Alternative investments in emerging markets: A review and new trends

Readiness of East Java MSMEs Bank in Implementing Crowdfunding

“…The research findings show that the perception of directors is low on investor protection with a score of 3.17 from the maximum value of 10.00. This finding is not in line with Cumming & Zhang [18] which states that crowdfunding is the best platform to protect investors in developing countries. This finding is also in line with Bagheri et al [17] which states that crowdfunding is the best platform that focuses on donor or investor perspectives.…”

“…As the growth of financial capabilities is a significant change and unstable in the country's economy, the number of entrepreneurs is the factor affecting the growth [17]. Even in Asia and South America, crowdfunding is still in the growing stage, and factors that influence is the technology itself and how fast the implementation will take [18]. Therefore, the researcher stresses the readiness for BPR to implement crowdfunding as the main proposed of this research.…”

Institutions and Entrepreneurship Quality

“…Institutional quality is often associated with more secure property rights, a well-functioning court system (Douhan & Henrekson, 2010;Mehlum et al, 2006;Acemoglu, 2005), personal bankruptcy (Armour & Cumming, 2008), resource endowment (Stenholm et al 2013), availability of finance (Cole et al 2016;Cumming & Zhang, 2016;Samila & Sorenson, 2011), availability of knowledge (Polyhart & Moliterno, 2011) and entrepreneurial capital (Stenholm et al 2013). As a country's institutional conditions change, a unique dynamic environment develops.…”

“…As the level of economic development changes, financial institutions also experience an increase in both savings and competition. This changing environment is better able to contribute to productive entrepreneurial activity since entrepreneurs can channel these increased savings rate into entrepreneurial activity through their own lending and investments at a lower cost (Cumming & Zhang, 2016). Black and Strahan (2002) found that increased competition increased investments in productive entrepreneurial activities rather than the non-productive type.…”

“…Black and Strahan (2002) found that increased competition increased investments in productive entrepreneurial activities rather than the non-productive type. Alternative sources of funding for entrepreneurs have also increased across countries (Cumming & Zhang, 2016).…”