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I en digitaliserad kapitalmarknad: En studie om finansiella behov och relationer inom andelsbaserad crowdfunding
Södertörn University, School of Social Sciences, Business Studies.
Södertörn University, School of Social Sciences, Business Studies.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Equity crowdfunding, which has primarily been developed by private operators, is considered as an alternative financing form where capital is raised from a group of individuals through digital platforms. In the absence of formal regulations and existing high information asymmetries between businesses and crowd-investors, businesses need to build up legitimacy and trust through social actions. In this way, knowing the main participants and developing good relationships with them, become key factors for crowdfunding success.

The purpose of this thesis is to examine equity crowdfunding and its context by identifying and describing stakeholders that interact there. In particular, this thesis aims to describe relationships that are being developed between businesses and their crowd-investors. The data has been collected through interviews with both businesses and investors that have experience in using equity crowdfunding in a Swedish context. The interview data have been analysed by using the stakeholder theory. This has helped us to identify and characterise several stakeholders that exist in the context of equity crowdfunding. Especially, two stakeholder management approaches – arm length- and fairness approach - have been chosen as the analytical tools for this thesis. These categories have primarily been used to analyse relationships that are being developed between businesses and crowd-investors.

Our discussion highlights equity crowdfunding as a new and alternative type of capital market, where participants act more cooperatively and have versatile roles. As a financial tool, equity crowdfunding opens up possibilities for closer interaction between businesses and investors. As a consequence of high information asymmetries, developing relationships and creating a transparent environment through active communication, become particularly important for businesses. However, our data has shown us that in reality the collaborative relationship depends on how much businesses allow to be influenced by investors as well as how much the investors request participation.

Place, publisher, year, edition, pages
2017. , p. 45
Keywords [en]
Equity Crowdfunding, Financing, Investor relations, Stakeholder theory, Stakeholder Management, Information asymmetry, Fairness approach, Armlength approach
Keywords [sv]
Andelsbaserad crowdfunding, Finansiering, Investerarrelationer, Intressentteorin, Intressent management, Asymmetrisk informationsfördelning, Rättvist anspråk, Armlängdsprincip
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-34720OAI: oai:DiVA.org:sh-34720DiVA, id: diva2:1187781
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2018-03-06 Created: 2018-03-05 Last updated: 2018-03-06Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • harvard-anglia-ruskin-university
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf