Entrepreneurial dynamics and investor-oriented approaches for regulating the equity-based crowdfunding

Antonella Francesca Cicchiello*, Maria Cristina Pietronudo, Daniele Leone, Andrea Caporuscio

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review


Abstract Purpose – The aim of this research is to contribute to the existing literature about the entrepreneurial conditions in crowd-based contexts by describing how different European countries regulate equity crowdfunding market in order to incentive the investments and protect investors. Design/methodology/approach – Based on a legal acts’ analysis, we conduct a qualitative study comparing the crowdfunding regulation addressed to investors. In particular, we focus our analysis on the European countries with the highest concentration of crowdfunding platforms (i.e. the UK, Germany, France, Italy and Spain). Findings – The results show that some countries, such as the UK, Germany and France, present an investor- oriented approach based on non-restrictive regulation, while other countries, such as Spain and Italy, have a restrictive approach that protects investors excessively and discourages them. In particular, the case study of France shows how the introduction of unrestricted regulation can produce positive effects on the volume of crowdfunding transactions. Practical implications – The paper is addressed to investors, policymakers and intermediaries (platforms) to help the first in orienting themselves between the different crowdfunding regulations and the latter in aligning and orchestrating rules and norms. Originality/value – This is the first study that analyses the role of investor-oriented regulations in the promotion of entrepreneurship through the identification of four key factors to monitor equity crowdfunding regulations.
Lingua originaleEnglish
pagine (da-a)235-260
Numero di pagine26
RivistaJournal of Entrepreneurship and Public Policy
Stato di pubblicazionePubblicato - 2020


  • Entrepreneurial Finance
  • Equity Crowdfunding
  • Regulation
  • SME Financing


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