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Abstract
This research aimed to figure out the determining factors of funding speed on equity crowdfunding in Indonesia using a quantitative method. This research used the secondary data sourced from the equity crowdfunding platforms. The collected data were then analyzed using a statistical test instrument (STATA 15). The results showed that only project duration affected funding speed. Business Category, Gender, Yield, Equity Share, and Profitability did not affect Funding Speed. Thus, investors only paid attention to project duration. This research impacted fintech policy, especially on the importance of comprehensive information in the prospectus reports of fund-demanding parties.
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Copyright (c) 2022 Ike Arisanti, Tri Wahyu Oktavendi
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References
- Aminah, N., Arifati, R., & Supriyanto, A. (2016). Pengaruh deviden per share, return on equity, net profit margin, return on investment dan return on asset terhadap harga saham pada perusahaan real estate dan property yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2013. Journal Of Accounting, 2(2).
- Anggraeni, A., & Almilia, L. S. (2017). Model belief adjustment dalam pengambilan keputusan investasi berdasarkan informasi nonakuntansi. Jurnal Ekonomi dan Bisnis, 20(1), 30-49.
- Aprilia, L., & Wibowo, S. S. (2017). The impact of social capital on crowdfunding performance. The South East Asian Journal of Management.
- BASEL, T. (2016). Strategi Penguatan Sektor IKNB Melalui Inisiasi Program Nasional Akselerasi Industri Peer to Peer Lending (P2PL).
- Batjargal, B., & Liu, M. (2004). Entrepreneurs’ access to private equity in China: The role of social capital. Organization Science, 15(2), 159-172.
- Benami, E., & Carter, M. R. (2021). Can digital technologies reshape rural microfinance? Implications for savings, credit, & insurance. Applied Economic Perspectives and Policy, 43(4), 1196-1220.
- Bougie, R., & Sekaran, U. (2019). Research methods for business: A skill building approach: John Wiley & Sons.
- Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of management review, 28(3), 432-446.
- Chakraborty, S., & Swinney, R. (2019). Designing rewards-based crowdfunding campaigns for strategic (but distracted) contributors. Available at SSRN 3240094.
- Chen, J., Zhang, Y., & Yin, Z. (2017). Study on dynamics of investors’ behavior in crowdfunding market—evidence from Zhongchou web. China Soft Sci, 9, 141-153.
- Colombo, M. G., Cumming, D. J., & Vismara, S. (2016). Governmental venture capital for innovative young firms. The Journal of Technology Transfer, 41(1), 10-24.
- Colombo, O. (2021). The use of signals in new-venture financing: A review and research agenda. Journal of Management, 47(1), 237-259.
- Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.
- Cosh, A., Cumming, D., & Hughes, A. (2009). Outside enterpreneurial capital. The Economic Journal, 119(540), 1494-1533.
- Green, C. P., & Homroy, S. (2018). Female directors, board committees and firm performance. European Economic Review, 102, 19-38.
- Greiner, M. E., & Wang, H. (2010). Building consumer-to-consumer trust in e-finance marketplaces: An empirical analysis. International Journal of Electronic Commerce, 15(2), 105-136.
- Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133.
- Hazleton, V., & Kennan, W. (2000). Social capital: reconceptualizing the bottom line. Corporate Communications: An International Journal.
- Kleinert, S., Volkmann, C., & Grünhagen, M. (2020). Third-party signals in equity crowdfunding: the role of prior financing. Small Business Economics, 54(1), 341-365.
- Lestari, A. H., Hidayat, R. R., & Sulasmiyati, S. (2015). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umum perdana di BEI periode 2012-2014 (studi pada perusahaan yang melaksanakan IPO di Bursa Efek Indonesia periode 2012-2014). Jurnal Administrasi Bisnis (JAB) Vol, 25, 1-9.
- Leyden, D. P., Link, A. N., & Siegel, D. S. (2014). A theoretical analysis of the role of social networks in entrepreneurship. Research Policy, 43(7), 1157-1163.
- Liu, J., Liu, X., & Shen, H. (2020). Reward‐Based Crowdfunding: The Role of Information Disclosure. Decision Sciences.
- Mahmudah, U., & Suwitho, S. (2016). Pengaruh ROA, FIRM SIZE dan NPM terhadap Return Saham pada perusahaan semen. Jurnal Ilmu dan Riset Manajemen (JIRM), 5(1).
- Mhlanga, D. (2021). Financial inclusion in emerging economies: The application of machine learning and artificial intelligence in credit risk assessment. International Journal of Financial Studies, 9(3), 39.
- Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16.
- Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of management review, 23(2), 242-266.
- Pardosi, B., & Wijayanto, A. (2015). Analisis perbedaan return dan risiko saham portofolio optimal dengan bukan portofolio optimal. Management Analysis Journal, 4(1).
- Polzin, F., Toxopeus, H., & Stam, E. (2018). The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders. Small Business Economics, 50(2), 251-273.
- Pourghannad, B., Kong, G., & Debo, L. (2020). Is kindness the magical spell? The role of information and reciprocity in revenue-sharing crowdfunding. The Role of Infoliurmation and Reciprocity in Revenue-sharing Crowdfunding (June 15, 2020).
- Pratama, R. A., Sulung, L. A. K., & Rahayu, S. (2021). Faktor informasi online dalam pengambilan keputusan investor pada platform crowdfunding berbasis donasi. Jurnal Vokasi Indonesia, 9(1).
- Puspitaningtyas, Z. (2012). Relevansi nilai informasi akuntansi dan manfaatnya bagi investor. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(2), 164-183.
- Putri, D. S. (2021). Regulation A+ sebagai alternatif penghimpun dana untuk UMKM dan Start-up. Jurnal Yustika: Media Hukum dan Keadilan, 24(01), 37-48.
- Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197-209.
- Rokhlinasari, S. (2016). Teori-teori dalam pengungkapan informasi corporate social responbility perbankan. Al-Amwal: Jurnal Ekonomi dan Perbankan Syari'ah, 7(1).
- Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The bell journal of economics, 23-40.
- Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance, Oxford University Press, Forthcoming.
- Setiawan, D., & Putri, H. A. (2019). Komisaris keluarga, komisaris wanita dan pengungkapan modal intelektual: studi pada peristiwa penawaran saham perdana. Jurnal Aplikasi Bisnis dan Manajemen (JABM), 5(1), 142-142.
- Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management science, 48(3), 364-381.
- Spence, M. (1973). Job market signaling the quarterly journal of economics, 87 (3). MIT Press, August, 355, 374.
- Stockstrom, C., & Herstatt, C. (2008). Planning and uncertainty in new product development. R&D Management, 38(5), 480-490.
- Suci, Y. R. (2017). Perkembangan UMKM (Usaha mikro kecil dan menengah) di Indonesia. jurnal ilmiah cano ekonomos, 6(1), 51-58.
- Usman, S. M., Bukhari, F. A. S., Usman, M., Badulescu, D., & Sial, M. S. (2019). Does the role of media and founder’s past success mitigate the problem of information asymmetry? Evidence from a UK crowdfunding platform. Sustainability, 11(3), 692.
- Wang, R., Lin, Z., & Luo, H. (2019). Blockchain, bank credit and SME financing. Quality & Quantity, 53(3), 1127-1140.
- Wicaksono, R. R., & Septiani, A. (2020). Determinan Sustainability Report Dan Pengaruh Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2).
- Zheng, H., Li, D., Wu, J., & Xu, Y. (2014). The role of multidimensional social capital in crowdfunding: A comparative study in China and US. Information & Management, 51(4), 488-496.
References
Aminah, N., Arifati, R., & Supriyanto, A. (2016). Pengaruh deviden per share, return on equity, net profit margin, return on investment dan return on asset terhadap harga saham pada perusahaan real estate dan property yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2013. Journal Of Accounting, 2(2).
Anggraeni, A., & Almilia, L. S. (2017). Model belief adjustment dalam pengambilan keputusan investasi berdasarkan informasi nonakuntansi. Jurnal Ekonomi dan Bisnis, 20(1), 30-49.
Aprilia, L., & Wibowo, S. S. (2017). The impact of social capital on crowdfunding performance. The South East Asian Journal of Management.
BASEL, T. (2016). Strategi Penguatan Sektor IKNB Melalui Inisiasi Program Nasional Akselerasi Industri Peer to Peer Lending (P2PL).
Batjargal, B., & Liu, M. (2004). Entrepreneurs’ access to private equity in China: The role of social capital. Organization Science, 15(2), 159-172.
Benami, E., & Carter, M. R. (2021). Can digital technologies reshape rural microfinance? Implications for savings, credit, & insurance. Applied Economic Perspectives and Policy, 43(4), 1196-1220.
Bougie, R., & Sekaran, U. (2019). Research methods for business: A skill building approach: John Wiley & Sons.
Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of management review, 28(3), 432-446.
Chakraborty, S., & Swinney, R. (2019). Designing rewards-based crowdfunding campaigns for strategic (but distracted) contributors. Available at SSRN 3240094.
Chen, J., Zhang, Y., & Yin, Z. (2017). Study on dynamics of investors’ behavior in crowdfunding market—evidence from Zhongchou web. China Soft Sci, 9, 141-153.
Colombo, M. G., Cumming, D. J., & Vismara, S. (2016). Governmental venture capital for innovative young firms. The Journal of Technology Transfer, 41(1), 10-24.
Colombo, O. (2021). The use of signals in new-venture financing: A review and research agenda. Journal of Management, 47(1), 237-259.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.
Cosh, A., Cumming, D., & Hughes, A. (2009). Outside enterpreneurial capital. The Economic Journal, 119(540), 1494-1533.
Green, C. P., & Homroy, S. (2018). Female directors, board committees and firm performance. European Economic Review, 102, 19-38.
Greiner, M. E., & Wang, H. (2010). Building consumer-to-consumer trust in e-finance marketplaces: An empirical analysis. International Journal of Electronic Commerce, 15(2), 105-136.
Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133.
Hazleton, V., & Kennan, W. (2000). Social capital: reconceptualizing the bottom line. Corporate Communications: An International Journal.
Kleinert, S., Volkmann, C., & Grünhagen, M. (2020). Third-party signals in equity crowdfunding: the role of prior financing. Small Business Economics, 54(1), 341-365.
Lestari, A. H., Hidayat, R. R., & Sulasmiyati, S. (2015). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umum perdana di BEI periode 2012-2014 (studi pada perusahaan yang melaksanakan IPO di Bursa Efek Indonesia periode 2012-2014). Jurnal Administrasi Bisnis (JAB) Vol, 25, 1-9.
Leyden, D. P., Link, A. N., & Siegel, D. S. (2014). A theoretical analysis of the role of social networks in entrepreneurship. Research Policy, 43(7), 1157-1163.
Liu, J., Liu, X., & Shen, H. (2020). Reward‐Based Crowdfunding: The Role of Information Disclosure. Decision Sciences.
Mahmudah, U., & Suwitho, S. (2016). Pengaruh ROA, FIRM SIZE dan NPM terhadap Return Saham pada perusahaan semen. Jurnal Ilmu dan Riset Manajemen (JIRM), 5(1).
Mhlanga, D. (2021). Financial inclusion in emerging economies: The application of machine learning and artificial intelligence in credit risk assessment. International Journal of Financial Studies, 9(3), 39.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16.
Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of management review, 23(2), 242-266.
Pardosi, B., & Wijayanto, A. (2015). Analisis perbedaan return dan risiko saham portofolio optimal dengan bukan portofolio optimal. Management Analysis Journal, 4(1).
Polzin, F., Toxopeus, H., & Stam, E. (2018). The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders. Small Business Economics, 50(2), 251-273.
Pourghannad, B., Kong, G., & Debo, L. (2020). Is kindness the magical spell? The role of information and reciprocity in revenue-sharing crowdfunding. The Role of Infoliurmation and Reciprocity in Revenue-sharing Crowdfunding (June 15, 2020).
Pratama, R. A., Sulung, L. A. K., & Rahayu, S. (2021). Faktor informasi online dalam pengambilan keputusan investor pada platform crowdfunding berbasis donasi. Jurnal Vokasi Indonesia, 9(1).
Puspitaningtyas, Z. (2012). Relevansi nilai informasi akuntansi dan manfaatnya bagi investor. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(2), 164-183.
Putri, D. S. (2021). Regulation A+ sebagai alternatif penghimpun dana untuk UMKM dan Start-up. Jurnal Yustika: Media Hukum dan Keadilan, 24(01), 37-48.
Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197-209.
Rokhlinasari, S. (2016). Teori-teori dalam pengungkapan informasi corporate social responbility perbankan. Al-Amwal: Jurnal Ekonomi dan Perbankan Syari'ah, 7(1).
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The bell journal of economics, 23-40.
Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance, Oxford University Press, Forthcoming.
Setiawan, D., & Putri, H. A. (2019). Komisaris keluarga, komisaris wanita dan pengungkapan modal intelektual: studi pada peristiwa penawaran saham perdana. Jurnal Aplikasi Bisnis dan Manajemen (JABM), 5(1), 142-142.
Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management science, 48(3), 364-381.
Spence, M. (1973). Job market signaling the quarterly journal of economics, 87 (3). MIT Press, August, 355, 374.
Stockstrom, C., & Herstatt, C. (2008). Planning and uncertainty in new product development. R&D Management, 38(5), 480-490.
Suci, Y. R. (2017). Perkembangan UMKM (Usaha mikro kecil dan menengah) di Indonesia. jurnal ilmiah cano ekonomos, 6(1), 51-58.
Usman, S. M., Bukhari, F. A. S., Usman, M., Badulescu, D., & Sial, M. S. (2019). Does the role of media and founder’s past success mitigate the problem of information asymmetry? Evidence from a UK crowdfunding platform. Sustainability, 11(3), 692.
Wang, R., Lin, Z., & Luo, H. (2019). Blockchain, bank credit and SME financing. Quality & Quantity, 53(3), 1127-1140.
Wicaksono, R. R., & Septiani, A. (2020). Determinan Sustainability Report Dan Pengaruh Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2).
Zheng, H., Li, D., Wu, J., & Xu, Y. (2014). The role of multidimensional social capital in crowdfunding: A comparative study in China and US. Information & Management, 51(4), 488-496.