Information problems, crowdfunding and the capital structure of business start-up
Author
Source
Revue de Gestion et d’Économie.
Issue
Vol. 4, Issue 2 (31 Dec. 2016), pp.126-136, 11 p.
Publisher
Publication Date
2016-12-31
Country of Publication
Morocco
No. of Pages
11
Main Subjects
Abstract EN
Business start-ups face financial constraints due to lack of internal funds and information problems, (Carpenter and Petersen, 2002).
Crowdfunding is the cheapest method to limit such problems.
We are interested in studying the decisive weight of financial problems in information opacity and asymmetry on the decision about the capital structure of entrepreneurial projects.
Our study is conducted on the PSED(panel study of entrepreneurial dynamics).
In fact, evidence from analyzing the role of information opacity proves that the main source of finance is equity rather than debt.
Moreover, Information asymmetry limits crowdfunding.
In fact different parties engaged in funding have no access to the same level of information (Myers and Majluf, 1984).
The entrepreneur might be even more reluctant to disclose information to some investors, due to the lack of professionalism, Schwienbacher and Larralde, (2010).
Abstract FRE
Les entreprises en création font face aux contraintes financières.
Ces contraintes sont dues à une limite d’autofinancement et aux problèmes informationnels (Carpenter and Petersen, 2002).
Le financement participatif est le moyen de financement le moins coûteux pour limiter ces problèmes.
Nous étudions le rôle des problèmes informationnels à définir le choix de financement des ‘start-up’.
Notre étude part d’un échantillon de 1214 nouveaux entrepreneurs tiré de la base de données PSED (Panel Study of Entrepreneurial Dynamics).
Les résultats de notre étude montrent qu’en termes d’opacité d’information la source de financement privilégiée est l’autofinancement.
L’asymétrie d’information limite le financement participatif.
L’entrepreneur refuse de diffuser l’information à certains investisseurs due au manque de professionnalisme, Schwienbacher and Larralde, (2010).
American Psychological Association (APA)
Furati, Hidayat. 2016. Information problems, crowdfunding and the capital structure of business start-up. Revue de Gestion et d’Économie.،Vol. 4, no. 2, pp.126-136.
https://search.emarefa.net/detail/BIM-733272
Modern Language Association (MLA)
Furati, Hidayat. Information problems, crowdfunding and the capital structure of business start-up. Revue de Gestion et d’Économie. Vol. 4, no. 2 (2016), pp.126-136.
https://search.emarefa.net/detail/BIM-733272
American Medical Association (AMA)
Furati, Hidayat. Information problems, crowdfunding and the capital structure of business start-up. Revue de Gestion et d’Économie.. 2016. Vol. 4, no. 2, pp.126-136.
https://search.emarefa.net/detail/BIM-733272
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 134-136
Record ID
BIM-733272
