Mitigating local bias in equity crowdfunding: a financial ecology perspective
基于荷兰股权众筹平台数据，研究发现地理距离抑制跨区域投资，但强社会网络和投资者所在地区金融产业集聚能削弱这种负面效应，对理解众筹市场的地域性有参考价值。
Abstract This study analyses the relationship between geographic space, social networks, and financial knowledge in interregional equity crowdfunding flows based on the concept of financial ecology. Using data from a leading Dutch equity crowdfunding platform, we find that interregional crowdfunding investment decreases with geographic distance. Furthermore, the negative effect of distance is weaker if interregional social networks are strong and if the investor region has a high concentration of the financial industry. The results extend the conceptual foundation of financial ecology by explaining how individual behaviors affect the macro-level output of a financial ecology.