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Madness of the crowd: en kvalitativ studie om problematiken svenska investerare möter vid equity-crowdfunding
Halmstad University, School of Business, Engineering and Science.
Halmstad University, School of Business, Engineering and Science.
2017 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [sv]

Crowdfunding innebär ett insamlande av kapital från stora mängder individer, oftast med små belopp vardera, utan användandet av traditionella finansiella mellanhänder. Crowdfunding som investerings- och finansieringsalternativ växte fram efter finanskrisen 2007/2008 då det blev svårare för företagen att få finansiering från restriktiva banker. Med grund i crowdfundingmarknadens novelitet och att företagen som bedriver en crowdfundingkampanj i många fall är små och nystartade, framstår crowdfunding som en riskfylld investeringsform som medför problem för investerare. Nya investeringsbeteenden har uppmärksammats hos generationen millennials där osäkerhet råder huruvida millennials beteende och preferenser liknar tidigare generationer. Studien ämnar därav att utreda vilka problemområden som existerar vid investering i equity-crowdfunding, samt vad som påverkar millennials inför investeringsbeslutet. Studien anammar en kvalitativ metod och omfattar totalt tio intervjuer, varav sju intervjuer med millennialinvesterare (födda mellan 1980-2000) som vardera gjort minst en investering i en equity-crowdfundingkampanj, två intervjuer med yrkesverksamma private equity- managers från Swedbank och Skandia, och en intervju med Nordeas ansvarige för utveckling av Nordeas egen crowdfundingplattform. Studien resulterar i en identifiering av framstående problemområden vid equity-crowdfunding. Problemområden inkluderar ett informationsasymmetriskt underläge för investeraren som gör investeraren motvillig att investera stora belopp. Crowdfundings små investeringsbelopp påverkar mängden utförd due diligence och rationaliteten av due diligence förvrängs av flockbeteendet crowdförtroende, där investerarna förlitar sig på varandras bedömningar och i en form av fear of missing out investerar irrationellt. Millennialgenerationen premierar investeringar där en personlig koppling finns och generationen använder sig av sociala medier för att utvärdera företagen och ägarna. Adverse selection identifieras som ett konkret problem inom crowdfunding gällande equity-crowdfundingkampanjer och studien rekommenderar att lagstiftning bör fattas för att minska det informationsasymmetriska underläget. Studien bidrar med begreppsutveckling och ökad förståelse för equity-crowdfunding och dess olika problemområden, samt uppmärksammar millennialgenerationens förändrade investeringsbeteende.

Abstract [en]

Crowdfunding is a rising mass funding concept, where a large number of investors each contribute with a small amount, without using standard financial intermediaries. Crowdfunding as an investment and financing alternative started developing after the subprime crisis in 2007/2008. During this period, the economic situation was in decline and banks financing more restrictive. Due to the novel crowdfunding market and the primarily young companies that conduct crowdfunding campaigns, crowdfunding as an investing alternative is considered high risk and uncertain, and entails considerable problems for the investors. New investing behaviour has been recognized in the millennial generation and it is unclear whether they have the same behaviour and preferences as previous generations. The purpose of this study is thereby to examine which problematic areas exist when investing in equity-crowdfunding and what affects millennials investment decision. The study takes on a qualitative method by conducting a total of 10 interviews: seven interviews with millennial investors (born between 1980-2000) who have completed at least one equity-crowdfunding investment, two interviews with professional private equity- managers from Swedbank and Skandia, and one interview with Nordeas Head of Alternative Finance responsible for the development of their crowdfunding platform. The study identifies prominent problematic areas when investing in equity-crowdfunding. An information asymmetric substandard shows impact on the investors’ willingness to invest and especially to invest larger amounts. The small amount invested affects the level of performed due diligence, and wherein the rationality of due diligence is perverted by the heard behaviour crowd trust. Crowd trust is the phenomena where investors rely on each other as quality signals, and due to a fear of missing out, invest irrational. The millennial generation is shown to prefer investments where they have a personal connection with the company or product, and millennials primary source of due diligence is through social media. Adverse selection is identified as a concrete problem in equity-crowdfunding and the study proposes that legislation can reduce the information asymmetric problem. The study contributes with an increased understanding for equity-crowdfunding and its problematic areas, but also with added knowledge for the millennial generation and its investing behaviour.

Place, publisher, year, edition, pages
2017. , 79 p.
Keyword [sv]
equity-crowdfunding, crowdfunding, crowdfundingproblematik, millennials, investeringsbeteende, informationsasymmetri, principal-agent, behavioural bias, due diligence
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hh:diva-34113OAI: oai:DiVA.org:hh-34113DiVA: diva2:1109210
Subject / course
Economy
Supervisors
Examiners
Available from: 2017-07-17 Created: 2017-06-13 Last updated: 2017-07-17Bibliographically approved

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Crowdfunding Civilekonomuppsats(1893 kB)24 downloads
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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
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More styles
Language
  • de-DE
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