Peer-Reviewed Journal Details
Mandatory Fields
O'Reilly, S., Mac an Bhaird, C., & Cassells, D.
2021
Unknown
IEEE Transactions on Engineering Management
Financing Early Stage Cleantech Firms
Published
()
Optional Fields
Accounting ratios; Cleantech; entrepreneurial finance; equity crowdfunding; innovation;
1
15
In this paper we analyze the financing of firms in the Cleantech sector that have successfully raised equity crowdfunding on platforms in 16 European countries. We find that firms with lower total assets and higher cash balances raise greater amounts of crowdfunding. In the period pre-crowdfunding, illiquid firms raise less finance and firms with greater tangible assets raise more debt. In the post-crowdfunding period, crowdfunded firms raise significantly greater amounts of external equity suggesting signaling effects. Our study highlights the ameliorating liquidity effects of crowdfunding, which are especially important in early stage firms developing new technologies.
https://ieeexplore.ieee.org/document/9508173
0018-9391
https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=9508173
10.1109/TEM.2021.3095373
Grant Details