Financial literacy and security‐based crowdfunding
研究了金融素养对37个OECD国家432个证券众筹平台生存状况的影响，发现金融素养高的地区平台存活率更高，且该效应在提供投票权或低增值服务的平台上更显著。
Abstract Research Question/Issue This study investigates the relationship between financial literacy and the survival profile of the security‐based crowdfunding platforms. Security‐based crowdfunding has recently emerged as a novel market that allows small investors to engage directly in financing entrepreneurial ventures. However, a certain level of financial literacy is required to understand and manage these digital finance tools. A better understanding of the impact of financial literacy is, therefore, central to the development of these markets and the achievement of their inclusive potential. Research Findings/Insights Using data of the universe of 432 security‐based crowdfunding platforms in 37 OECD countries from 2007 to 2019, we find higher platforms' survival profiles where the level of financial literacy is high. Financial literacy, however, needs to combine with specific platform characteristics to take full effect, as it matters more to those platforms that deliver voting rights and that provide poorer value‐added services to crowdfunding investors. Theoretical/Academic Implications This study provides empirical support to the role of governance mechanisms at the platform level for differences in the level of financial literacy across countries. As such, it contributes to literature both on financial literacy and corporate governance. Additionally, it extends previous research in crowdfunding to the platform level. Practitioner/Policy Implications This study calls for the attention of policymakers interested in the development of crowdfunding markets. The importance of financial literacy varies with the presence of governance mechanisms and information production at the platform‐level.