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Emotions and Values in Equity Crowdfunding Investment Choices 1

Transdisciplinary Theoretical Approach

Goglin, Christian


1. Auflage Februar 2021
224 Seiten, Hardcover
Wiley & Sons Ltd

ISBN: 978-1-78630-633-3
John Wiley & Sons

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Equity crowdfunding is a new way for seed stage start-ups to generate initial capital and, as such, raises questions around the choices made by investors within this area. Understanding it is important for investor protection, as investors are generally unaware of the factors that can influence their decisions. However, investing in equity crowdfunding places the investor in a unique decision-making framework, in which resources such as images, videos and storytelling are all mobilized by entrepreneurs and platforms as tools of persuasion. This context thus seems to favor more holistic and emotional decision-making, rather than a process that is rational and analytical. This first volume centers on the emotional and axiological determinants of choice. A transdisciplinary theoretical analysis is carried out, combining different fields within the social sciences, primarily finance, marketing and psychology. This state of the art leads to the emergence of an original theoretical framework for understanding investment choices in equity crowdfunding.

Acknowledgments vii

Introduction ix

Chapter 1. Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1

1.1. Equity crowdfunding, a new way of financing companies 1

1.1.1. Definition, emergence and state of play on crowdfunding 1

1.1.2. Equity crowdfunding within the crowdfunding family 10

1.1.3. The regulatory framework for equity crowdfunding 16

1.1.4. The crowd of investors 22

1.1.5. The risks of equity crowdfunding for the individual investor 26

1.1.6. In conclusion 29

1.2. A success that raises questions about the rationality of investors 29

1.2.1. Elements of explanation for a surprising success 30

1.2.2. An emotional dimension not very present in the explanations of the investor's choice 41

1.2.3. In conclusion 50

1.3. What role for values and the affect? 51

1.3.1. Issue 51

1.3.2. To summarize 61

1.4. Conclusion 62

Chapter 2. Transdisciplinary Approach to the Issue of Investor Choice 63

2.1. Objective and methodology 63

2.1.1. Objective 63

2.1.2. Methodology 64

2.2. Theories that can be used to explain the choice of investors 65

2.2.1. Choice as a rational decision: expected utility theory 66

2.2.2. Emotions, affective reactions and other affective experiences 72

2.2.3. Affect in the models of the judgment and decision-making field 77

2.2.4. Affects in finance 101

2.2.5. Emotional aspects of consumer purchasing behavior 111

2.2.6. Organizational attractiveness and PO-fit: a pull effect 121

2.2.7. Psychology, emotions and values 126

2.3. Toward a concise theoretical framework 143

2.3.1. Theoretical framework 143

2.3.2. Articulation of concepts and theories 145

2.3.3. Disciplinary breakdown of concepts and theories 145

2.3.4. Conclusion 146

References 149

Index 181
Christian Goglin is a Doctor of Management Sciences and a research associate at the CREGO Laboratory, part of the University of Burgundy - France-Comté, France. His research and academic publications focus on behavioral finance and financerelated investor choice.