Pandemic Chaos: Equity-based Crowdfunding in Malaysia

Aceytuno, M. T., Sanchez-Lopez, C., & de Paz-Banez, M. A. (2020). Rising Inequality and Entrepreneurship during Economic Downturn: An Analysis of Opportunity and Necessity Entrepreneurship in Spain. Sustainability, 12(11), 4540.
Aji, I. T., & Priyono, A. (2021). The role of equity crowdfunding company as a knowledge broker in supporting the digital transformation of SMEs through knowledge sharing and dissemination process. International Journal of Research in Business and Social Science (2147-4478), 10(3), 109-122.
Akpan, I. J., Soopramanien, D., & Kwak, D. H. (2020). Cutting-edge technologies for small business and innovation in the era of COVID-19 global health pandemic. Journal of Small Business & Entrepreneurship, 1-11.
Agrawal, A., Catalini, C. & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and The Economy, 14(1), 63-97.
Akbulaev, N., Mammadov, I., & Aliyev, V. (2020). Economic impact of COVID-19. Sylwan, 164(5).
Amankwah-Amoah, J., Khan, Z., & Wood, G. (2021). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal, 39(2), 179- 184.
Apetrei, A., Sánchez-García, J. L., & Sapena, J. (2019). The controversial link between entrepreneurial activity and inequality. International Entrepreneurship and Management Journal, 15(2), 485-502.
Bae, J., Kim, S. J., & Oh, H. (2017). Taming polysemous signals: the role of marketing intensity on the relationship between financial leverage and firm performance. Review of Financial Economics, 33, 29-40.
Battaglia, F., Busato, F., & Manganiello, M. (2020). Equity Crowdfunding: Brave Market or Safe Haven for the Crowd During the COVID-19 Crisis? Available at SSRN 3666021.
Baum, J. A., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology start-ups. Journal of Business Venturing, 19(3), 411-436.
Baumgardner, T., Neufeld, C., Huang, P. C. T., Sondhi, T., Carlos, F., & Talha, M. A. (2017). Crowdfunding as a fast?expanding market for the creation of capital and shared value. Thunderbird International Business Review, 59(1), 115-126.
Biancone, P. P., Secinaro, S., & Kamal, M. (2019). Crowdfunding and Fintech: Business model sharia compliant. European Journal of Islamic Finance, 12.
Bogle, J. C., & Sullivan, R. N. (2009). Markets in crisis. Financial Analysts Journal, 65(1), 17-24.
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.
Brammer, S., Branicki, L., & Linnenluecke, M. K. (2020). COVID-19, Societalization, and the Future of Business in Society. Academy of Management Perspectives, 34(4), 493-507.
Brown, R., & Rocha, A. (2020). Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance. Journal of Business Venturing Insights, 14, E00174.
Brown, R., Rocha, A., & Cowling, M. (2020). Financing entrepreneurship in times of crisis: Exploring the impact of COVID-19 on the market for entrepreneurial finance in the United Kingdom. International Small Business Journal, 38(5), 380-390.
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, And Peer?To?Peer Innovations. Entrepreneurship Theory And Practice, 39(1), 9-26.
Brzozowska, B. (2013). Crowdfunding and crowdsourcing: New challenges for the visual documentation of city cultures. Cultural Studies Review/Przegl?d Kulturoznawczy, 4(18), 301-310.
Buchanan, D. A., & Denyer, D. (2013). Researching tomorrow's crisis: Methodological innovations and wider implications. International Journal of Management Reviews, 15(2), 205-224.
Buell, R. W., Kim, T., & Tsay, C. J. (2017). Creating reciprocal value through operational transparency. Management Science, 63(6), 1673-1695.
Buell, R. W., Porter, E., & Norton, M. I. (2020). Surfacing the submerged state: Operational transparency increases trust in and engagement with government. Manufacturing & Service Operations Management.
Buttice, V., & Vismara, S. (2022). Inclusive digital finance: the industry of equity crowdfunding. The Journal of Technology Transfer, 47(4), 1224-1241.
Caputo, A., Schiocchet, E., & Troise, C. (2022). Sustainable business models as successful drivers in equity crowdfunding. Business Strategy and the Environment, 31(7), 3509-3522.
Carvajal, M., García-Avilés, J. A., & González, J. L. (2012). Crowdfunding and non-profit media: the emergence of new models for public interest journalism. Journalism Practice, 6(5-6), 638-647.
Chandler, J. A., Short, J. C., & Wolfe, M. T. (2021). Finding the crowd after exogenous shocks: Exploring the future of crowdfunding. Journal of Business Venturing Insights, 15, e00245.
Cicchiello, A. F., Kazemikhasragh, A., & Monferra, S. (2021). In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding. Gender in Management: An International Journal.
Coakley, J., & Lazos, A. (2021). New developments in equity crowdfunding: A review. Review of Corporate Finance, 1(3-4), 341-405.
Cumming, D., & Reardon, R. S. (2022). COVID-19 and entrepreneurial processes in US equity crowdfunding. Journal of Small Business Management, 1-24.
Deschryvere, M., Mikkola, M., & Conn, S. (2020). On the structural barriers to public innovation support for SMEs and the opportunity COVID-19 can offer to overcome these barriers. Journal of Innovation Management, 8(2), 16-25.
Dingman, S. (2013). Canadian's smartwatch start-up matches record $15-million in VC funding. The Globe and Mail. Retrieved from https://www.theglobeandmail.com/technology/business-technology/canadians-smartwatch-start-up-matches-record-15-million-in-vc-funding/article11965214/. Accessed date March 12, 2021.
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.
Doern, R. (2016). Entrepreneurship and crisis management: the experiences of small businesses during the London 2011 riots. International Small Business Journal, 34(3), 276-302.
Dominguez, D. G., Garcia, D., Martinez, D. A., & Hernandez-Arriaga, B. (2020). Leveraging the power of mutual aid, coalitions, leadership, and advocacy during Covid-19. American Psychologist, 75(7), 909-918.
Du, L., Hu, M., & Wu, J. (2017). Contingent stimulus in crowdfunding. Rotman School of Management Working Paper, 2925962, 1-45.
Estelles-Arolas, E., & Gonzalez-Ladron-De-Guevara, F. (2012). Towards an integrated crowdsourcing definition. Journal of Information Science, 38(2), 189-200.
Fairlie, R. W. (2020). The impact of Covid-19 on small business owners: Evidence of early-stage losses from the April 2020 current population survey (No. w27309). National Bureau of Economic Research.
Adilla, F. (2017). Govt establishing co-investment fund (CIF). New Straits Times. Retrieved from https://www.nst.com.my/business/2017/11/299864/govt-establishing-co- investment-fund-cif
Fong, V. (2020). “Crowdfunding: Securities Commission Raises Equity Crowdfunding Fundraising Limits to RM 10 Million”. [online] Fintech News Malaysia. Available at: https://fintechnews.my/23418/crowdfunding-malaysia/securities-commission-raises-equity- crowdfunding-fundraising-limits-to-rm-10- million/#:~:text=Securities%20Commission%20Raises%20Equity%20Crowdfunding%20Fundraisi ng%20Limits%20to%20RM%2010%20Million,- by%20Vincent%20Fong&text=Securities%20Commission%20Malaysia%20announced%20today,l imit%20of%20RM%205%20Million. [Accessed 16 April, 2020].
Gedda, D., Nilsson, B., Sathen, Z., & Soilen, K. S. (2016). Crowdfunding: Finding the optimal platform for funders and entrepreneurs. Technology Innovation Management Review, 6(3), 31-40.
Gelfond, S. H., & Foti, A. D. (2012). US $500 and a click: Investing the “crowdfunding” way. Journal of Investment Compliance, 13(4), 9-13.
Giones, F., Brem, A., Pollack, J. M., Michaelis, T. L., Klyver, K., & Brinckmann, J. (2020). Revising entrepreneurial action in response to exogenous shocks: Considering the COVID-19 pandemic. Journal of Business Venturing Insights, 14, E00186.
Gleasure, R., & Feller, J. (2016). Emerging technologies and the democratisation of financial services: A metatriangulation of crowdfunding research. Information and Organization, 26(4), 101-115.
Grewal, R., & Tansuhaj, P. (2001). Building organisational capabilities for managing economic crisis: the role of market orientation and strategic flexibility. Journal of Marketing, 65(2), 67-80.
Gompers, P. A., Kaplan, S. N., & Mukharlyamov, V. (2020). Private Equity and COVID-19 (No. w27889). National Bureau of Economic Research.
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.
Harms, M. (2007). What Drives Motivation to Participate Financially in a Crowdfunding Community? (Master’s Thesis). Vrije Universiteit Amsterdam.
Herbane, B. (2013). Exploring crisis management in UK small?and medium?sized enterprises. Journal of Contingencies and Crisis Management, 21(2), 82-95.
Hidayat, S., Dirgantara, T., Kusuma, M. A., Utomo, H., Sudjud, R. W., Rejeki, I. S., & Tjahjono, H. (2020). Lessons learned from rapid development of CPAP ventilator vent-I during Covid-19 pandemic in Indonesia. Journal of Engineering and Technological Sciences, 52(5), 765-778.
Horvat, E. A., Uparna, J., & Uzzi, B. (2015). Network vs market relations: the effect of friends in crowdfunding. Proceedings of the 2015 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, 226-233.
Hu, M., Wang, Z., & Feng, Y. (2018). Secrecy versus transparency in sales of network goods. Rotman School of Management Working Paper, 2248311.
Hui, J. S., Greenberg, M. D., & Gerber, E. M. (2014). Understanding the Role of Community in Crowdfunding Work. Proceedings of the 17th ACM Conference on Computer Supported Cooperative Work and Social Computing (Pp. 62-74). ACM.
Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? The Journal of Finance, 59(4), 1805-1844.
Hurt, S. (2016). Crowdcube addresses failure of rebus. Explains 90% of applying firms are denied from raising capital on their site. Crowdfund Insider. Retrieved from https://www.crowdfundinsider.com/2016/04/83983-crowdcube-addresses-failure-of-rebus-explains-90-of-applying-firms-are-denied-from-raising-capital-on-their-site/.
Kaplan, S. N., & Stromberg, P. (2009). Leveraged buyouts and private equity. Journal of Economic Perspectives, 23(1), 121-46.
Kassim, S. F., Wahab, K., & Muhamed, N. A. (2020). Equity Crowdfunding as an Alternative Financing For Entrepreneurs In Malaysia: An Analysis On The Features And Offerings Of Platform Providers. In Proceedings of the 2nd International Conference on Economics, Entrepreneurship and Management 2020 (ICEEM2020) (pp. 028-022).
Kim, K., & Viswanathan, S. (2019). The experts in the crowd: the role of experienced investors in a crowdfunding market. Mis Quarterly, 43(2), 347-372.
Kleinert, S., Volkmann, C., & Grunhagen, M. (2020). Third-party signals in equity crowdfunding: the role of prior financing. Small Business Economics, 54(1), 341-365.
Kuckertz, A., Brandle, L., Gaudig, A., Hinderer, S., Reyes, C. A. M., Prochotta, A., & Berger, E. S. (2020). Start-ups in times of crisis–a rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, E00169.
Leung, T. Y., Sharma, P., Adithipyangkul, P., & Hosie, P. (2020). Gender equity and public health outcomes: the COVID-19 experience. Journal of Business Research, 116, 193-198.
Lehner, O. M. (2013). Crowdfunding social ventures: a model and research agenda. Venture Capital, 15(4), 289-311.
Li, Z., & Duan, J. A. (2014). Dynamic strategies for successful online crowdfunding. NET Institute Working Papers, 14-09.
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.
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.
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, Y., & Froese, F. J. (2020). Crisis Management, Global Challenges, and Sustainable Development From An Asian Perspective. Asian Business & Management, 1.
Levin, R. B., Nowakowski, J., & O'brien, A. A. (2013). The JOBS Act: Implications for raising capital and for financial intermediaries. Journal of Taxation and Regulation of Financial Institutions, 26(5), 21-29.
Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26-38.
Macht, S. A., & Weatherston, J. (2014). The benefits of online crowdfunding for fund?seeking business ventures. Strategic Change, 23(1?2), 1-14.
Maital, S., & Barzani, E. (2020). The global economic impact of COVID-19: A summary of research. Samuel Neaman Institute for National Policy Research, 2020, 1-12.
Manchanda, K., & Muralidharan, P. (2014). Crowdfunding: a new paradigm in start-up financing. Global Conference on Business and Finance Proceedings, 9(1), 369-374.
Maritz, A., Perenyi, A., de Waal, G., & Buck, C. (2020). Entrepreneurship as the unsung hero during the current COVID-19 economic crisis: Australian perspectives. Sustainability, 12(11), 4612.
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.
Mejia, J., Urrea, G., & Pedraza?Martinez, A. J. (2019). Operational transparency on crowdfunding platforms: Effect on donations for emergency response. Production and Operations Management, 28(7), 1773-1791.
Mohammadi, A. (2020). Too gloomy to invest: Weather-induced mood and crowdfunding. Journal of Corporate Finance, 101761.
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. Accessed from 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.
OECD. (2020), "Coronavirus (COVID-19): SME policy responses", July 15.
Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
Paintsil, I. O., Xicang, Z., & Abban, O. J. (2021). Predicting the Level of Crowdfunding Outcome in Africa: A Supervised Machine Learning Approach.
Pazowski, P., & Czudec, W. (2014). Economic prospects and conditions of crowdfunding. Human Capital without Borders: Knowledge and Learning for Quality of Life; Proceedings of the Management, Knowledge and Learning International Conference 2014, 1079-1088.
PitchIN. (2021). Live investment opportunities. Retrieved from https://equity.pitchin.my/ dated April 5 2021.
PitchIN. (2021). Pre-Live investment opportunities. Retrieved from https://equity.pitchin.my/ dated April 5 2021.
PitchIN. (2021). Successful campaigns. Retrieved from https://equity.pitchin.my/ dated April 5 2021.
PitchIN. (2020). Facebook post. Retrieved from https://www.facebook.com/pitchIN.my/posts/3222456411152521.
Plummer, L. A., Allison, T. H., & Connelly, B. L. (2016). Better together? Signaling interactions in new venture pursuit of initial external capital. Academy of Management Journal, 59(5), 1585-1604.
Ramadani, V., Dana, L. P., Sadiku-Dushi, N., Ratten, V., & Welsh, D. H. (2017). Decision-making challenges of women entrepreneurship in family business succession process. Journal of Enterprising Culture, 25(04), 411-439.
Ratten, V., Dana, L. P., & Ramadani, V. (2017). Internationalisation of family business groups in transition economies. International Journal of Entrepreneurship and Small Business, 30(4), 509-525.
Reichenbach, F., & Walther, M. (2021). Signals in equity-based crowdfunding and risk of failure. Financial Innovation, 7(1), 1-30.
Riar, F. J., Hienerth, C., & Jensen, M. B. (2021). Digital due diligence activities and goal setting in equity crowdfunding: exploring the differences between novice and experienced investors. International Journal of Entrepreneurial Venturing, 13(1), 1-26.
Ritter, T., & Pedersen, C. L. (2020). Analysing the impact of the coronavirus crisis on business models. Industrial Marketing Management, 88, 214-224.
Sahadevan, P., & Bhagat, A. K. (2020). Impact of Corona pandemic on social entrepreneurship. Journal of Xi'an University of Architecture & Technology, XII (IV), 5869.
Salamzadeh, Aidin and Kawamorita Kesim, Hiroko, (2015). Startup Companies: Life Cycle and Challenges. Proceedings of the 4th International Conference on Employment, Education and Entrepreneurship (EEE), Belgrade, Serbia.
Salamzadeh, A., & Dana, L. P. (2020). The coronavirus (COVID-19) pandemic: challenges among Iranian startups. Journal of Small Business & Entrepreneurship, 1-24.
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.
Securities Commission Malaysia. (2015). Guidelines on Regulation of Markets under Section 34 of CMSA SC-GL/2-2015. Retrieved from https://www.sc.com.my/wp- content/uploads/eng/html/resources/guidelines/rep/guidelines_rep_150210.Pdf
Securities Commission Malaysia. (2015). List of Registered Market Operators for ECF. Retrieved from https://www.sc.com.my/digital/equity-crowdfunding/list-of-registered-market-operators-for-ecf/
Securities Commission Malaysia. (2015). SC Releases New Guidelines to Facilitate Equity Crowdfunding. Retrieved from https://www.sc.com.my/post_archive/sc-releases-new-guidelines-to- facilitate-equity-crowdfunding/
Securities Commission Malaysia. (2016). Recognised Markets (ECF, P2P and Digital Asset Exchanges). Retrieved from https://www.sc.com.my/regulation/guidelines/recognizedmarkets/
Securities Commission Malaysia. (2017). Annual Report 2017. Retrievedfrom https://www.sc.com.my/api/documentms/download.ashx?Id=097e62ec-8464-46a2-A3e0- 9cb4ee164ca7
Securities Commission Malaysia. (2018). Annual Report 2018. Retrievedfrom https://www.sc.com.my/api/documentms/download.ashx?Id=69b9ad2a-13c7-40bf-B0d3- 341951a62278
Securities Commission Malaysia. (2020). ECF/P2P. Retrieved from https://www.sc.com.my/analytics/ecfp2p. Accessed on 04/11/2020
Securities Commission Malaysia (2023). Equity Crowdfunding Statistics. Retrived from https://lookerstudio.google.com/reporting/d3477cae-288a-49c4-86d2-88621d50daa6/page/BnPQC?s=lug1SXaSTdw. Accessed on 05/02/2023
Seddon, P. B., Constantinidis, D., Tamm, T., & Dod, H. (2017). How does business analytics contribute to business value? Information Systems Journal, 27(3), 237-269.
Sewaid, A., Parker, S. C., & Kaakeh, A. (2021). Explaining serial crowdfunders' dynamic fundraising performance. Journal of Business Venturing, 36(4), 106124.
Stenholm, P., & Renko, M. (2016). Passionate bricoleurs and new venture survival. Journal of business Venturing, 31(5), 595-611.
Stephan, U., Zbierowski, P., & Hanard, P. J. (2020). Entrepreneurship and Covid-19: Challenges and opportunities. KBS Covid-19 Research Impact Papers, 2.
Khalid, S. (2021). MoF-backed MyCIF co-invested RM165m in equity crowdfunding, P2P financing schemes by end-2020, says SC. Retrieved from https://www.theedgemarkets.com/article/mofbacked-malaysia-coinvestment-fund-coinvested- rm165m-equity-crowdfunding-p2p-financing. Accessed date 26th April, 2021.
Swart, R., & Milner, M. E. (2015). Crowdfunding a roadmap for Global Solution Networks. Global Solution Networks. Retrievedfrom http://gsnetworks.org/research_posts/crowdfunding/
The Star. (2017). Mycash Online Raises RM1.3 mil in Equity Crowdfunding Drive. Business News. Retrieved from https://www.thestar.com.my/business/business-news/2017/06/16/mycash- online-raises-rm1-3mil-in-equity-crowdfunding-drive/. Accessed date April 5, 2021.
Tiberius, V., & Hauptmeijer, R. (2021). Equity crowdfunding: Forecasting market development, platform evolution, and regulation. Journal of Small Business Management, 1-33.
Troise, C. (2019). Marketing strategies in equity crowdfunding: a comparative study of Italian platforms. International Journal of Marketing Studies, 11(4), 16-29.
Tsilika, T., Kakouris, A., Apostolopoulos, N., & Dermatis, Z. (2020). Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs. Journal of Small Business & Entrepreneurship, 1- 18.
Vardarlier, P. (2016). Strategic approach to human resources management during crisis. Procedia-Social and Behavioral Sciences, 235(2).
Vismara, S., (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579-590.
Wenzel, M., Stanske, S., & Lieberman, M. B. (2020). Strategic responses to crisis. Strategic Management Journal, 41, V7-V18.
Williams, T. A., Gruber, D. A., Sutcliffe, K. M., Shepherd, D. A., & Zhao, E. Y. (2017). Organisational response to adversity: Fusing crisis management and resilience research streams. Academy of Management Annals, 11(2), 733-769.
Wokock, J. (2019). Business Angel Celebrities – How Investors' Social Media Signaling Supports Resource Acquisition of Early Stage Ventures. Retrieved from https://aisel.aisnet.org/icis2019/innov_entre/innov_entre/10/.
World Bank. (2013). Crowdfunding’s Potential for the Developing World. Washington DC: World Bank.
Yasar, B. (2021). The new investment landscape: Equity crowdfunding. Central Bank Review, 21(1), 1-16.
Zahra, S. A. (2020). International entrepreneurship in the post Covid world. Journal of World Business, 101143.

In-Text Citation: (Kassim & Shafii, 2023)
To Cite this Article: Kassim, S. F. M., & Shafii, Z. (2023). Pandemic Chaos: Equity-based Crowdfunding in Malaysia. International Journal of Academic Research in Accounting Finance and Management Sciences, 13(1), 439–465.

Copyright: © 2023 The Author(s)
Published by Human Resource Management Academic Research Society (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 seen at: http://creativecommons.org/licences/by/4.0/legalcode