ISSN: 2225-8329
Open access
Business-related entities' competency to manipulate existing resources and seize available opportunities is advantageous in ensuring the business's continued expansion, competitiveness, and sustainability. Small and medium-sized businesses often face financial constraints. Equity crowdfunding (ECF) has expanded Malaysian alternative financing. Since 2015, 77 issuers have obtained ECF financing. ECF digital platforms (PP) let fundraisers raise funds, and investors profit in the ECF ecosystem. This research focuses on the ECF ecosystem using the PP. The hypothesis claims that PP improves business performance. Financial metrics (Model 1) and customer performance (CP) (Model 2) track this performance. Because it depends on the past, financial performance evaluation cannot guarantee a firm's future sustainability. Thus, measuring performance based on current and future client performance may benefit the organization. This study used quantitative methods with 231 participants. 101 respondents, representing 77 issuers who raised ECF money, completed digital surveys. This work uses the Theory of Financial Bricolage as a foundation. This study evaluated the data using SPSS 20.0 and Smart-PLS 3.0. The results show that the PP significantly affects issuers’ performance. The hypothesis claims that PP improves business performance. Financial metrics (Model 1) and customer performance (CP) (Model 2) track this performance. Because it depends on the past, financial performance evaluation cannot guarantee a firm's future viability. Thus, measuring performance based on current and future client performance may benefit the organization. This study used quantitative methods with 231 participants. 101 respondents, representing 77 issuers who raised ECF money, completed digital surveys. This work uses the Theory of Financial Bricolage as a foundation. This study evaluated the data with SPSS 20.0 and Smart-PLS 3.0. The results show that the PP significantly affects issuers’ performance.
Agrawal, A., Catalini, C. & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63-97.
Agrawal, A., Catalini, C., & Goldfarb, A. (2011). The geography of crowdfunding. NBER Working Paper Series, 16820, 1-61.
Agarwal, R., & Elston, J. A. (2001). Bank firm relationships, financing and firm performance in Germany. Economics Letters, 72(2), 225-232
Abraham, F., & Schmukler, S. L. (2017). Addressing the SME finance problem. World Bank Research and Policy Briefs, (120333).
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.
Alalwan, A. A., Baabdullah, A. M., Mahfod, J. O., Jones, P., Sharma, A., & Dwivedi, Y. K. (2022). Entrepreneurial e-equity crowdfunding platforms: antecedents of knowledge acquisition and innovation performance. European Journal of Innovation Management, (ahead-of-print).
Andersson, F. W., & Lodefalk, M. (2020). Business Angels and Firm Performance: First Evidence from Population Data (No. 15/2020). Working Paper.
Anderson, J., & Kupp, M. (2008). Serving the poor: Drivers of business model innovation in mobile. Info, 10(1), 5-12.
Archibugi, D., Filippetti, A., & Frenz, M. (2013). Economic crisis and innovation: Is destruction prevailing over accumulation? Research Policy, 42(2), 303-314.
Aschenbeck-Florange, T., Blair, D., Beltran, J., Garcia, A., Nagel, T., Piattelli, U., & Quintavalla, L. (2013). Regulation of crowdfunding in Germany, the UK, Spain and Italy and the impact of the European single market. European Crowdfunding Network, 1-35.
Ayd?n, N. (2016). Startup-Stage Financing of Innovative Ventures: The Case of UNNADO. com. International Journal of Education and Social Science, 2(12).
Baker, T. (2007). Resources in play: Bricolage in the Toy Store(Y). Journal of Business Venturing, 22(5), 694-711.
Baker, T., & Nelson, R. E. (2005). Creating something from nothing: Resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50(3), 329-366.
Baker, T., Miner, A. S., & Eesley, D. T. (2003). Improvising firms: Bricolage, account giving and improvisational competencies in the founding process. Research Policy, 32(2), 255-276.
Bapna, R., Gupta, A., Rice, S., & Sundararajan, A. (2017). Trust and the strength of ties in online social networks: an exploratory field experiment. Mis Q., 41(1), 115-130.
Barbi, M., & Mattioli, S. (2019). Human capital, investor trust, and equity crowdfunding. Research in International Business and Finance, 49, 1-12.
Baumgardner, T., Neufeld, C., Huang, P. C. T., Sondhi, T., Carlos, F., & Talha, M. A. (2017). Crowdfunding as a far expanding market for the creation of capital and shared value. Thunderbird International Business Review, 59(1), 115-126.
Beaulieu, T., Sarker, S., & Sarker, S. (2015). A conceptual framework for understanding crowdfunding. Communications of the Association for Information, 37, 1-31
Bernstein, S., Korteweg, A., & Laws, K. (2017). Attracting early?stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72(2), 509-538.
Biancone, P. P., Secinaro, S., & Kamal, M. (2019). Crowdfunding and Fintech: Business model sharia compliant. European Journal of Islamic Finance, 12, 1-9.
Borello, G., De Crescenzo, V., & Pichler, F. (2015). The funding gap and the role of financial return crowdfunding: some evidence from European platforms. The Journal of Internet Banking and Commerce, 20(1), 1-20.
Borst, I., Moser, C., & Ferguson, J. (2018). From friendfunding to crowdfunding: Relevance of relationships, social media, and platform activities to crowdfunding performance. New Media & Society, 20(4), 1396-1414.
Braet, O., Spek, S., & Pauwels, C. (2013). Crowdfunding the movies: a business analysis of crowdfinanced moviemaking in small geographical markets. Journal of Media Business Studies, 10(1), 1-23.
Brüntje, D., & Gajda, O. (Eds.). (2016). Crowdfunding in Europe. State Of the Art in Theory and Practice. Springer.
Burke, A., & Hanley, A. (2006). Bank interest margins and business start-up collateral: Testing for convexity. Scottish Journal of Political Economy, 53(3), 319-334.
Buttice, V., & Vismara, S. (2021). Inclusive digital finance: the industry of equity crowdfunding. The Journal of Technology Transfer, 1-18.
Calic, G., & Mosakowski, E. (2016). Kicking off social entrepreneurship: How a sustainability orientation influences crowdfunding success. Journal of Management Studies, 53(5), 738-767.
Capocchi, A. (2019). Starting and running a business. In A. Capocchi (Ed.), Economic Value and Revenue Management Systems (pp. 1-20). Palgrave Macmillan.
Chang, J. L. (2016). Big data analysis and feedback key factors for successful crowdfunding. Taiwan Econ. Res. Monthly, 39(2), 27-37.
Chapra, M. U. (2011). The global financial crisis: Can Islamic finance help? In J. Langton, C. Trullols, & A. Q. Turkistani (Eds.), Islamic Economics and Finance: A European Perspective (pp. 135-142). UK: Palgrave Macmillan.
Cholakova, M., & Clarysse, B. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments? Entrepreneurship Theory and Practice, 39(1), 145-172.
Conti, A., Thursby, M., & Rothaermel, F. T. (2010). Show me what you have: Signaling, angel and VC investments in technology startups. Academy of Management Proceedings, 2010(1), 1-6.
Cumby, J., & Conrod, J. (2001). Non?financial performance measures in the Canadian biotechnology industry. Journal of intellectual capital, 2(3), 261-272.
Cumming, D. J., Vanacker, T., & Zahra, S. A. (2021). Equity crowdfunding and governance: Toward an integrative model and research agenda. Academy of Management Perspectives, 35(1), 69-95.
Desa, G., & Basu, S. (2013). Optimisation or bricolage? Overcoming resource constraints in global social entrepreneurship. Strategic Entrepreneurship Journal, 7(1), 26-49.
Di Pietro, F., Grilli, L., & Masciarelli, F. (2020). Talking about a revolution? Costly and costless signals and the role of innovativeness in equity crowdfunding. Journal of Small Business Management, 1-32.
Dossi, A., & Patelli, L. (2010). You learn from what you measure: Financial and non- financial performance measures in multinational companies. Long Range Planning, 43(4), 498-526.
Ebashi, M., Sakai, H., & Takada, N. (1997). Development policy on SMEs and supporting industries in Vietnam. Journal of Small Business Management, 32(2), 95-103.
Estrin, S., Gozman, D., & Khavul, S. (2018). The evolution and adoption of equity crowdfunding: Entrepreneur and investor entry into a new market. Small Business Economics, 1-15.
Everett, J., & Watson, J. (1998). Small business failure and external risk factors. Small Business Economics, 11(4), 371-390.
Fan-Osuala, O., Zantedeschi, D., & Jank, W. (2018). Talk Your Way to Serial Success: Creator Post-Campaign Interaction in Crowdfunding. Retrieved from https://aisel.aisnet.org/Amcis2018/Virtualcc/Presentations/4/ [Assessed 10 Apr. 2019].
Fang, G., & Chang, Q. (2019, December). Research on the Influence of Information Disclosure and Project Popularity on the Results of Incentive Crowdfunding. In 2019 International Conference on Economic Management and Model Engineering (ICEMME) (pp. 569-576). IEEE.
Fili, A. (2014). Business angel venture negotiation in the post-investment relationship: the use of the good cop, bad cop strategy. Venture Capital, 16(4), 309-325.
Freedman, D. M., & Nutting, M. R. (2015). Equity Crowdfunding for Investors: A Guide to Risks, Returns, Regulations, Funding Portals, Due Diligence, and Deal Terms. John Wiley & Sons.
Fullerton, R. R., & Wempe, W. F. (2009). Lean manufacturing, non?financial performance measures, and financial performance. International journal of operations & production management, 29, 214-240.
Garud, R., & Karnøe, P. (2003). Bricolage versus breakthrough: Distributed and embedded agency in technology entrepreneurship. Research Policy, 32(2), 277- 300.
Gelfond, S. H., & Foti, A. D. (2012). US $500 and a click: Investing the “crowdfunding” way. Journal of Investment Compliance.
GetSmarterAboutMoney.ca. (2020). Equity Crowdfunding in Ontario: Regulation in Canada. [Online] Available at https://www.getsmarteraboutmoney.ca/protect- your-money/investor-protection/regulation-in-canada/equity-crowdfunding-in- ontario/ [Accessed 18 Jan. 2020].
Giudici, G. (2016). Equity crowdfunding of an entrepreneurial activity. In D. B. Audretsch, E. Lehmann, M. Meoli, & S. Vismara (Eds.), University Evolution, Entrepreneurial Activity and Regional Competitiveness (pp. 415-425). Springer International Publishing.
Gomm, M. L. (2010). Supply chain finance: Applying finance theory to supply chain management to enhance finance in supply chains. International Journal of Logistics: Research and Applications, 13(2), 133-142.
Greenberg, M. D., Hui, J., & Gerber, E. (2013). Crowdfunding: A Resource Exchange Perspective. In CHI'13 Extended Abstracts on Human Factors in Computing Systems (pp. 883-888).
Haas, P., Blohm, I., & Leimeister, J. M. (2014). An Empirical Taxonomy of Crowdfunding Intermediaries. [Paper presented]. At the 35th International Conference on Information Systems, Auckland.
Hagedorn, A., & Pinkwart, A. (2016). The financing process of equity-based crowdfunding: an empirical analysis. In D. Brüntje, & O. Gajda (Eds.), Crowdfunding in Europe: State of the Art in Theory and Practice (pp. 71-85). Springer International Publishing.
Hamermesh, L. A., & Tsoflias, P. I. (2013). An Introduction to the Federalist Society's Panelist Discussion Titled Deregulating the Markets: The JOBS Act. Del. J. Corp. L., 38, 453.
Helmer, J. (2014). 8 ways to cut through the crowdfunding clutter. Entrepreneur, 42(6), 86-90.
Hervé, F., Manthé, E., Sannajust, A., & Schwienbacher, A. (2016). Investor Motivations in Investment-Based Crowdfunding. Available at SSRN 2746398.
Hofmann, E., & Belin, O. (2011). Supply Chain Finance Solutions. pp. 644-645). Velag Berlin Heidelberg: Springer.
Hoque, Z. (2005). Linking environmental uncertainty to non-financial performance measures and performance: a research note. The British Accounting Review, 37(4), 471-481.
Howells, J. (2006). Intermediation and the role of intermediaries in innovation. Research Policy, 35(5), 715-728.
Huber, F. (2009). Social capital of economic clusters: Towards a network based conception of social resources. Tijdschrift Voor Economische En Sociale Geografie, 100(2), 160-170.
Hsu, D. H., & Ziedonis, R. H. (2013). Resources as dual sources of advantage: Implications for valuing e firm patents. Strategic Management Journal, 34(7), 761-781.
Ibrahim, D. M. (2015). Equity crowdfunding: a market for lemons. Minnesota Law Review, 100, 561-607.
Jayakrishnan, M., Mohamad, A. K., & Abdullah, A. (2018). Digitalization approach through an enterprise architecture for Malaysia transportation industry. International Journal of Civil Engineering and Technology (IJCIET), 9(13), 834- 839.
Jiang, Y., Ho, Y. C., Yan, X., & Tan, Y. (2018). Investor platform choice: Herding, platform attributes, and regulations. Journal of Management Information Systems, 35(1), 86-116.
Kang, M., Gao, Y., Wang, T., & Zheng, H. (2016). Understanding the determinants of funder investment intentions on crowdfunding platforms: a trust-based perspective. Industrial Management and Data Systems, 116(8), 1800-1819.
Kassim, S. F. M., & Shafii, Z. (2023). Pandemic Chaos: Equity-based Crowdfunding in Malaysia.
Kraus, S., Richter, C., Brem, A., Cheng, C. F., & Chang, M. L. (2016). Strategies for reward-based crowdfunding campaigns. Journal of Innovation and Knowledge, 1(1), 13-23.
Kuppuswamy, V., & Roth, K. (2016). Research on the Current State of Crowdfunding: The Effect of Crowdfunding Performance and Outside Capital. US Small Business Administration Office of Advocacy White Paper.
Kshetri, N. (2018). Informal institutions and internet-based equity crowdfunding. Journal of International Management, 24(1), 33-51.
Lacan, C., & Desmet, P. (2017). Does the crowdfunding platform matter? Risks of negative attitudes in two-sided markets. Journal of Consumer Marketing, 34(6), 472-479.
Landscape, F. S. (2015). Financial Technology Fintech Sector Landscape, (June), 1-11.
Lee, N., Sameen, H., & Cowling, M. (2015). Access to finance for innovative SMEs since the financial crisis. Research Policy, 44(2), 370-380.
Levi-Strauss, C. (1966). The Savage Mind. Chicago, IL: University of Chicago Press, 18.
Liao, C., Zhu, Y., & Liao, X. (2015). The role of internal and external social capital in crowdfunding: Evidence from China. Revista De Cercetare Si Interventie Socialâ, 49, 187-204.
Ljumovic, I., & Pejovic, B. (2020). Financing of innovation: are crowdfunding and venture capital complements or substitutes? PaKSoM 2020, 111.
Lim, J. Y. K., & Busenitz, L. W. (2020). Evolving human capital of entrepreneurs in an equity crowdfunding era. Journal of Small Business Management, 58(1), 106-129.
Lin, X.-Y., & Chen, Y.-Z. (2013). The challenges of the crowdfunding platform development. Taiwan Econ. Res. Monthly, 36(3), 98-105.
Lin, X.-Y., & Chen, Y.-Z. (2013). The challenges of the crowdfunding platform development. Taiwan Econ. Res. Monthly, 36(3), 98-105.
Lin, T,. V. Pursiainen. (2018). “Fund What you Trust? Social Capital and Moral Hazard in Crowdfunding”. University of Hong Kong Working Paper, 55.
Lindstrom, G., & Olofsson, C. (2001). Early stage financing of NTBFs: an analysis of contributions from support actors. Venture Capital: An International Journal of Entrepreneurial Finance, 3(2), 151-168.
Liu, M., & Inchausti, N. (2017). Improving survey response rates: the effect of embedded questions in web survey email invitations. Survey Practice, 10(1), 1-6.
Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26-38.
Mamonov, S., & Malaga, R. (2018). Success factors in title III equity crowdfunding in the United States. Electric Commerce Research and Application, 27, 65-73.
Martin, J., & Hofmann, E. (2017). Involving financial service providers in supply chain finance practices: Company needs and service requirements. Journal of Applied Accounting Research, 18(1), 42-62.
Marzban, S., Asutay, M., & Boseli, A. (2014). Shariah-Compliant Crowd Funding: An Efficient Framework for Entrepreneurship Development in Islamic Countries. [Paper presented]. At the 11th Harvard International Islamic Finance Forum, Boston.
Mcnair, C. J., Lynch, R. L., & Cross, K. F. (1990). Do financial and nonfinancial performance measures have to agree? Strategic Finance, 72(5), 28-39.
Megginson, W. L. (2004). Toward a global model of venture capital? Journal of Applied Corporate Finance, 16(1), 89-107.
Meoli, M., & Vismara, S. (2021). Information manipulation in equity crowdfunding markets. Journal of Corporate Finance, 67, 101866.
Mohammadi, A., & Shafi, K. (2018). Gender differences in the contribution patterns of equity-crowdfunding investors. Small Business Economics, 50, 275-287.
Harif, M. A. A., Hoe, C., & Ahmad, M. I. (2012). The financial and non-financial performance indicators of paddy farmers’ organizations in Kedah. Available at SSRN 2130415.
Mitra, D. (2012). The role of crowdfunding in entrepreneurial finance. Delhi Business Review, 13(2), 67-72.
Moine, A., & Papiasse, D. (2020). Evidence from France: How crowdfunding is being used to support the response to Covid-19. LSE European Politics and Policy (EUROPP)
Blog. Available at https://blogs.lse.ac.uk/europpblog/2020/04/24/evidence-from-france-how- crowdfunding-is-being-used-to-support-the-response-to-covid-19/.
Mollick, E. R. (2014). The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, 29(1), 1-16.
Montini, L. (2014). in 2013. Retrieved from https://www.inc.com/Laura-Montini/The-Rapid-Rise-Of-Crowdfunding.html.
Moran, P. (2005). Structural vs. relational embeddedness: Social capital and managerial performance. Strategic Management Journal, 26(12), 1129-1151.
Mazzocchini, F. J., & Lucarelli, C. (2023). Success or failure in equity crowdfunding? A systematic literature review and research perspectives. Management Research Review, 46(6), 790-831.
Nasafi, F., Pangemanan, F., & Sfenrianto, G. W. (2020). Factors affecting society intention to use the equity crowdfunding platform. International Journal of Emerging Trends in Engineering Research, 8(6), 2245-2248.
Nigama, N., Benetti, C., & Johan, S. A. (2020). Digital start-up access to venture capital financing: What signals quality? Emerging Markets Review, 100743.
Nitani, M., Riding, A., & He, B. (2019). On equity crowdfunding: Investor rationality and success factors. Venture Capital, 21(2-3), 243-272.
NST Business. (2021). PitchIN raises RM5.5 mil from 322 Investors through Equity Crowdfunding Campaign. New Straits Times. http:// https://www.nst.com.my/business/2021/06/700766/pitchin-raises-rm55mil-322-investors-through-equity-crowdfunding-campaign
Nunes, R., Alturas, B., & Fernandes, A. L. (2021). Creating value in equity crowdfunding platforms using blockchain technology. 16th Iberian Conference on Information Systems and Technologies (CISTI) (pp. 1-6). IEEE.
OECD. (2013). Technology and Industry Scoreboard. Innovation for Growth, Organization for Economic Cooperation and Development. Retrieved from
https://www.oecd.org/Sti/Scoreboard.htm.
Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd-funding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
Pazowski, P., & Czudec, W. (2014). Economic prospects and conditions of crowdfunding. Proceedings of the Management, Knowledge and Learning International Conference, 1079-1088.
Rahman, M. P., Duasa, J., Kamil, M., & Kamil, N. (2016). Factors Contributing to the Success of Crowdfunding: The Malaysian Case. [Paper Presented]. At the Asia- Pacific Conference on Economics and Finance, Ah Hood Road Singapore.
Politis, D. (2008). Business angels and value added: What do we know and where do we go? Venture Capital, 10(2), 127-147.
Ramayah, T., Yan, L. C., & Sulaiman, M. (2005). SME e-readiness in Malaysia: Implications for Planning and Implementation. Sasin Journal of Management, 11(1), 103-120.
Rémillard, R. (2017). Government intervention in venture capital in Canada: toward greater transparency and accountability. C. D. Howe Institute Commentary, 466.
Rossi, A., Vanacker, T., & Vismara, S. (2023). Unsuccessful equity crowdfunding offerings and the persistence in equity fundraising of family business start-ups. Entrepreneurship Theory and Practice, 47(4), 1327-1355.
Salomon, V. (2016). Emergent models of financial intermediation for innovative companies: From venture capital to crowdinvesting platforms in Switzerland. Venture Capital, 18(1), 21-41.
Sanders, W. G., & Boivie, S. (2004). Sorting things out: Valuation of new firms in uncertain markets. Strategic Management Journal, 25(2), 167-186.
Schwartz, A. (2020). Inclusive crowdfunding. [Online] Colorado Law Scholarly Commons. Available at https://scholar.law.colorado.edu/articles/21/ [Accessed 16 Jan. 2020].
Securities Commission Malaysia. (2023) Digital. ECF Dashboard. http:// https://www.sc.com.my/analytics/digital
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach (7th ed.). John Wiley & Sons.
Senyard, J., Baker, T., Steffens, P., & Davidsson, P. (2011). Bricolage as a path to innovativeness for resource-constrained new firms. Journal of Product Innovation Management, 31(2), 211-230.
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The influence of financial reporting quality and audit quality on investment efficiency. International Journal of Accounting & Information Management, 27(4), 600-614.
Sigar, K. (2012). Fret no more: inapplicability of crowdfunding concerns in the internet age and the JOBS Act's safeguards. Admin. L. Rev., 64, 473.
Silvestro, R., & Lustrato, P. (2014). Integrating financial and physical supply chains: the role of banks in enabling supply chain integration. International journal of operations & production management.
Skirnevskiy, V., Bendig, D., & Brettel, M. (2017). The influence of internal social capital on serial creators’ success in crowdfunding. Entrepreneurship Theory and Practice, 41(2), 209-236.
Song, H., Yu, K., & Lu, Q. (2018). Financial service providers and banks’ role in helping SMEs to access finance. International Journal of Physical Distribution & Logistics Management, 48(1), 69-92.
Song, H., Li, M., & Yu, K. (2021). Big data analytics in digital platforms: how do financial service providers customise supply chain finance?. International Journal of Operations & Production Management.
Srhoj, S., & Walde, J. (2020). Getting ready for EU single market: the effect of export- oriented grant schemes on firm performance. Structural Change and Economic Dynamics, 52, 279-293.
Stack, P., Feller, J., O'Reilly, P., Gleasure, R., Li, S., & Cristoforo, J. (2017). Managing risk in business centric crowdfunding platforms. Proceedings of the 13th International Symposium on Open Collaboration (p. 24). ACM.
Stanko, M. A., & Henard, D. H. (2016). How crowdfunding influences innovation. MIT Sloan Management Review, 57(3), 15-17.
Storey, D. J., & Greene, F. J. (2010). Small Business and Entrepreneurship. Financial Times/Prentice Hall.
Strausz, R. (2017). A theory of crowdfunding: a mechanism design approach with demand uncertainty and moral hazard. American Economic Review, 107(6), 1430- 1476.
Sun, K. A., & Kim, D. Y. (2013). Does customer satisfaction increase firm performance? An application of American Customer Satisfaction Index (ACSI). International journal of hospitality management, 35, 68-77.
Tagoe, N., Nyarko, E., & SMEs under financial sector liberalization in Ghana. Journal of Small Business Management, 43(3), 331-343.
Turan, S. S. (2015). Stakeholders in equity-based crowdfunding: Respective risks over the equity crowdfunding lifecycle. Journal of Financial Innovation, 1(2), 1-6.
Van Der Meulen, B., & Rip, A. (1998). Mediation in the Dutch science system. Research Policy, 27(8), 757-769.
Vaznyte, E., & Andries, P. (2019). Entrepreneurial orientation and start-ups' external financing. Journal of Business Venturing, 34(3), 439-458.
Vera, D., & Crossan, M. (2003). Organizational learning and knowledge management: toward an integrative framework. In M. Easterby-Smith, & M. A. Lyles (Eds.), The Blackwell Handbook of Organizational Learning and Knowledge Management (pp. 122-142). Wiley-Blackwell.
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. dann Small Business Economics, 46(4), 579-590.
Vismara, S. (2018). Information cascades among investors in equity crowdfunding. Entrepreneurship Theory and Practice, 42(3), 467-497.
Wang, Y., Li, J., & Furman, J. L. (2017). Firm performance and state innovation funding: Evidence from China’s Innofund program. Research Policy, 46(6), 1142-1161.
Wang, X. (2013). The Impact of Microfinance on the Development of Small and Medium Enterprises: The Case of Taizhou, China. The Johns Hopkins University, Baltimore, MD, USA.
Wilson, K. E., & Testoni, M. (2014). Improving the role of equity crowdfunding in Europe's capital markets. Available at SSRN 2502280.
Wasiuzzaman, S., Lee, C. L., Boon, O. H., & Chelvam, H. P. (2021). Examination of the motivations for equity-based crowdfunding in an emerging market. Journal of theoretical and applied electronic commerce research, 16(2), 63-79.
Williams, P., & Naumann, E. (2011). Customer satisfaction and business performance: a firm?level analysis. Journal of services marketing, 25(1), 20-32.
Wulandari, T., Saeedi, M., & Meskaran, F. (2020). Factors affecting equity crowdfunding investment in Kuala Lumpur, Malaysia. International Journal of Management (IJM), 11(10), 1816-1823.
Yang, H., Zhang, L., Wu, Y. J., Shi, H., & Xie, S. (2021). Influence of entrepreneurial orientation on venture c initial trust. Front. Psychol., 12, 633771. DOI:doi:10.3389/fpsyg.
Yáñez-Valdés, C., & Guerrero, M. (2023). Equity crowdfunding platforms and sustainable impacts: encountering investors and technological initiatives for tackling social and environmental challenges. European Journal of Innovation Management.
Yasar, B. (2021). The new investment landscape: Equity crowdfunding. Central Bank Review, 21(1), 1-16.
Ye, Q. (2017). Bootstrapping and new-born startups performance: the role of founding team human capital. Global Journal of Entrepreneurship, 1(2), 53-71.
Younkin, P., & Kuppuswamy, V. (2018). The colorblind crowd? Founder race and performance in crowdfunding. Management Science, 64(7), 3269-3287.
Zheng, H., Li, D., Wu, J., & Xu, Y. (2014). The role multidimensional social capital in crowdfunding: a comparative study in China and US. Information and Management, 51(4), 488-496.
(Kassim et al., 2024)
Kassim, S. F. M., Shafii, Z., Zain, S. N. M., & Fianto, B. A. (2024). Equity Crowdfunding in The Digital Age: Evaluating The Impact on Firm Performance in The Malaysian Context. International Journal of Academic Research in Accounting Finance and Management Sciences, 14(1), 972–996.
Copyright: © 2024 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seenavc at: http://creativecommons.org/licences/by/4.0/legalcode