{"id":"https://openalex.org/W4361028511","doi":"https://doi.org/10.1108/imds-09-2022-0538","title":"Understanding investor co-investment in a syndicate on equity crowdfunding platforms","display_name":"Understanding investor co-investment in a syndicate on equity crowdfunding platforms","publication_year":2023,"publication_date":"2023-03-26","ids":{"openalex":"https://openalex.org/W4361028511","doi":"https://doi.org/10.1108/imds-09-2022-0538"},"language":"en","primary_location":{"id":"doi:10.1108/imds-09-2022-0538","doi":"https://doi.org/10.1108/imds-09-2022-0538","is_oa":false,"landing_page_url":"https://doi.org/10.1108/imds-09-2022-0538","pdf_url":null,"source":{"id":"https://openalex.org/S37320504","display_name":"Industrial Management & Data Systems","issn_l":"0263-5577","issn":["0263-5577","1758-5783"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-d","fnege-3","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Industrial Management &amp; Data Systems","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"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/A5101497776","display_name":"Jing Wu","orcid":"https://orcid.org/0000-0003-1853-6025","observed_orcids":["https://orcid.org/0000-0003-1853-6025"]},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jing Wu","raw_affiliation_strings":["School of Management Science and Engineering, Southwestern University of Finance and Economics, Chengdu, China"],"raw_orcid":"https://orcid.org/0000-0003-1853-6025","affiliations":[{"raw_affiliation_string":"School of Management Science and Engineering, Southwestern University of Finance and Economics, Chengdu, China","institution_ids":["https://openalex.org/I204831749"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100343968","display_name":"Ling Liu","orcid":"https://orcid.org/0000-0001-6989-790X","observed_orcids":["https://orcid.org/0000-0001-6989-790X"]},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Ling Liu","raw_affiliation_strings":["School of Management Science and Engineering, Southwestern University of Finance and Economics, Chengdu, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Management Science and Engineering, Southwestern University of Finance and Economics, Chengdu, China","institution_ids":["https://openalex.org/I204831749"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101198099","display_name":"Yu Cao","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yu Cao","raw_affiliation_strings":["School of Accounting, Southwestern University of Finance and Economics, Chengdu, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Accounting, Southwestern University of Finance and Economics, Chengdu, China","institution_ids":["https://openalex.org/I204831749"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I204831749"],"apc_list":null,"apc_paid":null,"fwci":3.1624,"has_fulltext":false,"cited_by_count":11,"citation_normalized_percentile":{"value":0.91671857,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":99},"biblio":{"volume":"123","issue":"5","first_page":"1599","last_page":"1623"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9678000211715698,"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":0.9678000211715698,"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":0.03229999914765358,"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/equity-crowdfunding","display_name":"equity crowdfunding","score":0.9150000214576721},{"id":"https://openalex.org/keywords/co-investment","display_name":"co-investment","score":0.9359999895095825},{"id":"https://openalex.org/keywords/homophily","display_name":"homophily","score":0.9520000219345093},{"id":"https://openalex.org/keywords/venture-capital-syndicates","display_name":"venture capital syndicates","score":0.8920000195503235},{"id":"https://openalex.org/keywords/online-platforms","display_name":"digital platforms","score":0.6589999794960022},{"id":"https://openalex.org/keywords/inverted-u-shaped-relationship","display_name":"inverted U-shaped relationship","score":0.8130000233650208}],"concepts":[{"id":"https://openalex.org/C2778655473","wikidata":"https://www.wikidata.org/wiki/Q681615","display_name":"Syndicate","level":2,"score":0.9329817295074463},{"id":"https://openalex.org/C2779812341","wikidata":"https://www.wikidata.org/wiki/Q5891525","display_name":"Homophily","level":2,"score":0.7677053213119507},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6622828245162964},{"id":"https://openalex.org/C2779613991","wikidata":"https://www.wikidata.org/wiki/Q18400009","display_name":"Equity crowdfunding","level":3,"score":0.5729778409004211},{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.5538102388381958},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5533584356307983},{"id":"https://openalex.org/C88962883","wikidata":"https://www.wikidata.org/wiki/Q260531","display_name":"Web syndication","level":3,"score":0.44892168045043945},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35903400182724},{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.3362746238708496},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.32253098487854004},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.27649304270744324},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2600228488445282},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.14432379603385925},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.09509333968162537},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/imds-09-2022-0538","doi":"https://doi.org/10.1108/imds-09-2022-0538","is_oa":false,"landing_page_url":"https://doi.org/10.1108/imds-09-2022-0538","pdf_url":null,"source":{"id":"https://openalex.org/S37320504","display_name":"Industrial Management & Data Systems","issn_l":"0263-5577","issn":["0263-5577","1758-5783"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-d","fnege-3","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Industrial Management &amp; Data Systems","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":67,"referenced_works":["https://openalex.org/W259188717","https://openalex.org/W1537892272","https://openalex.org/W1551653989","https://openalex.org/W1949435338","https://openalex.org/W1970512683","https://openalex.org/W1980573833","https://openalex.org/W1992623252","https://openalex.org/W1999216122","https://openalex.org/W2007687973","https://openalex.org/W2020164848","https://openalex.org/W2024971718","https://openalex.org/W2031587923","https://openalex.org/W2045194397","https://openalex.org/W2047838387","https://openalex.org/W2052709366","https://openalex.org/W2055052606","https://openalex.org/W2081155210","https://openalex.org/W2086037720","https://openalex.org/W2090202475","https://openalex.org/W2098967410","https://openalex.org/W2100320021","https://openalex.org/W2106628948","https://openalex.org/W2106919063","https://openalex.org/W2108365927","https://openalex.org/W2117349264","https://openalex.org/W2130354913","https://openalex.org/W2142854536","https://openalex.org/W2147453867","https://openalex.org/W2147640210","https://openalex.org/W2150587481","https://openalex.org/W2151062063","https://openalex.org/W2154549062","https://openalex.org/W2155448232","https://openalex.org/W2157085604","https://openalex.org/W2164043177","https://openalex.org/W2164284962","https://openalex.org/W2167915553","https://openalex.org/W2330039741","https://openalex.org/W2342812826","https://openalex.org/W2411847265","https://openalex.org/W2530432988","https://openalex.org/W2530705770","https://openalex.org/W2554549814","https://openalex.org/W2559899501","https://openalex.org/W2586488925","https://openalex.org/W2602083049","https://openalex.org/W2762070463","https://openalex.org/W2767985096","https://openalex.org/W2771033917","https://openalex.org/W2795161799","https://openalex.org/W2898115596","https://openalex.org/W2909308572","https://openalex.org/W3023328462","https://openalex.org/W3121425431","https://openalex.org/W3121545263","https://openalex.org/W3121716941","https://openalex.org/W3122061554","https://openalex.org/W3124204492","https://openalex.org/W3124284538","https://openalex.org/W3124484210","https://openalex.org/W3124616546","https://openalex.org/W3124922652","https://openalex.org/W3125005799","https://openalex.org/W3125393355","https://openalex.org/W3125859517","https://openalex.org/W3125936076","https://openalex.org/W4300865459"],"related_works":["https://openalex.org/W4409132864","https://openalex.org/W2766268583","https://openalex.org/W7134169035","https://openalex.org/W4409809128","https://openalex.org/W4413005343","https://openalex.org/W4321132706","https://openalex.org/W3173297976","https://openalex.org/W4409807836","https://openalex.org/W4392344777","https://openalex.org/W2969288684"],"abstract_inverted_index":{"Purpose":[0],"Considering":[1],"the":[2,10,36,42,58,72,96,112,129,137,151,165,185,210],"unique":[3],"characteristics":[4],"of":[5,12,18,24,29,74,156,187,213],"equity":[6,80,181,214],"crowdfunding":[7,81,182,215],"platforms":[8,183],"including":[9],"removal":[11],"stringent":[13],"structural":[14],"barriers":[15],"(e.g.":[16],"lack":[17],"co-location),":[19],"high":[20],"visibility":[21],"and":[22,32,49,71,116,142,153,175,225,234],"traceability":[23],"investor":[25],"characteristics,":[26],"large":[27],"pool":[28],"available":[30],"investors":[31,191],"simplified":[33],"transaction":[34],"process,":[35],"authors":[37,62,134],"aim":[38],"to":[39,91,127,195,209],"examine":[40],"how":[41],"two":[43,219],"most":[44,220],"prevalent":[45,221],"mechanisms":[46,222],"(i.e.":[47,223],"homophily":[48,224],"repeated":[50,226],"ties)":[51,227],"unfold":[52],"in":[53,76,158,170,231],"this":[54],"context":[55],"by":[56,217],"incorporating":[57],"contextual":[59],"characteristics.":[60],"The":[61,104,133],"theorize":[63],"an":[64,146],"inverted":[65,147],"U-shaped":[66,148],"relationship":[67,149],"between":[68,139],"leader-backer":[69],"similarity":[70,138],"likelihood":[73,155],"co-investment":[75,101,157],"a":[77,85,117,140,143,159],"syndicate":[78,114,130],"on":[79,109],"platforms.":[82,236],"In":[83],"addition,":[84],"leader\u2013backer":[86],"dyad":[87],"is":[88,107,125,162],"more":[89,99,193],"likely":[90,194],"form":[92],"new":[93,189],"syndicates":[94,174,216,233],"if":[95],"students":[97],"have":[98,200],"prior":[100,202],"ties.":[102,203],"Design/methodology/approach":[103],"empirical":[105],"study":[106],"based":[108],"data":[110],"from":[111,164],"AngelList":[113],"platform":[115,178],"linear":[118],"probability":[119],"model":[120],"(LPM)":[121],"with":[122,150,197],"fixed":[123],"effects":[124],"adopted":[126],"estimate":[128],"formation.":[131],"Findings":[132],"find":[135],"that":[136],"leader":[141,152],"backer":[144],"has":[145],"backer's":[154],"syndicate,":[160],"which":[161],"different":[163],"dominant":[166],"homophily-based":[167],"tie":[168,229],"formation":[169,230],"venture":[171],"capital":[172],"(VC)":[173],"other":[176],"digital":[177,235],"contexts.":[179],"Although":[180],"encourage":[184],"possibility":[186],"exploring":[188],"partners,":[190],"are":[192],"co-invest":[196],"others":[198],"who":[199],"stronger":[201],"Originality/value":[204],"This":[205],"research":[206],"theoretically":[207],"contributes":[208],"scant":[211],"literature":[212],"contextualizing":[218],"driving":[228],"VC":[232]},"counts_by_year":[{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":5}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2023-03-30T00:00:00"}
