ABSTRACT Knowledge on equity investors’ decision-making is often dispersed across disciplines. We synthesise existing knowledge and provide a comprehensive review of criteria guiding investments in entrepreneurial ventures. A systematic review covering 153 papers published between 1983 and 2022 within 16 research disciplines reveals that investors are highly heterogeneous regarding their decision criteria. Venture capital, business angels, and equity crowdfunders share similarities regarding expected financial rewards. In contrast, BAs and ECFs exhibit different priorities towards ownership level and capital requested. Post-investment concerns such as team coachability are only important to BA and VCs. We conclude by synthesising the eight decision criteria factors used by equity investors and provide a structured framework designed to inspire and guide scholars in their future investigations.

ABSTRACT This paper provides a bibliometric analysis of crypto-assets, examining their investment potential, regulatory challenges, and financial market impact. By analyzing 373 academic papers between 2016 and 2024, it identifies key research trends and categorizes them into four clusters: Technology and Blockchain Infrastructure, Financial Markets and economic impact, Regulation and Legal environment, and Portfolio Management and Investment. Findings show a significant rise in academic interest, especially after 2018, with increasing research on financial and regulatory aspects beyond initial technological discussions. The study emphasizes the multifaceted nature of crypto-assets, from technological foundations to their role in investment diversification and financial stability. However, they remain volatile and subject to regulatory uncertainty. The study provides insights for policymakers, investors, and regulators, stressing the need for clearer regulations, stronger security frameworks, and sustainable market integration.

ABSTRACT This study examines the external financing dynamics of early-stage Cleantech firms through the theoretical lens of signaling theory, focusing on identifying the internal characteristics that attract equity investors. Cleantech firms are a key element in the move towards sustainable energy and environmental practices. However, securing external financing remains a challenge for these innovators, highlighting the need to explore what factors influence investor decisions. Through a comprehensive analysis, this research compares Cleantech firms against a matched sample of non-Cleantech firms to discover unique investment preferences. We find that innovation, particularly as indicated by patents pending, plays a vital role in attracting equity investment. Additionally, financial health metrics, such as liquidity, impact investment decisions, though these factors are less pronounced compared to innovation signals. The results suggest that while financial stability is important, equity investors place greater value on the growth potential and technological advancements of Cleantech firms. This study not only unravels the complexities of financing early-stage Cleantech firms but also sheds light on the broader implications for stakeholders aiming to foster innovation and investment in sustainable technologies.

ABSTRACT Emerging sustainable enterprises thrive when they have access to a conducive environment. While sustainable entrepreneurial finance ecosystems (SEFE) have received growing interest, a lack of understanding remains concerning how they operate in emerging market economies, and how the varied logics of different actors drive or inhibit the necessary development. To address this research gap, we draw on in-depth qualitative research with key ecosystem actors in Brazil. We apply a pattern-matching approach to thematically examine how different actors converge under the operational lens of their different sustainability and commercial institutional logics. The findings reveal that Brazil’s nascent SEFE requires significant ongoing support. Drawing from systems ecology, we develop an institutional logic (IL) theory by introducing the concept of “keystone actors” to account for the intermediary boundary-spanning practices, which allow us to combine finance, business and policy actors’ sustainability and commercial market logics necessary to provide effective support mechanisms to unlock sustainable entrepreneurship. We conclude that financing sustainable entrepreneurship in emerging economies necessitates multi-level support in the form of keystone actors holding the ecosystem together while cultivating capabilities to harmonize logics. This process can ensure that sustainable entrepreneurship moves from “buzzword status” to a valid, systemic concept for SEFE in emerging market contexts.

ABSTRACT Women entrepreneurs bring unique innovations to markets by addressing neglected needs but face significant challenges in raising financial capital, particularly venture capital, which men investors predominantly allocate. Gender bias exacerbates this issue, though its severity remains unclear. Using a sensitive questioning technique that ensures complete respondent anonymity and mitigates social desirability bias, we surveyed 361 international venture capitalists to quantify the disadvantage women entrepreneurs face. Results show that 26.9% of respondents believe women’s participation in founding teams is overrated, 15.3% consider women poor entrepreneurs, and 11.9% admit they would not invest in women-led ventures. These biases are most pronounced among men investors, those in seed-stage funding, and corporate venture capitalists. By quantifying the extent of gender bias, our study builds on literature that primarily documents the problem without detailing its scope. Addressing the funding gap requires fostering mixed-gender investment teams by changing venture capitalists’ mindsets and increasing the presence of women in venture capital.

ABSTRACT This study investigates how startups can strategically leverage Ecosystem Builder (EB) accelerators to enhance their subsequent performance. The analysis relies on a dataset comprising 805 ventures accelerated within different regional hubs of a unique European innovation ecosystem spanning France, Italy, and Luxembourg. Our findings indicate that startups entering an acceleration hub with more affiliated corporate partners are associated with a higher likelihood of survival. Furthermore, startups combining participation in an EB accelerator with other accelerator programs demonstrate increased chances of receiving external equity investments from Venture Capitalists. This research sheds light on the underexplored area of startup support initiatives and provides valuable insights for startup success.

ABSTRACT This study analyses which Corporate Venture Capital (CVC) unit governance features are statistically associated with the realization of higher firm values for corporate backers. It focuses on the long-term effect of CVC activities with a comprehensive European sample comprising more than a decade (2010–2020) of CVC investments. The results indicate that the more active CVC units are linked to parent companies with higher Tobin’s Q. A larger share of women in investment teams as well as sector focus amplify this finding. Our results are robust across various model specifications. They confirm the importance of CVC governance for unlocking the full potential of CVC investment programs when considering the most recent decade with considerable economic turbulence. Our findings on the value-enhancing role of sector concentration and female investment professionals add to the resource-based theory and social capital theory, respectively.

ABSTRACT In this paper, we draw on the distinction between two types of audiences in the Initial Coin Offerings (ICOs) context (i.e. traditional investors and communities of followers) to explore what kind of information embedded in media news they are more interested in and which dimensions have the greatest impact in attracting their attention. Using a semantic network approach, we analyze the content of 1,976 news related to a sample of 395 ICOs between 2015 and 2020. The results suggest that news content attracts the attention of each type of audience differently: conventional investors prioritize aspects such as ICO regulatory issues and the cryptocurrency project’s management team, overlooking factors such as news length or sentiment. In contrast, Twitter users show a stronger interest in ICO attributes, news length, and specific linguistic elements such as sentiment and the use of financial terminology.

ABSTRACT This paper analyzes the impact of venture capital institutions on environmental information disclosure by their portfolio companies from the perspective of stakeholder theory. Using data on Chinese small and medium-sized industrial enterprises from 2010 to 2014, we find that venture capital institutions can promote environmental information disclosure in their portfolio companies. Moreover, the impact varies, depending on the infustries of portfolio companies and the state ownership of venture capital institutions. In particular, venture capital institutions have a more pronounced impact on environmental information disclosure for non-heavily polluting enterprises than for heavily polluting enterprises. State-owned venture capital institutions are more effective in promoting corporate environmental information disclosure compared to their non-state-owned counterparts.

ABSTRACT This paper systematically identifies, appraises, and synthesizes the evidence that exists regarding crowdfunding success and failure research, i.e. crowdfunding outcomes. We examined 152 scientific papers published in Australian Business Deans Council (ABDC) ranked journals from 2014 to 2022. Through content and thematic analysis, we identify four foundational research clusters that shape the intellectual structure and encompass the first two decades of crowdfunding success and failure (CFSF) research: (1) Entrepreneurial leadership and persuasive communication, (2) Multidimensional social capital and funding dynamics, (3) Innovation and risk-taking propensity, and (4) Gender diversity dynamics. We argue that the crowdfunding research field is a multidisciplinary field of research that encompasses beyond the role of intermediation and traditional financing. We propose an agenda for advancing future research and contributing to the debate on entrepreneurial finance funding. This review has practical implications, as it provides a comprehensive and integrated framework for crowdfunding success, offering valuable insights for both academia and the crowdfunding industry.