Is Blending Fintech With Traditional Finance a Top-Shelf Blend or a Sour Mix? Evidence From the Ownership of Equity Crowdfunding Platforms
研究了传统金融机构持股股权众筹平台对平台绩效的影响，发现两者呈倒U型关系，即持股在一定程度内提升绩效，超过则降低，且金融机构的合法性会调节这一关系。
Digital finance platforms are disrupting traditional financial entities (FEs). Yet, FEs increasingly invest in their ownership. We investigate whether FE ownership creates a “top-shelf blend” that enhances platform performance or a “sour mix” that undermines it. We integrate legitimacy theory and organizational identity theory to theorize an inverted U -shaped relationship between FE ownership and the performance of equity crowdfunding (ECF) platforms. A longitudinal analysis based on 306 ECF platforms demonstrates that FE ownership enhances performance up to a certain point, after which performance declines. The legitimacy of FEs owning ECF platforms moderates this relationship.