German Abstract: Crowdfunding gewinnt in der Gründungs- und Innovationsfinanzierung an Bedeutung. Ein Überblick der wissenschaftlichen Arbeiten zu Crowdfunding fehlt allerdings. Dieser Artikel gibt einen Literaturüberblick und leitet relevante Forschungsfragen für zukünftige Untersuchungen...

We review the literature that examines how product markets and competition interact with corporate finance, and provide some ideas for future research. The main takeaway from more than forty years of research is that product market considerations have first-order effects on our understanding of...

We review the literature on the sources of financing and associated financing frictions facing small firms. Using data from the Survey of Business Owners, we first show that about half of small firms do not report using any external finance either for startup or for expansion. Among those that...

The JOBS Act amended Regulation A to increase the maximum offering size of exempt securities from $5 to $50 million per year, eventually rising to $75 million. This study analyzes SEC Regulation A filings from July 2015 to December 2022 and finds a significant increase in qualified filings from...

Crowdfunding has become important in recent years. However, a comprehensive overview of the economic literature on this topic does not exist. This paper provides an overview of the crowdfunding literature, classified by the main actors (capital seekers, capital providers, and intermediaries),...

In this study, we use data from the Federal Reserve’s 1993, 1998 and 2003 Surveys of Small Business Finances to classify small businesses into four groups based upon their credit needs and to model the credit allocation process into a sequence of three steps. First, do firms need credit? We...

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...

In the paper we look at the bank lending routines of Swedish banks and their consequences for <p> external financing of start-ups. Results from a questionnaire sent out to start-ups listed in the files of the Swedish interest organization “NyföretagarCentrum” were used. We looked at firms...</p>

The Korean government has made fostering a “creative economy” a top priority. The goal is to shift Korea's economic paradigm to one based on innovation in which new start-ups and venture businesses play a key role. However, the venture capital market is still at an early stage of...

A creative economy requires innovation-friendly conditions. Korea’s innovation system should be improved by upgrading universities and expanding their role in business R&D, while increasing international collaboration in R&D from its current low level. The returns from Korea’s large...