Crowdfunding and bank financing: substitutes or complements?

Miglo, Anton

doi:10.1007/s11187-021-00571-9

Cited by 8 publications

(5 citation statements)

References 89 publications

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“…Ideally, this information would be complemented with the knowledge of whether he/she was turned down by the lending institution, revealing if the request for a crowdfunding loan was a first or last resort type of decision. With that knowledge, we could further add to the stream of literature that aims to establish whether crowdfunding and bank lending are substitutes, or complements [ 99 – 101 ]. These questions constitute possible interesting avenues for future research.…”

Section: Discussionmentioning

confidence: 99%

Gender effects in crowdfunded business loan campaigns

Theunissen,

Millone

2024

PLoS ONE

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Crowdfunding is a growing source of finance for entrepreneurs. In this paper, we investigate the existence of a gender effect in the time needed to obtain a business loan through crowdfunding. Using data from three Dutch crowdfunding platforms, survival analysis of the time to completion for 934 business loan campaigns shows that female entrepreneurs have a 20% shorter campaign completion time compared to male entrepreneurs, whereas couples do not differ from males. This effect persists across the different platforms. Subsequent analysis shows that female entrepreneurs do not have the disadvantage they face in traditional lending channels when requesting funds through crowdfunding, and that herding behavior by investors benefits female entrepreneurs most.

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Section: Discussionmentioning

confidence: 99%

Gender effects in crowdfunded business loan campaigns

Theunissen,

Millone

2024

PLoS ONE

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“…By choosing to crowdfund for initial funding, the firm gets an idea about demand, which helps in production. Later, firms go for bank financing to meet higher funding targets [ 115 ].…”

Section: Thematic Analysismentioning

confidence: 99%

Small businesses and FinTech: a systematic review and future directions

Sharma

Ilavarasan

Karanasios

2023

Electron Commer Res

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Small businesses are significant to any economy from the perspective of employment and contribution to the national gross domestic product. Despite their significance, small businesses continue to face various unresolved challenges. Recent technological innovations in finance, collectively called FinTech, seem to address some challenges. FinTech-led business models like crowdfunding, peer-to-peer lending, invoice trading, mobile wallets and payments, and platform-driven supply chain finance are altering the ecosystem for small businesses. Though there have been efforts, insights on how small businesses have responded to the opportunities of FinTech appear to be limited. To address this, we conducted a systematic and cross-discipline literature review of 103 journal articles published between 2008 to 2023 on small businesses and FinTech. Four conceptual themes emerge from the analysis: usage of FinTech services (payment and financial), and impact of FinTech services (payment and financial) on small businesses. The paper articulates areas for future research. Supplementary Information The online version contains supplementary material available at 10.1007/s10660-023-09705-5.

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“…4. The literature addresses the question of borrowers’ choice between crowdfunding and banks, e.g. Miglo (2022). …”

Section: Notesmentioning

confidence: 99%

A collective decision-making model of p2p lending platforms compared to bank lending

Ben-Yashar,

Krausz

2023

SEF

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Purpose This study aims to develop a theoretical model that uses the decision-making theory in a financial intermediation setting to provide insights into the differences between the outcomes of the decision-making process for a bank and for a peer-to-peer (p2p) lending platform to explain the role of p2p lending versus bank lending in the credit market. Design/methodology/approach This study develops a novel approach to explaining the differences between p2p lending and bank lending by using the decision-making theory. In particular, it analyzes the likelihood of a risky borrower being able to obtain a loan from a p2p lending platform versus the likelihood of being able to obtain a loan from a bank. The results contribute a theoretical understanding of factors that can determine the role of p2p lending platforms versus that of banks in the credit market, with implications for recovery from an economic crisis. Findings p2p lending platforms have the potential for contributing to economic recovery when they are subject to less regulations and are able to offer a faster and less costly lending process than do banks and when they are used by a large number of lenders. However, the potential role of p2p lending platforms in recovery might be reduced when banks have access to anticyclical measures that reduce banks’ capital requirements or provide them with low-cost funds. Originality/value This study provides a novel approach to explaining the differences between p2p lending and bank lending by using the decision-making theory. The results contribute a theoretical understanding of factors that can determine the role of p2p lending platforms versus that of banks in the credit market.

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Crowdfunding and bank financing: substitutes or complements?

Cited by 8 publications

References 89 publications

Gender effects in crowdfunded business loan campaigns

Gender effects in crowdfunded business loan campaigns

Small businesses and FinTech: a systematic review and future directions

A collective decision-making model of p2p lending platforms compared to bank lending

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