{"id":"https://openalex.org/W1529467321","doi":null,"title":"Exploring Agency Dynamics of Crowdfunding in Start-Up Capital Financing","display_name":"Exploring Agency Dynamics of Crowdfunding in Start-Up Capital Financing","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W1529467321","mag":"1529467321"},"language":"en","primary_location":{"id":"pmh:oai:research-repository.griffith.edu.au:10072/42908","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10072/42908","pdf_url":null,"source":{"id":"https://openalex.org/S7407064376","display_name":"Griffith Research Online","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033563266","display_name":"Andy Ley","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Andy Ley","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5029527013","display_name":"Scott K. Weaven","orcid":"https://orcid.org/0000-0001-9150-7111","observed_orcids":["https://orcid.org/0000-0001-9150-7111"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Scott Weaven","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-9150-7111","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":7.7822,"has_fulltext":false,"cited_by_count":91,"citation_normalized_percentile":{"value":0.96349761,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":100},"biblio":{"volume":"17","issue":"1","first_page":"85","last_page":"110"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9833999872207642,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9833999872207642,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.01640000008046627,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14464","display_name":"Community Development and Social Impact","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/crowdfunding","display_name":"crowdfunding","score":0.9990000128746033},{"id":"https://openalex.org/keywords/startup-financing","display_name":"startup financing","score":0.8669999837875366},{"id":"https://openalex.org/keywords/agency-theory","display_name":"agency theory","score":0.7839999794960022},{"id":"https://openalex.org/keywords/agency-costs","display_name":"agency costs","score":0.9879999756813049},{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.7590000033378601},{"id":"https://openalex.org/keywords/early-stage-investment","display_name":"early-stage financing","score":0.7590000033378601},{"id":"https://openalex.org/keywords/funding-gap","display_name":"financing gap","score":0.6909999847412109},{"id":"https://openalex.org/keywords/equity-financing","display_name":"equity financing","score":0.6629999876022339}],"concepts":[{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.839533269405365},{"id":"https://openalex.org/C134827381","wikidata":"https://www.wikidata.org/wiki/Q261851","display_name":"Social venture capital","level":3,"score":0.7165597677230835},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.6258620023727417},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.6161112785339355},{"id":"https://openalex.org/C2779613991","wikidata":"https://www.wikidata.org/wiki/Q18400009","display_name":"Equity crowdfunding","level":3,"score":0.5603734254837036},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5252910852432251},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4900125563144684},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.47653135657310486},{"id":"https://openalex.org/C122251271","wikidata":"https://www.wikidata.org/wiki/Q940039","display_name":"Ex-ante","level":2,"score":0.4701172113418579},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.4652363359928131},{"id":"https://openalex.org/C191093397","wikidata":"https://www.wikidata.org/wiki/Q939645","display_name":"Seed money","level":2,"score":0.44551822543144226},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.4358741044998169},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4213627576828003},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.2578999400138855},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.25676774978637695},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:research-repository.griffith.edu.au:10072/42908","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10072/42908","pdf_url":null,"source":{"id":"https://openalex.org/S7407064376","display_name":"Griffith Research Online","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal article"},{"id":"mag:1529467321","doi":null,"is_oa":false,"landing_page_url":"https://research-repository.griffith.edu.au/handle/10072/42908","pdf_url":null,"source":{"id":"https://openalex.org/S2764651816","display_name":"Academy of Entrepreneurship journal","issn_l":"1087-9595","issn":["1087-9595"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","poland-20"],"host_organization":"https://openalex.org/P4310315810","host_organization_name":"Allied Academies","host_organization_lineage":["https://openalex.org/P4310315810","https://openalex.org/P4310320466"],"host_organization_lineage_names":["Allied Academies","OMICS Publishing Group"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Academy of Entrepreneurship journal","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":74,"referenced_works":["https://openalex.org/W115394847","https://openalex.org/W284829578","https://openalex.org/W563246804","https://openalex.org/W1506150625","https://openalex.org/W1527311855","https://openalex.org/W1532386014","https://openalex.org/W1576728569","https://openalex.org/W1589399253","https://openalex.org/W1693629051","https://openalex.org/W1966598925","https://openalex.org/W1969341120","https://openalex.org/W1970849683","https://openalex.org/W1976868103","https://openalex.org/W1983987175","https://openalex.org/W1985749074","https://openalex.org/W1992890990","https://openalex.org/W1993605771","https://openalex.org/W1994373531","https://openalex.org/W2001762725","https://openalex.org/W2010440522","https://openalex.org/W2013502324","https://openalex.org/W2015825219","https://openalex.org/W2024180819","https://openalex.org/W2025840164","https://openalex.org/W2035088412","https://openalex.org/W2036379689","https://openalex.org/W2037963183","https://openalex.org/W2038631615","https://openalex.org/W2039203012","https://openalex.org/W2041738460","https://openalex.org/W2042155505","https://openalex.org/W2043504801","https://openalex.org/W2049968396","https://openalex.org/W2053532660","https://openalex.org/W2055342158","https://openalex.org/W2075830349","https://openalex.org/W2076167116","https://openalex.org/W2077524093","https://openalex.org/W2077855212","https://openalex.org/W2077968320","https://openalex.org/W2078808258","https://openalex.org/W2079581153","https://openalex.org/W2081112969","https://openalex.org/W2083734602","https://openalex.org/W2083946502","https://openalex.org/W2086934361","https://openalex.org/W2096185858","https://openalex.org/W2098665914","https://openalex.org/W2099556653","https://openalex.org/W2122108576","https://openalex.org/W2133183960","https://openalex.org/W2139114335","https://openalex.org/W2154836650","https://openalex.org/W2155896116","https://openalex.org/W2161237176","https://openalex.org/W2166964527","https://openalex.org/W2168324767","https://openalex.org/W2262198733","https://openalex.org/W2645835341","https://openalex.org/W2752617332","https://openalex.org/W2783599003","https://openalex.org/W2790841064","https://openalex.org/W2895189975","https://openalex.org/W3024096284","https://openalex.org/W3121382712","https://openalex.org/W3121665972","https://openalex.org/W3122662353","https://openalex.org/W3124194008","https://openalex.org/W3124671214","https://openalex.org/W3124816794","https://openalex.org/W3124826221","https://openalex.org/W3125660378","https://openalex.org/W3129904307","https://openalex.org/W3147133440"],"related_works":["https://openalex.org/W3092486904","https://openalex.org/W2606604774","https://openalex.org/W3014396352","https://openalex.org/W4412179174","https://openalex.org/W7126150165","https://openalex.org/W2857515130","https://openalex.org/W2964081506","https://openalex.org/W4235895349","https://openalex.org/W4413004279","https://openalex.org/W2945920244"],"abstract_inverted_index":{"In":[0],"the":[1,8,21,41,64,73,91,102,106,109,117,126],"last":[2],"decade":[3],"venture":[4,24,110,145,156],"capital":[5,17,25,77],"markets":[6],"around":[7],"world":[9],"have":[10],"experienced":[11],"growth":[12],"both":[13],"in":[14,116,131,172,175],"terms":[15],"of":[16,23,44,76,105,113,129,154,162,181],"under":[18],"management":[19],"and":[20,185,187],"number":[22],"firms":[26],"providing":[27],"finance.":[28],"Despite":[29],"this":[30],"there":[31],"is":[32,87],"growing":[33],"evidence":[34],"that":[35,147,169],"a":[36,138,179],"'funding":[37],"gap'":[38],"exists":[39],"at":[40],"earliest":[42],"stages":[43],"new":[45,80],"firm":[46],"development.":[47],"This":[48],"paper":[49],"provides":[50],"an":[51,121],"initial":[52],"investigation":[53],"into":[54],"crowdfunding,":[55],"identifying":[56],"how":[57],"it":[58],"may":[59],"be":[60],"appropriately":[61],"adopted":[62,88],"within":[63],"start-up":[65,132,176],"equity-financing":[66],"context":[67],"so":[68],"as":[69],"to":[70,72,79,89,97],"contribute":[71],"aggregated":[74],"pool":[75],"available":[78],"(pre-commercial)":[81],"ventures.":[82],"An":[83],"agency":[84,114,170],"theoretical":[85],"perspective":[86],"investigate":[90],"necessary":[92],"agency-cost":[93],"control":[94],"mechanisms":[95],"unique":[96],"emerging":[98],"crowdfunding":[99,130,173],"models.":[100],"Given":[101],"relational":[103],"character":[104],"investment":[107,189],"process,":[108],"capitalist's":[111],"perceptions":[112],"dynamics":[115,171],"investorinvestee":[118],"relationship":[119],"provide":[120,148],"appropriate":[122],"lens":[123],"for":[124],"analysing":[125],"likely":[127],"acceptance":[128],"financing.":[133,151],"Data":[134],"are":[135],"drawn":[136],"using":[137],"qualitative":[139],"methodology":[140],"(convergent":[141],"interviews)":[142],"with":[143],"Australian":[144],"capitalists":[146,157],"early":[149],"stage":[150],"A":[152],"total":[153],"11":[155],"were":[158],"interviewed":[159],"before":[160],"convergence":[161],"common":[163],"themes":[164],"was":[165],"reached.":[166],"Results":[167],"suggest":[168],"models":[174],"financing":[177],"comprise":[178],"combination":[180],"investor":[182],"specific":[183],"factors,":[184],"ex-ante":[186],"ex-post":[188],"factors.":[190]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":13},{"year":2019,"cited_by_count":10},{"year":2018,"cited_by_count":16},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":11},{"year":2015,"cited_by_count":15},{"year":2014,"cited_by_count":7},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}