Online feedback and crowdfunding finance in China

Shahab, Yasir; Riaz, Yasir; Ntim, Collins G.; Ye, Zhiwei; Zhang, Qingjing; Feng, Ran

doi:10.1002/ijfe.2034

Cited by 13 publications

(13 citation statements)

References 56 publications

(101 reference statements)

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“…Firms for whom data were not available for the whole study period were dropped. By following many prior researches, only manufacturing companies were taken and financial firms have been dropped from the sample, because of the reason that their financial reporting requirements expressively vary from nonfinancial firms and this dissimilarity can make the comparison problematic (Aktas et al, 2015;Shahab et al, 2021). A total of 535 companies were listed in PSX in year 2020; 125 companies related to financial sector (banks, insurance companies, etc.)…”

Section: Data and Samplementioning

confidence: 99%

Corporate governance, working capital management, and firm performance: Some new insights from agency theory

et al. 2021

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The role of corporate governance in performance of firms has been widely discussed in the extant literature. In contrast to examining direct relationships, this study investigates the mediating role of working capital management within these connections. Employing a large sample of nonfinancial firms listed on Pakistan Stock Exchange from 2009 to 2018, findings suggest that a corporate governance quality index and efficiency of working capital management are positively related to firm performance. Additionally, the results indicate that working capital management partially mediates the relationship between corporate governance and firm performance. These findings extend existing literature by offering new empirical and theoretical insights.

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Section: Data and Samplementioning

confidence: 99%

Corporate governance, working capital management, and firm performance: Some new insights from agency theory

et al. 2021

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“…Crowdfunding projects have significant (although often exaggerated) impacts on the success of financing [16]. The Chinese crowdfunding market is the largest in the world, with the number and size of platforms used by local enterprises increasing rapidly [17]. Crowdfunding has significant potential for small enterprises; this paper focuses on the relatively large-scale A-listed companies in China that rely on other traditional channels of funding.…”

Section: Financing Channels and Enterprise Innovationmentioning

confidence: 99%

The Effects of Financing Channels on Enterprise Innovation and Life Cycle in Chinese A-Share Listed Companies: An Empirical Analysis

Ling

Han

et al. 2020

Sustainability

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This paper offers an empirical analysis of the effects of financing channels on innovation and the regulatory effect of the enterprise life cycle based on data published from 2008 to 2017 on publicly traded companies in China. The results show that government subsidies, tax preferences, self-owned funds, and equity financing have significant positive incentives for enterprise innovation, and the incentive intensity is gradually weakened while bank loans will hinder enterprise innovation. The impacts of various financing channels on enterprise innovation vary with the different stages of the enterprise life cycle, and the overall performance is weakened with the advancement of the life cycle. According to the grouping research of property rights, it is found that the impacts of various financing channels on the innovation of non-state-owned enterprises are more significant than those of state-owned enterprises. Further research finds that the influence of each financing channel on enterprise innovation is U-shaped or inverted U-shaped, indicating that there is a moderate range of each financing channel. This study is of great significance to fully understand the impacts of various financing channels on enterprise innovation and the regulatory role of the enterprise life cycle and to optimize the allocation of innovation resources.

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“…This theory implies that individuals adopt a promotion focus (to attain desired outcomes), or a prevention focus (to avoid undesirable outcomes). (Higgins, 1998;Shahab et al, 2021).…”

Section: Regulatory Focus Theorymentioning

confidence: 99%

“…They can appeal to larger audiences through the digital media. These project initiators are encouraged to engage with online investors through crowdfunding platforms, to provide feedback relating to products or services, in order to increase their chances of reaching their financial goals (Shahab et al, 2021). Ultimately, it is in their interest to disseminate relevant content to project backers for transparency purposes (Camilleri, 2022), and to improve their credentials with stakeholders.…”

Section: The Use Of Crowdfunding Platforms To Raise Capital Requirementsmentioning

confidence: 99%

Crowdfunding small businesses and startups: a systematic review, an appraisal of theoretical insights and future research directions

Camilleri

Bresciani

2022

EJIM

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PurposeThis contribution aims to evaluate key theoretical bases that were used in previous research, to investigate the use of crowdfunding platforms by small businesses and startups. It presents the findings from a systematic review to better explain the pros and cons of utilizing these disruptive technologies for crowdsourcing and/or crowd-investing purposes.Design/methodology/approachThe researchers adopt the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodical protocol to search, screen, extract and scrutinize seventy-two (72) articles that were indexed in both Scopus and Web of Science. They examine their research questions, describe their methodologies. Afterwards, they synthesize the findings from previous literature, outline implications and discuss about future research avenues.FindingsA thorough review of the relevant literature suggests that there are opportunities as well as challenges for project initiators as well as for crowd-investors, if they are considering equity crowdfunding, peer-to-peer (P2P) lending and rewards-based crowdfunding platforms, among others, to raise awareness about their projects and to access finance from crowd-investors.Research limitations/implicationsFurther research is required on this timely topic. There are a number of theories relating to technology adoption and/or innovation management, strategic management, accounting and financial reporting, and normative/business ethics, among other research areas, that can be utilized as theoretical bases, to explore this topic.Practical implicationsCrowd-investors are striving in their endeavors to find a trade-off between risks and rewards associated with crowd-financing.Originality/valueCurrently, there are few systematic reviews and conceptual articles focused on the crowdfunding of small businesses and startups. Hence this contribution closes this gap in the academic literature. Moreover, it links the extant theory to practice. It clarifies that the resource-based view theory of the firm, the theory of planned behavior, the diffusion of innovations theory as well as the signaling theory, among other conceptual frameworks, can be used to investigate different facets of crowdsourcing and crowd-investing.

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Online feedback and crowdfunding finance in China

Cited by 13 publications

References 56 publications

Corporate governance, working capital management, and firm performance: Some new insights from agency theory

Corporate governance, working capital management, and firm performance: Some new insights from agency theory

The Effects of Financing Channels on Enterprise Innovation and Life Cycle in Chinese A-Share Listed Companies: An Empirical Analysis

Crowdfunding small businesses and startups: a systematic review, an appraisal of theoretical insights and future research directions

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