An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process

  • Michael E. Cummings
  • Hans Rawhouser
  • Silvio VismaraEmail author
  • Erin L. Hamilton


Equity crowdfunding is a unique form of entrepreneurial finance that combines elements of private and public equity. We articulate its distinctive features, then review and qualitatively analyze a large corpus of 540 public comments submitted by stakeholders in response to new US equity crowdfunding regulations. Through a qualitative content analytic approach, we combine actor (issuer, investor, and intermediary) and perspective (relational, behavioral, and technical) dimensions to develop a taxonomy of 18 categories, from which we derive and present unanswered questions and fruitful research directions in this emerging domain.


Crowdfunding Equity crowdfunding Entrepreneurial finance Regulation Qualitative content analysis 

JEL classifications

G30 K22 L26 M13 



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Authors and Affiliations

  1. 1.Walton College of BusinessUniversity of ArkansasFayettevilleUSA
  2. 2.Lee Business SchoolUniversity of Nevada, Las VegasLas VegasUSA
  3. 3.Department of Management, Information and Production EngineeringUniversity of BergamoDalmineItaly
  4. 4.Department of Accountancy and Corporate FinanceGhent UniversityGhentBelgium

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