The Role of Equity Crowdfunding in the Brazilian Entrepreneurial Ecosystem: An Empirical Analysis

2024-09-10Journal article Open access
Simple item page
datacite.subject.fosCiências Sociais
datacite.subject.sdg08:Trabalho Digno e Crescimento Económico
datacite.subject.sdg12:Produção e Consumo Sustentáveis
dc.contributor.authorFigueiredo, Ronnie
dc.contributor.authorBendelá, Flavia
dc.date.accessioned2025-12-04T11:01:54Z
dc.date.available2025-12-04T11:01:54Z
dc.date.issued2024-09-10
dc.descriptionArticle number - 213
dc.description.abstractThis research provides the first deep and empirical look into Brazil’s increasing equity crowdfunding, or crowdinvest, market, and examines its peculiarities. It is a pioneering work dedicated to understanding which characteristics most impact the success of offers in the country, and whether there is any representative movement pointing to the inclusion of gender, firm age, and location or participation of small investors. We employ descriptive and quantitative research techniques and analyses all the offerings derived through this mechanism from 1 January 2017 to 31 December 2020—totaling 234 operations, considering successful offers (the ones that received investment) and unsuccessful offers (those that failed in raising funds), registered by 24 platforms in the country according to CVM (Comissão de Valores Mobiliários), the Brazilian SEC, under regulation Instruction 588. Furthermore, we use empirical and publicly available data from several sources. The findings reveal that mutual offers are more attractive to investors than those of equity, impacting the dependent variable of success. Besides this, firm location is the only inclusion aspect with representativeness among the independent variables tested. The main contributions of the research lie in providing the first empirical study that (1) consolidates a consistent database of the equity crowdfunding industry in Brazil, (2) reveals the role of crowdinvest in Brazil, related to bank credit to SMEs, and (3) provides recommendations to the main stakeholders that can improve the whole ecosystem.eng
dc.description.sponsorshipFunding: This work is financed by national funding through the FCT—Fundação para a Ciência e a Tecnologia, I. P., under the project UIDB/04630/2020 (grant number).
dc.identifier.citationFigueiredo, R., & Bendelá, F. (2024). The Role of Equity Crowdfunding in the Brazilian Entrepreneurial Ecosystem: An Empirical Analysis. Administrative Sciences, 14(9), 213.
dc.identifier.doi10.3390/admsci14090213
dc.identifier.issn2076-3387
dc.identifier.urihttp://hdl.handle.net/10400.8/14853
dc.language.isoeng
dc.peerreviewedyes
dc.publisherMDPI
dc.relationResearch Unit in Business Sciences
dc.relation.hasversionhttps://www.mdpi.com/2076-3387/14/9/213
dc.relation.ispartofAdministrative Sciences
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectequity crowdfunding
dc.subjectcrowdinvest
dc.subjectentrepreneurship
dc.subjectinnovation funding
dc.subjectventure capital
dc.subjectentrepreneurial ecosystem
dc.subjectinvestors profile
dc.subjectofferings
dc.subjectSMEs
dc.titleThe Role of Equity Crowdfunding in the Brazilian Entrepreneurial Ecosystem: An Empirical Analysiseng
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleResearch Unit in Business Sciences
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04630%2F2020/PT
oaire.citation.endPage28
oaire.citation.issue9
oaire.citation.startPage1
oaire.citation.titleAdministrative Sciences
oaire.citation.volume14
oaire.fundingStream6817 - DCRRNI ID
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameFigueiredo de Andrade
person.givenNameRonnie Joshé
person.identifier.ciencia-idDD1A-4F90-0050
person.identifier.orcid0000-0002-6587-6113
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
relation.isAuthorOfPublication333245f9-acf2-48d9-be4f-cea8d83bc464
relation.isAuthorOfPublication.latestForDiscovery333245f9-acf2-48d9-be4f-cea8d83bc464
relation.isProjectOfPublicationd01ea1c9-a017-48ec-9d8b-c59a0d1b9776
relation.isProjectOfPublication.latestForDiscoveryd01ea1c9-a017-48ec-9d8b-c59a0d1b9776

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
The Role of Equity Crowdfunding in the Brazilian Entrepreneurial Ecosystem- An Empirical Analysis.pdf
Size:
1.83 MB
Format:
Adobe Portable Document Format
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.32 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

CARME - Artigos
ESTG - Artigos em revistas internacionais