{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,3]],"date-time":"2026-04-03T19:19:48Z","timestamp":1775243988065,"version":"3.50.1"},"reference-count":96,"publisher":"Springer Science and Business Media LLC","issue":"4","license":[{"start":{"date-parts":[[2024,1,23]],"date-time":"2024-01-23T00:00:00Z","timestamp":1705968000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2024,1,23]],"date-time":"2024-01-23T00:00:00Z","timestamp":1705968000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100006752","name":"Universidade do Porto","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100006752","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Small Bus Econ"],"published-print":{"date-parts":[[2024,12]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>This literature survey focuses on the pre-investment phase of equity crowdfunding, encompassing three key areas: (i) a comparative analysis of equity crowdfunding (ECF) in relation to traditional sources of entrepreneurial funding, such as venture capital and business angels; (ii) a discussion on why and when entrepreneurs prefer ECF; and (iii) an in-depth examination of the diverse models of ECF platforms. This paper is relevant for both practice and research. It can help entrepreneurs to identify under what circumstances ECF might be preferable to traditional sources of start-up funding and which platform model best suits their needs. It is also relevant for research because, besides providing an organized summary of the literature on this new way of financing start-ups, it also identifies some inconsistencies and gaps in the existing literature, providing some clues for further investigations.<\/jats:p>","DOI":"10.1007\/s11187-023-00868-x","type":"journal-article","created":{"date-parts":[[2024,1,23]],"date-time":"2024-01-23T11:02:44Z","timestamp":1706007764000},"page":"1471-1501","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":11,"title":["What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?"],"prefix":"10.1007","volume":"63","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8459-5192","authenticated-orcid":false,"given":"Sandra","family":"Correia","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5649-9734","authenticated-orcid":false,"given":"Miguel","family":"Sousa","sequence":"additional","affiliation":[]},{"given":"El\u00edsio","family":"Brand\u00e3o","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,1,23]]},"reference":[{"issue":"11","key":"868_CR1","doi-asserted-by":"publisher","first-page":"4121","DOI":"10.1111\/poms.13505","volume":"30","author":"R Aggarwal","year":"2021","unstructured":"Aggarwal, R., Lee, M. J., Osting, B., & Singh, H. (2021). Improving funding operations of equity-based crowdfunding platforms. Production and Operations Management, 30(11), 4121\u20134139. https:\/\/doi.org\/10.1111\/poms.13505","journal-title":"Production and Operations Management"},{"issue":"1","key":"868_CR2","doi-asserted-by":"publisher","first-page":"63","DOI":"10.1086\/674021","volume":"14","author":"A Agrawal","year":"2014","unstructured":"Agrawal, A., Catalini, C., & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63\u201397. https:\/\/doi.org\/10.1086\/674021","journal-title":"Innovation Policy and the Economy"},{"issue":"2","key":"868_CR3","doi-asserted-by":"publisher","first-page":"253","DOI":"10.1111\/jems.12093","volume":"24","author":"A Agrawal","year":"2015","unstructured":"Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253\u2013274. https:\/\/doi.org\/10.1111\/jems.12093","journal-title":"Journal of Economics & Management Strategy"},{"issue":"2","key":"868_CR4","doi-asserted-by":"publisher","first-page":"111","DOI":"10.1525\/cmr.2016.58.2.111","volume":"58","author":"A Agrawal","year":"2016","unstructured":"Agrawal, A., Catalini, C., & Goldfarb, A. (2016). Are syndicates the killer app of equity crowdfunding? California Management Review, 58(2), 111\u2013124. https:\/\/doi.org\/10.1525\/cmr.2016.58.2.111","journal-title":"California Management Review"},{"issue":"4","key":"868_CR5","doi-asserted-by":"publisher","first-page":"955","DOI":"10.1111\/etap.12157","volume":"39","author":"GKC Ahlers","year":"2015","unstructured":"Ahlers, G. K. C., Cumming, D., G\u00fcnther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955\u2013980. https:\/\/doi.org\/10.1111\/etap.12157","journal-title":"Entrepreneurship Theory and Practice"},{"key":"868_CR6","unstructured":"Andrieu, G., Le Pendeven, B., & Leboeuf, G. (2021). Equity crowdfunding success for female entrepreneurs: French evidence. Economics Bulletin, 41(2)."},{"issue":"8","key":"868_CR7","doi-asserted-by":"publisher","first-page":"2501","DOI":"10.1007\/s11846-020-00429-6","volume":"15","author":"M Bade","year":"2021","unstructured":"Bade, M., & Walther, M. (2021). Local preferences and the allocation of attention in equity-based crowdfunding. Review of Managerial Science, 15(8), 2501\u20132533. https:\/\/doi.org\/10.1007\/s11846-020-00429-6","journal-title":"Review of Managerial Science"},{"issue":"1","key":"868_CR8","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1111\/1540-6261.00414","volume":"57","author":"M Baker","year":"2002","unstructured":"Baker, M., & Wurgler, J. (2002). Market timing and capital structure. Journal of Finance, 57(1), 1\u201332. https:\/\/doi.org\/10.1111\/1540-6261.00414","journal-title":"Journal of Finance"},{"issue":"4","key":"868_CR9","doi-asserted-by":"publisher","first-page":"313","DOI":"10.1080\/13691066.2013.785151","volume":"15","author":"P Belleflamme","year":"2013","unstructured":"Belleflamme, P., Lambert, T., & Schwienbacher, A. (2013). Individual crowdfunding practices. Venture Capital, 15(4), 313\u2013333. https:\/\/doi.org\/10.1080\/13691066.2013.785151","journal-title":"Venture Capital"},{"issue":"5","key":"868_CR10","doi-asserted-by":"publisher","first-page":"585","DOI":"10.1016\/j.jbusvent.2013.07.003","volume":"29","author":"P Belleflamme","year":"2014","unstructured":"Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585\u2013609. https:\/\/doi.org\/10.1016\/j.jbusvent.2013.07.003","journal-title":"Journal of Business Venturing"},{"key":"868_CR11","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2023.104166","volume":"56","author":"G Bi","year":"2023","unstructured":"Bi, G., & Lv, J. (2023). Can an early exit mechanism attract more pledges in equity-based crowdfunding? Evidence from China. Finance Research Letters, 56, 104166. https:\/\/doi.org\/10.1016\/j.frl.2023.104166","journal-title":"Evidence from China. Finance Research Letters"},{"issue":"3","key":"868_CR12","doi-asserted-by":"publisher","first-page":"505","DOI":"10.1177\/1042258719899427","volume":"45","author":"D Blaseg","year":"2021","unstructured":"Blaseg, D., Cumming, D., & Koetter, M. (2021). Equity crowdfunding: High-quality or low-quality entrepreneurs? Entrepreneurship Theory and Practice, 45(3), 505\u2013530. https:\/\/doi.org\/10.1177\/1042258719899427","journal-title":"Entrepreneurship Theory and Practice"},{"issue":"2","key":"868_CR13","doi-asserted-by":"publisher","first-page":"239","DOI":"10.1007\/s11187-016-9826-6","volume":"50","author":"JH Block","year":"2018","unstructured":"Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239\u2013250. https:\/\/doi.org\/10.1007\/s11187-016-9826-6","journal-title":"Small Business Economics"},{"issue":"2","key":"868_CR14","doi-asserted-by":"publisher","first-page":"169","DOI":"10.1177\/0266242617729743","volume":"36","author":"R Brown","year":"2018","unstructured":"Brown, R., Mawson, S., Rowe, A., & Mason, C. (2018). Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures. International Small Business Journal, 36(2), 169\u2013193. https:\/\/doi.org\/10.1177\/0266242617729743","journal-title":"International Small Business Journal"},{"issue":"6","key":"868_CR15","doi-asserted-by":"publisher","first-page":"1707","DOI":"10.1007\/s10961-021-09895-w","volume":"47","author":"V Buttic\u00e8","year":"2022","unstructured":"Buttic\u00e8, V., Di Pietro, F., & Tenca, F. (2022). They do not look alike: What kind of private investors do equity crowdfunded firms attract? The Journal of Technology Transfer, 47(6), 1707\u20131736. https:\/\/doi.org\/10.1007\/s10961-021-09895-w","journal-title":"The Journal of Technology Transfer"},{"issue":"6","key":"868_CR16","doi-asserted-by":"publisher","first-page":"1766","DOI":"10.1007\/s10961-021-09893-y","volume":"47","author":"M Cerpentier","year":"2022","unstructured":"Cerpentier, M., Vanacker, T., Paeleman, I., & Bringmann, K. (2022). Equity crowdfunding, market timing, and firm capital structure. The Journal of Technology Transfer, 47(6), 1766\u20131793. https:\/\/doi.org\/10.1007\/s10961-021-09893-y","journal-title":"The Journal of Technology Transfer"},{"key":"868_CR17","doi-asserted-by":"publisher","DOI":"10.1016\/j.pacfin.2023.101978","volume":"78","author":"X Chen","year":"2023","unstructured":"Chen, X., & Ma, L. (2023). Lead investors\u2019 insider ownership and crowd investors\u2019 agency concerns in investor-led equity crowdfunding. Pacific-Basin Finance Journal, 78, 101978. https:\/\/doi.org\/10.1016\/j.pacfin.2023.101978","journal-title":"Pacific-Basin Finance Journal"},{"issue":"1","key":"868_CR18","doi-asserted-by":"publisher","first-page":"19","DOI":"10.1186\/s40854-016-0038-5","volume":"2","author":"L Chen","year":"2016","unstructured":"Chen, L., Huang, Z., & Liu, D. (2016). Pure and hybrid crowds in crowdfunding markets. Financial Innovation, 2(1), 19. https:\/\/doi.org\/10.1186\/s40854-016-0038-5","journal-title":"Financial Innovation"},{"issue":"6","key":"868_CR19","doi-asserted-by":"publisher","first-page":"1794","DOI":"10.1007\/s10961-021-09891-0","volume":"47","author":"J Coakley","year":"2022","unstructured":"Coakley, J., Lazos, A., & Li\u00f1ares-Zegarra, J. (2022). Strategic entrepreneurial choice between competing crowdfunding platforms. The Journal of Technology Transfer, 47(6), 1794\u20131824. https:\/\/doi.org\/10.1007\/s10961-021-09891-0","journal-title":"The Journal of Technology Transfer"},{"issue":"4","key":"868_CR20","doi-asserted-by":"publisher","first-page":"397","DOI":"10.1007\/s11187-009-9205-7","volume":"33","author":"S Coleman","year":"2009","unstructured":"Coleman, S., & Robb, A. (2009). A comparison of new firm financing by gender: Evidence from the Kauffman Firm Survey data. Small Business Economics, 33(4), 397. https:\/\/doi.org\/10.1007\/s11187-009-9205-7","journal-title":"Small Business Economics"},{"key":"868_CR21","doi-asserted-by":"publisher","DOI":"10.1108\/EJIM-06-2020-0230","author":"S Cosma","year":"2021","unstructured":"Cosma, S., Grasso, A. G., Pattarin, F., & Pedrazzoli, A. (2021). Platforms\u2019 partner networks: The missing link in crowdfunding performance. European Journal of Innovation Management. https:\/\/doi.org\/10.1108\/EJIM-06-2020-0230","journal-title":"European Journal of Innovation Management"},{"key":"868_CR22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2019.105661","volume":"108","author":"D Cumming","year":"2019","unstructured":"Cumming, D., Johan, S., & Zhang, Y. (2019). The role of due diligence in crowdfunding platforms. Journal of Banking and Finance, 108, 105661. https:\/\/doi.org\/10.1016\/j.jbankfin.2019.105661","journal-title":"Journal of Banking and Finance"},{"issue":"2","key":"868_CR23","doi-asserted-by":"publisher","first-page":"533","DOI":"10.1007\/s11187-019-00188-z","volume":"56","author":"D Cumming","year":"2021","unstructured":"Cumming, D., Meoli, M., & Vismara, S. (2021a). Does equity crowdfunding democratize entrepreneurial finance? Small Business Economics, 56(2), 533\u2013552. https:\/\/doi.org\/10.1007\/s11187-019-00188-z","journal-title":"Small Business Economics"},{"issue":"1","key":"868_CR24","doi-asserted-by":"publisher","first-page":"69","DOI":"10.5465\/amp.2017.0208","volume":"35","author":"D Cumming","year":"2021","unstructured":"Cumming, D., Vanacker, T., & Zahra, S. (2021b). Equity crowdfunding and governance: Toward an integrative model and research agenda. Academy of Management Perspectives, 35(1), 69\u201395. https:\/\/doi.org\/10.5465\/amp.2017.0208","journal-title":"Academy of Management Perspectives"},{"issue":"1","key":"868_CR25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusvent.2023.106362","volume":"39","author":"D Cumming","year":"2024","unstructured":"Cumming, D., Meoli, M., Rossi, A., & Vismara, S. (2024). ESG and crowdfunding platforms. Journal of Business Venturing, 39(1), 106362. https:\/\/doi.org\/10.1016\/j.jbusvent.2023.106362","journal-title":"Journal of Business Venturing"},{"issue":"4","key":"868_CR26","doi-asserted-by":"publisher","first-page":"907","DOI":"10.1007\/s11187-018-00134-5","volume":"54","author":"ME Cummings","year":"2020","unstructured":"Cummings, M. E., Rawhouser, H., Vismara, S., & Hamilton, E. L. (2020). An equity crowdfunding research agenda: Evidence from stakeholder participation in the rulemaking process. Small Business Economics, 54(4), 907\u2013932. https:\/\/doi.org\/10.1007\/s11187-018-00134-5","journal-title":"Small Business Economics"},{"issue":"3","key":"868_CR27","doi-asserted-by":"publisher","first-page":"293","DOI":"10.1080\/13215906.2021.1989624","volume":"28","author":"N Daskalakis","year":"2021","unstructured":"Daskalakis, N., & Karpouzis, E. (2021). Exploring determinants in cross-border activity in equity crowdfunding and peer-to-peer lending, from a user\u2019s perspective. Small Enterprise Research, 28(3), 293\u2013313. https:\/\/doi.org\/10.1080\/13215906.2021.1989624","journal-title":"Small Enterprise Research"},{"issue":"2","key":"868_CR28","doi-asserted-by":"publisher","first-page":"301","DOI":"10.1016\/S0929-1199(03)00059-2","volume":"10","author":"DJ Denis","year":"2004","unstructured":"Denis, D. J. (2004). Entrepreneurial finance: An overview of the issues and evidence. Journal of Corporate Finance, 10(2), 301\u2013326. https:\/\/doi.org\/10.1016\/S0929-1199(03)00059-2","journal-title":"Journal of Corporate Finance"},{"issue":"4","key":"868_CR29","doi-asserted-by":"publisher","first-page":"527","DOI":"10.1007\/s40812-021-00188-9","volume":"48","author":"F Di Pietro","year":"2021","unstructured":"Di Pietro, F. (2021). The rationale for listing on equity crowdfunding: Actual and expected benefits for companies. Journal of Industrial and Business Economics, 48(4), 527\u2013549. https:\/\/doi.org\/10.1007\/s40812-021-00188-9","journal-title":"Journal of Industrial and Business Economics"},{"issue":"2","key":"868_CR30","doi-asserted-by":"publisher","first-page":"43","DOI":"10.1177\/0008125617738260","volume":"60","author":"F Di Pietro","year":"2018","unstructured":"Di Pietro, F., Prencipe, A., & Majchrzak, A. (2018). Crowd equity investors: An underutilized asset for open innovation in startups. California Management Review, 60(2), 43\u201370. https:\/\/doi.org\/10.1177\/0008125617738260","journal-title":"California Management Review"},{"issue":"2","key":"868_CR31","doi-asserted-by":"publisher","first-page":"425","DOI":"10.1007\/s11187-018-0009-5","volume":"51","author":"S Estrin","year":"2018","unstructured":"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, 51(2), 425\u2013439. https:\/\/doi.org\/10.1007\/s11187-018-0009-5","journal-title":"Small Business Economics"},{"issue":"2","key":"868_CR32","doi-asserted-by":"publisher","first-page":"289","DOI":"10.1086\/510763","volume":"25","author":"RW Fairlie","year":"2007","unstructured":"Fairlie, R. W., & Robb, A. M. (2007). Why are black-owned businesses less successful than white-owned businesses? The Role of Families, Inheritances, and Business Human Capital., 25(2), 289\u2013323. https:\/\/doi.org\/10.1086\/510763","journal-title":"The Role of Families, Inheritances, and Business Human Capital."},{"issue":"4","key":"868_CR33","doi-asserted-by":"publisher","first-page":"875","DOI":"10.1287\/msom.2018.0729","volume":"21","author":"S Fatehi","year":"2019","unstructured":"Fatehi, S., & Wagner, M. R. (2019). Crowdfunding via revenue-sharing contracts. Manufacturing & Service Operations Management, 21(4), 875\u2013893. https:\/\/doi.org\/10.1287\/msom.2018.0729","journal-title":"Manufacturing & Service Operations Management"},{"issue":"3","key":"868_CR34","doi-asserted-by":"publisher","first-page":"420","DOI":"10.1111\/jems.12286","volume":"28","author":"E Gal-Or","year":"2019","unstructured":"Gal-Or, E., Gal-Or, R., & Penmetsa, N. (2019). Can platform competition support market segmentation? Network externalities versus matching efficiency in equity crowdfunding markets. Journal of Economics and Management Strategy, 28(3), 420\u2013435. https:\/\/doi.org\/10.1111\/jems.12286","journal-title":"Journal of Economics and Management Strategy"},{"key":"868_CR35","doi-asserted-by":"publisher","unstructured":"Garaus, C., Izdebski, N., & Lettl, C. (2020). What do crowd equity investors do? Exploring post-investment activities in equity crowdfunding. IEEE Transactions on Engineering Management. https:\/\/doi.org\/10.1109\/TEM.2020.3041073","DOI":"10.1109\/TEM.2020.3041073"},{"key":"868_CR36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbvi.2018.e00099","volume":"10","author":"M Geiger","year":"2018","unstructured":"Geiger, M., & Oranburg, S. C. (2018). Female entrepreneurs and equity crowdfunding in the US: Receiving less when asking for more. Journal of Business Venturing Insights, 10, e00099. https:\/\/doi.org\/10.1016\/j.jbvi.2018.e00099","journal-title":"Journal of Business Venturing Insights"},{"issue":"1","key":"868_CR37","doi-asserted-by":"publisher","first-page":"63","DOI":"10.1080\/13691060118175","volume":"3","author":"PG Greene","year":"2001","unstructured":"Greene, P. G., Brush, C. G., Hart, M. M., & Saparito, P. (2001). Patterns of venture capital funding: Is gender a factor? Venture Capital, 3(1), 63\u201383. https:\/\/doi.org\/10.1080\/13691060118175","journal-title":"Venture Capital"},{"issue":"2","key":"868_CR38","doi-asserted-by":"publisher","first-page":"289","DOI":"10.1007\/s11187-016-9834-6","volume":"50","author":"C Guenther","year":"2018","unstructured":"Guenther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance?\u2014how investment decisions differ by investor type. Small Business Economics, 50(2), 289\u2013305. https:\/\/doi.org\/10.1007\/s11187-016-9834-6","journal-title":"Small Business Economics"},{"issue":"430","key":"868_CR39","doi-asserted-by":"publisher","first-page":"678","DOI":"10.2307\/2235027","volume":"105","author":"O Hart","year":"1995","unstructured":"Hart, O. (1995). Corporate governance: Some theory and implications. The Economic Journal, 105(430), 678\u2013689. https:\/\/doi.org\/10.2307\/2235027","journal-title":"The Economic Journal"},{"issue":"1","key":"868_CR40","doi-asserted-by":"publisher","first-page":"169","DOI":"10.1111\/1540-6261.00419","volume":"57","author":"T Hellmann","year":"2002","unstructured":"Hellmann, T., & Puri, M. (2002). Venture capital and the professionalization of start-up firms: Empirical evidence. The Journal of Finance, 57(1), 169\u2013197. https:\/\/doi.org\/10.1111\/1540-6261.00419","journal-title":"The Journal of Finance"},{"issue":"4","key":"868_CR41","doi-asserted-by":"publisher","first-page":"795","DOI":"10.1007\/s11187-016-9807-9","volume":"48","author":"L Hornuf","year":"2017","unstructured":"Hornuf, L., & Neuenkirch, M. (2017). Pricing shares in equity crowdfunding. Small Business Economics, 48(4), 795\u2013811. https:\/\/doi.org\/10.1007\/s11187-016-9807-9","journal-title":"Small Business Economics"},{"issue":"3","key":"868_CR42","doi-asserted-by":"publisher","first-page":"579","DOI":"10.1007\/s11187-017-9839-9","volume":"49","author":"L Hornuf","year":"2017","unstructured":"Hornuf, L., & Schwienbacher, A. (2017). Should securities regulation promote equity crowdfunding? Small Business Economics, 49(3), 579\u2013593. https:\/\/doi.org\/10.1007\/s11187-017-9839-9","journal-title":"Small Business Economics"},{"issue":"2","key":"868_CR43","doi-asserted-by":"publisher","first-page":"150","DOI":"10.1177\/0008125617741126","volume":"60","author":"L Hornuf","year":"2018","unstructured":"Hornuf, L., & Schwienbacher, A. (2018a). Internet-based entrepreneurial finance: Lessons from Germany. California Management Review, 60(2), 150\u2013175. https:\/\/doi.org\/10.1177\/0008125617741126","journal-title":"California Management Review"},{"key":"868_CR44","doi-asserted-by":"publisher","first-page":"556","DOI":"10.1016\/j.jcorpfin.2017.08.009","volume":"50","author":"L Hornuf","year":"2018","unstructured":"Hornuf, L., & Schwienbacher, A. (2018b). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556\u2013574. https:\/\/doi.org\/10.1016\/j.jcorpfin.2017.08.009","journal-title":"Journal of Corporate Finance"},{"issue":"3","key":"868_CR45","doi-asserted-by":"publisher","first-page":"693","DOI":"10.1111\/jems.12475","volume":"31","author":"L Hornuf","year":"2022","unstructured":"Hornuf, L., Schmitt, M., & Stenzhorn, E. (2022). The local bias in equity crowdfunding: Behavioral anomaly or rational preference? Journal of Economics & Management Strategy, 31(3), 693\u2013733. https:\/\/doi.org\/10.1111\/jems.12475","journal-title":"Journal of Economics & Management Strategy"},{"key":"868_CR46","doi-asserted-by":"publisher","unstructured":"Hornuf, L., & Schwienbacher, A. (2016). Crowdinvesting \u2013 angel investing for the masses? In Handbook of Research on Business Angels (pp. 381\u2013398). Edward Elgar Publishing. https:\/\/doi.org\/10.4337\/9781783471720.00024","DOI":"10.4337\/9781783471720.00024"},{"issue":"4","key":"868_CR47","doi-asserted-by":"publisher","first-page":"1805","DOI":"10.1111\/j.1540-6261.2004.00680.x","volume":"59","author":"DH Hsu","year":"2004","unstructured":"Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? Journal of Finance, 59(4), 1805\u20131844. https:\/\/doi.org\/10.1111\/j.1540-6261.2004.00680.x","journal-title":"Journal of Finance"},{"issue":"2","key":"868_CR48","doi-asserted-by":"publisher","first-page":"204","DOI":"10.1287\/mnsc.1050.0480","volume":"52","author":"DH Hsu","year":"2006","unstructured":"Hsu, D. H. (2006). Venture capitalists and cooperative start-up commercialization strategy. Management Science, 52(2), 204\u2013219. https:\/\/doi.org\/10.1287\/mnsc.1050.0480","journal-title":"Management Science"},{"key":"868_CR49","doi-asserted-by":"publisher","unstructured":"Kleinert, S., Bafera, J., Urbig, D., & Volkmann, C. K. (2021). Access denied: How equity crowdfunding platforms use quality signals to select new ventures. Entrepreneurship Theory and Practice, 10422587211011945. https:\/\/doi.org\/10.1177\/10422587211011945","DOI":"10.1177\/10422587211011945"},{"issue":"6","key":"868_CR50","doi-asserted-by":"publisher","first-page":"1640","DOI":"10.1007\/s10961-021-09892-z","volume":"47","author":"S Kleinert","year":"2022","unstructured":"Kleinert, S., & Mochkabadi, K. (2022). Gender stereotypes in equity crowdfunding: The effect of gender bias on the interpretation of quality signals. The Journal of Technology Transfer, 47(6), 1640\u20131661. https:\/\/doi.org\/10.1007\/s10961-021-09892-z","journal-title":"The Journal of Technology Transfer"},{"key":"868_CR51","doi-asserted-by":"publisher","unstructured":"Kleinert, S. (2023). The promise of new ventures\u2019 growth ambitions in early-stage funding: On the crossroads between cheap talk and credible signals. Entrepreneurship Theory and Practice, 10422587231164750. https:\/\/doi.org\/10.1177\/10422587231164750","DOI":"10.1177\/10422587231164750"},{"issue":"3","key":"868_CR52","doi-asserted-by":"publisher","first-page":"1131","DOI":"10.1111\/j.1540-6261.1997.tb02727.x","volume":"52","author":"R La Porta","year":"1997","unstructured":"La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. Journal of Finance (Wiley-Blackwell), 52(3), 1131\u20131150. https:\/\/doi.org\/10.1111\/j.1540-6261.1997.tb02727.x","journal-title":"Journal of Finance (Wiley-Blackwell)"},{"issue":"1","key":"868_CR53","doi-asserted-by":"publisher","first-page":"280","DOI":"10.1111\/1467-8551.12585","volume":"34","author":"B Le Pendeven","year":"2023","unstructured":"Le Pendeven, B., & Schwienbacher, A. (2023). Equity crowdfunding: The influence of perceived innovativeness on campaign success. British Journal of Management, 34(1), 280\u2013298. https:\/\/doi.org\/10.1111\/1467-8551.12585","journal-title":"British Journal of Management"},{"issue":"1","key":"868_CR54","doi-asserted-by":"publisher","first-page":"301","DOI":"10.1111\/j.1540-6261.1995.tb05175.x","volume":"50","author":"J Lerner","year":"1995","unstructured":"Lerner, J. (1995). Venture capitalists and the oversight of private firms. The Journal of Finance, 50(1), 301\u2013318. https:\/\/doi.org\/10.1111\/j.1540-6261.1995.tb05175.x","journal-title":"The Journal of Finance"},{"issue":"1","key":"868_CR55","first-page":"85","volume":"17","author":"A Ley","year":"2011","unstructured":"Ley, A., & Weaven, S. (2011). Exploring agency dynamics of crowdfunding in start-up capital financing. Academy of Entrepreneurship Journal, 17(1), 85\u2013110.","journal-title":"Academy of Entrepreneurship Journal"},{"issue":"1\/2","key":"868_CR56","doi-asserted-by":"publisher","first-page":"51","DOI":"10.1080\/13691066.2016.1252510","volume":"19","author":"J L\u00f6her","year":"2017","unstructured":"L\u00f6her, J. (2017). The interaction of equity crowdfunding platforms and ventures: An analysis of the preselection process. Venture Capital, 19(1\/2), 51\u201374. https:\/\/doi.org\/10.1080\/13691066.2016.1252510","journal-title":"Venture Capital"},{"issue":"1","key":"868_CR57","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2022.104648","volume":"52","author":"A Lukkarinen","year":"2023","unstructured":"Lukkarinen, A., & Schwienbacher, A. (2023). Secondary market listings in equity crowdfunding: The missing link? Research Policy, 52(1), 104648. https:\/\/doi.org\/10.1016\/j.respol.2022.104648","journal-title":"Research Policy"},{"key":"868_CR58","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2022.113768","volume":"157","author":"A Lukkarinen","year":"2022","unstructured":"Lukkarinen, A., Shneor, R., & Wallenius, J. (2022). Growing pains and blessings: Manifestations and implications of equity crowdfunding industry maturation. Decision Support Systems, 157, 113768. https:\/\/doi.org\/10.1016\/j.dss.2022.113768","journal-title":"Decision Support Systems"},{"issue":"4","key":"868_CR59","doi-asserted-by":"publisher","first-page":"332","DOI":"10.1108\/IJGE-03-2018-0020","volume":"10","author":"R Malaga","year":"2018","unstructured":"Malaga, R., Mamonov, S., & Rosenblum, J. (2018). Gender difference in equity crowdfunding: An exploratory analysis. International Journal of Gender and Entrepreneurship, 10(4), 332\u2013343. https:\/\/doi.org\/10.1108\/IJGE-03-2018-0020","journal-title":"International Journal of Gender and Entrepreneurship"},{"key":"868_CR60","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2020.101866","volume":"67","author":"M Meoli","year":"2021","unstructured":"Meoli, M., & Vismara, S. (2021). Information manipulation in equity crowdfunding markets. Journal of Corporate Finance, 67, 101866. https:\/\/doi.org\/10.1016\/j.jcorpfin.2020.101866","journal-title":"Journal of Corporate Finance"},{"issue":"4","key":"868_CR61","doi-asserted-by":"publisher","first-page":"19","DOI":"10.1515\/erj-2019-0018","volume":"11","author":"A Miglo","year":"2021","unstructured":"Miglo, A. (2021). Crowdfunding under market feedback, asymmetric information and overconfident entrepreneur. Entrepreneurship Research Journal, 11(4), 19. https:\/\/doi.org\/10.1515\/erj-2019-0018","journal-title":"Entrepreneurship Research Journal"},{"issue":"1","key":"868_CR62","doi-asserted-by":"publisher","first-page":"51","DOI":"10.1007\/s11187-018-0037-1","volume":"53","author":"A Miglo","year":"2019","unstructured":"Miglo, A., & Miglo, V. (2019). Market imperfections and crowdfunding. Small Business Economics, 53(1), 51\u201379. https:\/\/doi.org\/10.1007\/s11187-018-0037-1","journal-title":"Small Business Economics"},{"issue":"4","key":"868_CR63","doi-asserted-by":"publisher","first-page":"252","DOI":"10.1177\/1465750319877391","volume":"20","author":"A Miller","year":"2019","unstructured":"Miller, A., Scahill, S., & Warren, L. (2019). Investor motivations of a New Zealand biopharma start-up: Angels and crowdfunders. The International Journal of Entrepreneurship and Innovation, 20(4), 252\u2013262. https:\/\/doi.org\/10.1177\/1465750319877391","journal-title":"The International Journal of Entrepreneurship and Innovation"},{"issue":"2","key":"868_CR64","doi-asserted-by":"publisher","first-page":"187","DOI":"10.1016\/0304-405X(84)90023-0","volume":"13","author":"SC Myers","year":"1984","unstructured":"Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187\u2013221. https:\/\/doi.org\/10.1016\/0304-405X(84)90023-0","journal-title":"Journal of Financial Economics"},{"key":"868_CR65","unstructured":"OECD. (2004). Financing SMEs and entrepreneurs - an OECD scoreboard. In: OECD Publishing. https:\/\/www.oecd.org\/cfe\/smes\/financing-smes-and-entrepreneurs-23065265.htm"},{"issue":"3","key":"868_CR66","doi-asserted-by":"publisher","first-page":"1219","DOI":"10.1007\/s11187-021-00574-6","volume":"59","author":"J Prokop","year":"2022","unstructured":"Prokop, J., & Wang, D. (2022). Is there a gender gap in equity-based crowdfunding? Small Business Economics, 59(3), 1219\u20131244. https:\/\/doi.org\/10.1007\/s11187-021-00574-6","journal-title":"Small Business Economics"},{"issue":"1","key":"868_CR67","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1007\/s40821-017-0092-6","volume":"8","author":"A Rossi","year":"2018","unstructured":"Rossi, A., & Vismara, S. (2018). What do crowdfunding platforms do? A comparison between investment-based platforms in Europe. Eurasian Business Review, 8(1), 93\u2013118. https:\/\/doi.org\/10.1007\/s40821-017-0092-6","journal-title":"Eurasian Business Review"},{"issue":"2","key":"868_CR68","doi-asserted-by":"publisher","first-page":"251","DOI":"10.1007\/s40812-018-0109-x","volume":"46","author":"A Rossi","year":"2019","unstructured":"Rossi, A., Vismara, S., & Meoli, M. (2019). Voting rights delivery in investment-based crowdfunding: A cross-platform analysis. Journal of Industrial and Business Economics, 46(2), 251\u2013281. https:\/\/doi.org\/10.1007\/s40812-018-0109-x","journal-title":"Journal of Industrial and Business Economics"},{"issue":"3\u20134","key":"868_CR69","doi-asserted-by":"publisher","first-page":"407","DOI":"10.1561\/114.00000009","volume":"1","author":"A Rossi","year":"2021","unstructured":"Rossi, A., Vanacker, T., & Vismara, S. (2021). Equity crowdfunding: New evidence from US and UK markets. Review of Corporate Finance, 1(3\u20134), 407\u2013453. https:\/\/doi.org\/10.1561\/114.00000009","journal-title":"Review of Corporate Finance"},{"issue":"4","key":"868_CR70","doi-asserted-by":"publisher","first-page":"1327","DOI":"10.1177\/10422587221121290","volume":"47","author":"A Rossi","year":"2023","unstructured":"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\u20131355. https:\/\/doi.org\/10.1177\/10422587221121290","journal-title":"Entrepreneurship Theory and Practice"},{"issue":"1","key":"868_CR71","doi-asserted-by":"publisher","first-page":"65","DOI":"10.1080\/13691066.2022.2132891","volume":"25","author":"A Rostamkalaei","year":"2023","unstructured":"Rostamkalaei, A., & Freel, M. (2023). Some initial observations on the geography of the supply of equity crowdfunding. Venture Capital, 25(1), 65\u201390. https:\/\/doi.org\/10.1080\/13691066.2022.2132891","journal-title":"Venture Capital"},{"issue":"1","key":"868_CR72","doi-asserted-by":"publisher","first-page":"21","DOI":"10.1080\/13691066.2015.1079953","volume":"18","author":"V Salomon","year":"2016","unstructured":"Salomon, V. (2016). Emergent models of financial intermediation for innovative companies: From venture capital to crowdinvesting platforms in Switzerland. Venture Capital, 18(1), 21\u201341. https:\/\/doi.org\/10.1080\/13691066.2015.1079953","journal-title":"Venture Capital"},{"issue":"2","key":"868_CR73","doi-asserted-by":"publisher","first-page":"63","DOI":"10.3917\/jie.pr1.0029","volume":"26","author":"V Salomon","year":"2018","unstructured":"Salomon, V. (2018). Strategies of startup evaluation on crowdinvesting platforms: The case of Switzerland. [Strategies of startup evaluation on crowdinvesting platforms: The case of Switzerland]. Journal of Innovation Economics & Management, 26(2), 63\u201388. https:\/\/doi.org\/10.3917\/jie.pr1.0029","journal-title":"Journal of Innovation Economics & Management"},{"key":"868_CR74","doi-asserted-by":"publisher","first-page":"369","DOI":"10.2139\/ssrn.1699183","volume-title":"The Oxford handbook of entrepreneurial finance","author":"A Schwienbacher","year":"2012","unstructured":"Schwienbacher, A., & Larralde, B. (2012). Crowdfunding of small entrepreneurial ventures. In O. H. D. Cumming (Ed.), The Oxford handbook of entrepreneurial finance (pp. 369\u2013391). Oxford University Press. https:\/\/doi.org\/10.2139\/ssrn.1699183"},{"key":"868_CR75","doi-asserted-by":"publisher","unstructured":"Sendra-Pons, P., Mas-Tur, A., & Garzon, D. (2023). Anchor investors and equity crowdfunding for entrepreneurs. European Journal of Management and Business Economics, ahead-of-print(ahead-of-print). https:\/\/doi.org\/10.1108\/EJMBE-06-2022-0167","DOI":"10.1108\/EJMBE-06-2022-0167"},{"issue":"2","key":"868_CR76","doi-asserted-by":"publisher","first-page":"737","DOI":"10.1111\/j.1540-6261.1997.tb04820.x","volume":"52","author":"A Shleifer","year":"1997","unstructured":"Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance (Wiley-Blackwell), 52(2), 737\u2013783. https:\/\/doi.org\/10.1111\/j.1540-6261.1997.tb04820.x","journal-title":"Journal of Finance (Wiley-Blackwell)"},{"key":"868_CR77","doi-asserted-by":"publisher","first-page":"575","DOI":"10.1016\/j.jcorpfin.2017.10.018","volume":"50","author":"A Signori","year":"2018","unstructured":"Signori, A., & Vismara, S. (2018). Does success bring success? The post-offering lives of equity-crowdfunded firms. Journal of Corporate Finance, 50, 575\u2013591. https:\/\/doi.org\/10.1016\/j.jcorpfin.2017.10.018","journal-title":"Journal of Corporate Finance"},{"key":"868_CR78","doi-asserted-by":"publisher","first-page":"333","DOI":"10.1016\/j.jbusres.2019.07.039","volume":"104","author":"H Snyder","year":"2019","unstructured":"Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333\u2013339. https:\/\/doi.org\/10.1016\/j.jbusres.2019.07.039","journal-title":"Journal of Business Research"},{"issue":"4","key":"868_CR79","doi-asserted-by":"publisher","first-page":"2061","DOI":"10.1007\/s11187-021-00499-0","volume":"58","author":"R Stevenson","year":"2021","unstructured":"Stevenson, R., McMahon, S. R., Letwin, C., & Ciuchta, M. P. (2021). Entrepreneur fund-seeking: Toward a theory of funding fit in the era of equity crowdfunding. Small Business Economics, 58(4), 2061\u20132086. https:\/\/doi.org\/10.1007\/s11187-021-00499-0","journal-title":"Small Business Economics"},{"key":"868_CR80","unstructured":"Surowiecki, J. (2004). The wisdom of crowds: Why the many are smarter than the few and how collective wisdom shapes business. Economies, Societies and Nations, 296."},{"issue":"3","key":"868_CR81","doi-asserted-by":"publisher","first-page":"207","DOI":"10.1111\/1467-8551.00375","volume":"14","author":"D Tranfield","year":"2003","unstructured":"Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207\u2013222. https:\/\/doi.org\/10.1111\/1467-8551.00375","journal-title":"British Journal of Management"},{"issue":"5","key":"868_CR82","doi-asserted-by":"publisher","first-page":"995","DOI":"10.1108\/MD-10-2019-1431","volume":"59","author":"C Troise","year":"2021","unstructured":"Troise, C., & Tani, M. (2021). Exploring entrepreneurial characteristics, motivations and behaviours in equity crowdfunding: Some evidence from Italy. Management Decision, 59(5), 995\u20131024. https:\/\/doi.org\/10.1108\/MD-10-2019-1431","journal-title":"Management Decision"},{"issue":"3","key":"868_CR83","doi-asserted-by":"publisher","first-page":"1033","DOI":"10.1007\/s11187-022-00622-9","volume":"60","author":"E Van Tassel","year":"2023","unstructured":"Van Tassel, E. (2023). Crowdfunding investors, intermediaries and risky entrepreneurs. Small Business Economics, 60(3), 1033\u20131050. https:\/\/doi.org\/10.1007\/s11187-022-00622-9","journal-title":"Small Business Economics"},{"issue":"3","key":"868_CR84","doi-asserted-by":"publisher","first-page":"1187","DOI":"10.1111\/j.1540-6261.2009.01462.x","volume":"64","author":"S Van Nieuwerburgh","year":"2009","unstructured":"Van Nieuwerburgh, S., & Veldkamp, L. (2009). Information immobility and the home bias puzzle. The Journal of Finance, 64(3), 1187\u20131215. https:\/\/doi.org\/10.1111\/j.1540-6261.2009.01462.x","journal-title":"The Journal of Finance"},{"issue":"4","key":"868_CR85","doi-asserted-by":"publisher","first-page":"579","DOI":"10.1007\/s11187-016-9710-4","volume":"46","author":"S Vismara","year":"2016","unstructured":"Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579\u2013590. https:\/\/doi.org\/10.1007\/s11187-016-9710-4","journal-title":"Small Business Economics"},{"issue":"3","key":"868_CR86","doi-asserted-by":"publisher","first-page":"467","DOI":"10.1111\/etap.12261","volume":"42","author":"S Vismara","year":"2018","unstructured":"Vismara, S. (2018). Information cascades among investors in equity crowdfunding. Entrepreneurship: Theory and Practice, 42(3), 467\u2013497. https:\/\/doi.org\/10.1111\/etap.12261","journal-title":"Entrepreneurship: Theory and Practice"},{"issue":"1","key":"868_CR87","doi-asserted-by":"publisher","first-page":"95","DOI":"10.1108\/JIC-11-2019-0258","volume":"22","author":"D Vrontis","year":"2021","unstructured":"Vrontis, D., Christofi, M., Battisti, E., & Graziano, E. A. (2021). Intellectual capital, knowledge sharing and equity crowdfunding. Journal of Intellectual Capital, 22(1), 95\u2013121. https:\/\/doi.org\/10.1108\/JIC-11-2019-0258","journal-title":"Journal of Intellectual Capital"},{"issue":"2","key":"868_CR88","doi-asserted-by":"publisher","first-page":"270","DOI":"10.1177\/0971355719851899","volume":"28","author":"A Wald","year":"2019","unstructured":"Wald, A., Holmesland, M., & Efrat, K. (2019). It is not all about money: Obtaining additional benefits through equity crowdfunding. The Journal of Entrepreneurship, 28(2), 270\u2013294. https:\/\/doi.org\/10.1177\/0971355719851899","journal-title":"The Journal of Entrepreneurship"},{"issue":"4","key":"868_CR89","doi-asserted-by":"publisher","first-page":"513","DOI":"10.1016\/j.jbusvent.2018.04.001","volume":"33","author":"X Walthoff-Borm","year":"2018","unstructured":"Walthoff-Borm, X., Schwienbacher, A., & Vanacker, T. (2018a). Equity crowdfunding: First resort or last resort? Journal of Business Venturing, 33(4), 513\u2013533. https:\/\/doi.org\/10.1016\/j.jbusvent.2018.04.001","journal-title":"Journal of Business Venturing"},{"issue":"5","key":"868_CR90","doi-asserted-by":"publisher","first-page":"314","DOI":"10.1111\/corg.12259","volume":"26","author":"X Walthoff-Borm","year":"2018","unstructured":"Walthoff-Borm, X., Vanacker, T., & Collewaert, V. (2018b). Equity crowdfunding, shareholder structures, and firm performance. Corporate Governance: An International Review, 26(5), 314\u2013330. https:\/\/doi.org\/10.1111\/corg.12259","journal-title":"Corporate Governance: An International Review"},{"key":"868_CR91","doi-asserted-by":"publisher","unstructured":"Wang, W. X., Mahmood, A., Sismeiro, C., & Vulkan, N. (2019). The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research Policy, 48(8). https:\/\/doi.org\/10.1016\/j.respol.2019.01.003","DOI":"10.1016\/j.respol.2019.01.003"},{"issue":"5","key":"868_CR92","doi-asserted-by":"publisher","first-page":"1599","DOI":"10.1108\/IMDS-09-2022-0538","volume":"123","author":"J Wu","year":"2023","unstructured":"Wu, J., Liu, L., & Cao, Y. (2023). Understanding investor co-investment in a syndicate on equity crowdfunding platforms. Industrial Management & Data Systems, 123(5), 1599\u20131623. https:\/\/doi.org\/10.1108\/IMDS-09-2022-0538","journal-title":"Industrial Management & Data Systems"},{"key":"868_CR93","doi-asserted-by":"publisher","DOI":"10.1016\/j.techsoc.2023.102222","volume":"73","author":"Y Zhang","year":"2023","unstructured":"Zhang, Y., Hughes, M., Fu, K., Scholes, L., & Tang, F. (2023a). The effect of lead investors\u2019 trustworthiness on funding performance: The moderating effect of investment-specific human capital. Technology in Society, 73, 102222. https:\/\/doi.org\/10.1016\/j.techsoc.2023.102222","journal-title":"Technology in Society"},{"issue":"4","key":"868_CR94","doi-asserted-by":"publisher","first-page":"645","DOI":"10.1108\/JSBED-06-2022-0282","volume":"30","author":"Y Zhang","year":"2023","unstructured":"Zhang, Y., Scholes, L., Fu, K., Hughes, M., & Tang, F. (2023b). Equity crowdfunding syndicates and fundraising performance: The effect of human capital and lead investor reputation. Journal of Small Business and Enterprise Development, 30(4), 645\u2013666. https:\/\/doi.org\/10.1108\/JSBED-06-2022-0282","journal-title":"Journal of Small Business and Enterprise Development"},{"key":"868_CR95","doi-asserted-by":"publisher","unstructured":"Zhang, D. R., Li, Y. K., Wu, J., & Long, D. (2019). Online or not? What factors affect equity crowdfunding platforms to launch projects online in the pre-investment stage? Entrepreneurship Research Journal, 9(2). https:\/\/doi.org\/10.1515\/erj-2017-0176","DOI":"10.1515\/erj-2017-0176"},{"issue":"3","key":"868_CR96","doi-asserted-by":"publisher","first-page":"1183","DOI":"10.1007\/s11365-020-00659-w","volume":"17","author":"Y Zhao","year":"2021","unstructured":"Zhao, Y., Xie, X., & Yang, L. (2021). Female entrepreneurs and equity crowdfunding: The consequential roles of lead investors and venture stages. International Entrepreneurship and Management Journal, 17(3), 1183\u20131211. https:\/\/doi.org\/10.1007\/s11365-020-00659-w","journal-title":"International Entrepreneurship and Management Journal"}],"container-title":["Small Business Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s11187-023-00868-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s11187-023-00868-x\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s11187-023-00868-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,11,18]],"date-time":"2024-11-18T08:11:53Z","timestamp":1731917513000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s11187-023-00868-x"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,1,23]]},"references-count":96,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2024,12]]}},"alternative-id":["868"],"URL":"https:\/\/doi.org\/10.1007\/s11187-023-00868-x","relation":{},"ISSN":["0921-898X","1573-0913"],"issn-type":[{"value":"0921-898X","type":"print"},{"value":"1573-0913","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,1,23]]},"assertion":[{"value":"27 December 2023","order":1,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"23 January 2024","order":2,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}