증권형 크라우드펀딩에서 목표금액 달성율에 영향을 주는 요인: 다른 투자자 및 품질 신호의 영향에 대한 실증 연구

Equity crowdfunding is an important agenda from a national policy perspective for supporting small businesses and activating the capital market, yet academic research is still lacking despite its importance and potential. In particular, only a few studies have paid attention to the behavior of individual investors who are less sophisticated, unlike existing professional investors. To fill this gap, this study investigated the effects of two major factors affecting the fundraising ratio, i.e., % of the target amount raised: the behavior of other investors and the strategic quality signals of fundraisers (e.g., equity shares, public document). Our empirical analysis using daily panel data collected from Crowdcube shows that the fundraising ratio is influenced by herding behavior induced by peer investors and lead investors, as well as by quality signals from fundraisers. Our findings contribute to the literature on information cascades and signaling in the context of equity crowdfunding, and also provide meaningful implications for practitioners including fundraiser strategies for successful campaigns, effective system design for crowdfunding platforms, and approaches to policymaking.