Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda
提出一个概念模型，识别股权众筹市场中多种治理机制（如内部/外部、正式/非正式），以减少逆向选择和道德风险问题，并为未来研究如何通过治理机制选择和培育成功企业提供路线图。
Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market failure. In this paper, we depart from extant equity crowdfunding research that has focused almost exclusively on the funding success and funding dynamics on platforms to study the effective governance of equity-crowdfunded (ECF) firms and how it relates to these firms’ success. We propose a conceptual model that identifies a multitude of governance mechanisms (e.g., internal or external and formal or informal) that potentially operate in equity crowdfunding markets to reduce adverse selection and moral hazard problems. Further, building on this framework, we offer a roadmap for future research that examines how different governance mechanisms may help in the selection and development of successful ECF firms.