Collective entrepreneurship makes strange bedfellows: Examining framing activity in construction of the equity crowdfunding market
研究基于独特的面板数据，发现股权众筹市场的形成需要政府等多方参与者通过战略性框架活动，以促进公共利益并温和地吸引现有企业参与，凸显了集体创业在新市场涌现中的关键作用。
The digital revolution paved the way for changes in the field of entrepreneurial finance, with platform-based funding mechanisms being viewed as a mode for democratizing equity investing. Despite this belief, equity funding platforms were not available to the public for a while, owing to existing regulations that made them illegal. Based on the analysis of a unique longitudinal dataset, the results of our study suggest that the formation of new markets may be successful when multiple actors, including the government, collectively utilize strategic framing that promotes public interest and engages incumbents in a nonthreatening manner. These dynamics highlight the key role that collective entrepreneurship plays in the emergence of new market spaces.