Christian Goglin - Emotions and Values in Equity Crowdfunding Investment Choices 1

1 Cover

2 Title page

3 Copyright First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc. Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27-37 St George’s Road London SW19 4EU UK www.iste.co.uk John Wiley & Sons, Inc. 111 River Street Hoboken, NJ 07030 USA www.wiley.com © ISTE Ltd 2020 The rights of Christian Goglin to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. Library of Congress Control Number: 2020943265 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-633-3

4 Acknowledgments

5 Introduction

6 1 Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1.1. Equity crowdfunding, a new way of financing companies 1.2. A success that raises questions about the rationality of investors 1.3. What role for values and the affect? 1.4. Conclusion

7 2 Transdisciplinary Approach to the Issue of Investor Choice 2.1. Objective and methodology 2.2. Theories that can be used to explain the choice of investors 2.3. Toward a concise theoretical framework

8 References

9 Index

10 End User License Agreement

1 Chapter 1 Figure 1.1. Graphical representation of the research object Figure 1.2. Modes of inference and recursive loop of this research

2 Chapter 2 Figure 2.1. The two consecutive and inverse steps of the literature review Figure 2.2. Decision-maker’s choice between two lotteries Figure 2.3. Consequential models (Loewenstein et al. 2001) Figure 2.4.Consequentialist models with anticipated emotions (Loewenstein et al... Figure 2.5. Risk-as-feeling theory (Loewenstein et al. 2001) Figure 2.6.The two dimensions of neuronal functioning (Schmidt 2010) based on C... Figure 2.7.Adaptation of the persuasive advertising model to the context of cro... Figure 2.8. Causality in the means-end chain model Figure 2.9.Motivation as an antecedent and consequence of the emotional process... Figure 2.10. The theoretical framework Figure 2.11. Proposals linking the components of the theoretical framework Figure 2.12.Disciplinary fields for anchoring the theories and concepts retaine...

1 Chapter 1 Table 1.1.Some definitions of crowdfunding (source: adapted from Germon and Maa... Table 1.2.Evolution of crowdfunding in the world (source: Massolution Crowdfund... Table 1.3.Distribution of funds raised by crowdfunding by region in 2015 (sourc... Table 1.4.Breakdown by profession of funds raised by crowdfunding in the world ... Table 1.5.Evolution of crowdfunding in France (source: Crowdfunding barometer i... Table 1.6.Evolution of funds collected by business over the last 2 years (sourc... Table 1.7.Indicators of the equity crowdfunding industry in France between 2013... Table 1.8.Comparison of regulations in European countries (source: adapted from... Table 1.9.Typology of crowd communities (source: from Bessière and Stéphany 201... Table 1.10.Matrix of correspondence between investor motivations and project ch... Table 1.11.Explanations given by management science literature on investment ch...

2 Chapter 2 Table 2.1.Components of Scherer’s emotional construct, adapted from Sander and ... Table 2.2. Disciplinary breakdown of selected concepts and theories

1 Cover

2 Table of Contents Table of Contents 1 Cover 2 Title page 3 Copyright First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc. Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27-37 St George’s Road London SW19 4EU UK www.iste.co.uk John Wiley & Sons, Inc. 111 River Street Hoboken, NJ 07030 USA www.wiley.com © ISTE Ltd 2020 The rights of Christian Goglin to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. Library of Congress Control Number: 2020943265 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-633-3 4 Acknowledgments 5 Introduction 6 1 Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1.1. Equity crowdfunding, a new way of financing companies 1.2. A success that raises questions about the rationality of investors 1.3. What role for values and the affect? 1.4. Conclusion 7 2 Transdisciplinary Approach to the Issue of Investor Choice 2.1. Objective and methodology 2.2. Theories that can be used to explain the choice of investors 2.3. Toward a concise theoretical framework 8 References 9 Index 10 End User License Agreement

3 Title page

4 Copyright First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc. Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27-37 St George’s Road London SW19 4EU UK www.iste.co.uk John Wiley & Sons, Inc. 111 River Street Hoboken, NJ 07030 USA www.wiley.com © ISTE Ltd 2020 The rights of Christian Goglin to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. Library of Congress Control Number: 2020943265 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-633-3

5 Acknowledgments

6 Introduction

7 Begin Reading

8 References

9 Index

10 End User License Agreement

1 v Table of Contents 1 Cover 2 Title page 3 Copyright First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc.