Exploratory analysis of the representation of the equity crowdfunding market by french retail investors
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2025
- ISIDORE Id: 10670/1.20bc54...
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Joseph-Denis Njayou Oyong et al., « Exploratory analysis of the representation of the equity crowdfunding market by french retail investors », Management & Prospective, ID : 10670/1.20bc54...
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This article aims to define the foundations of retail investors’ interest in the equity crowdfunding (ECF) market. The literature on retail investors in ECF has been largely fuelled by the study of investor profiles, motivations and decision-making criteria. From a time perspective, investment motivations are situated upstream of investment decisions. Our study is positioned downstream of the investment. It aims to understand the overall representations of the investor’s experience of the market, by interviewing those who have already taken part in an ECF investment campaign, using an exploratory approach carried out with 20 individual ECF investors. There are several reasons for the financial risks taken by these retail investors, including familiarity with financial risks, consideration of entrepreneurs’ difficulties, and risk-sharing with entrepreneurs and platforms. Finally, there is a relationship of influence and trust between ECF platforms and individual investors, which encourages the latter to follow their lead.
