Abstract
This study examines the influence of platform characteristics — ownership stakes and underwriting fees — on the outcomes of equity crowdfunding campaigns and their ability to attract subsequent funding. Analyzing data from 2016 to 2022 across all U.S. equity crowdfunding platforms, our findings reveal that while platform ownership stakes positively correlate with immediate campaign success and follow-on funding, underwriting fees negatively impact success. However, these correlations weaken or reverse when analyzing the varying stakes taken within an individual platform like Wefunder and StartEngine. The findings highlight the importance of using multiple platforms in analyzing the impact of platform stakes on success.
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