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Due to the high rate of failure of most crowdfunding projects, knowing the most essential factor to obtain funding success on the crowdfunding platform is of great importance for fund seekers on the crowdfunding platform. The purpose of this study is to explore crowdfunding success factors to know the most essential success factor for stakeholders of the crowdfunding platform to make the best decision when seeking funds on the crowdfunding platform. This study identified and ranked crowdfunding success factors for stakeholders of crowdfunding platforms. Sixteen factors were identified and categorized under five broad headings. These were; project ideas, target capital, track records, geographical proximity and equity.

To rank the identified crowdfunding success factors and subfactors, this study used the Multi-Objective Optimization Based on Ratio Analysis (MULTIMOORA) integrated with the Evaluation based on Distance from Average Solutions (EDAS).

Target capital ranked first among the five categories—while duration involved in raising funds ranked first among the sixteen subfactors. An approach for analyzing how each success factor enhances a crowdfunding campaign was developed in this study. This study provides valuable insight to fund seekers on the crowdfunding platform on how funding success can be achieved by knowing which factor to consider essential when seeking funds on the crowdfunding platform.

This is the first study to explore crowdfunding success factors using the MULTIMOORA-EDAS method. The use of this method will help fund seekers on the crowdfunding platform to know which crowdfunding success factor is essential, thereby aiding fund seekers to make the best decision when seeking funds on the crowdfunding platform. Also, this study is particularly helpful for business owners, platform operators and policymakers when deciding how to allocate resources, plan campaigns and implement regulations.

Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.

The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.

Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.

For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.

The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for the subsequent two years or, after a significant decrease, do not raise dividends for the following two years. Our empirical findings indicate that companies that increase dividends experience a significant decrease in both book and market leverage, even after controlling for variables such as target leverage ratios. This result suggests that a large increase in dividends can effectively reduce information asymmetry, leading to a lower cost of equity. On the contrary, after a decrease in dividends, both book leverage and market leverage significantly increase, revealing a symmetric relationship between dividend policy and capital structure. In conclusion, large dividend increases in Korean companies not only reduce information asymmetry but also lower the cost of equity capital, resulting in observable changes in the leverage ratio.

This paper aims at shedding light on the entrepreneurs' perception towards crowdfunding as a new mean for raising capital, and their willingness to send appropriate signals to the potential fund providers/backers.

The research strategy is based on three methodological approaches: desk research on online sources, a map of the crowdfunding phenomenon, and a quantitative approach with a survey performed between June and December 2020. The survey covers a sample of 147 Small and Medium enterprises (SMEs) and startups, in addition to semi-structured interviews with 10 entrepreneurs.

The study reveals that between losing their work and losing part of their firms' equity, entrepreneurs are keen on sending positive signals to backers. Moreover, they are willing to adopt a new way of thinking, as their primary goal is to save their firms, their jobs, and their source of income. The research highlights the concern of entrepreneurs of losing reputation, losing intellectual property, losing control, and of becoming only shareholders in their enterprises.

The main limitation in this paper is that no single study in Lebanon adequately covers the topic and thus extensive research has been carried out on crowdfunding across the world and analyzed in the Lebanese context.

Overcoming funding challenges can reduce brain drain, promote a culture of entrepreneurship, serve the economy, combat poverty, achieve more equitable society, increase the levels of expectations, and turn the flywheel. Moreover, the paper presents clear implications for the field of policy-making both in developing and developed countries.

Considering the serious financial disintermediation and liquidity shortage Lebanon faces, the findings of this study show how important changing entrepreneurial culture and behavior is, and the crucial role crowdfunding could play in providing funds for the SMEs that form 95% of the total business sector in Lebanon.

The purpose of this paper is to explore whether and how the innovation performance of start-ups and small and medium-sized enterprises (SMEs) that collect funds using equity crowdfunding (EC), i.e. creators (or proponents), and the EC performance are influenced by the social media networks (SMNs) in which EC platforms' managers and firms exchange their ideas with investors and customers.

The empirical analysis is conducted on a sample composed by all the creators that collected funds in EC platforms over the three-year period 2018–2020. For each creator, the innovation performance is computed as the percentage of sales from new or significantly improved product and services compared to total sales of firm. For each campaign, the EC performance is considered as the ratio between the total amount of funding raised at the end of the campaign and the target capital for the campaign. To investigate EC platform social media activity, LinkedIn profiles of EC platforms managers are analyzed using the social network analysis (SNA) methodology, which permits to observe the quantity and the quality of managers' interactions with other users. A regression analysis is thus performed to observe the relationship between managers' LinkedIn activities, EC performance and creators' innovation performance.

Data reveal that EC platforms managers display different activities in networking, with some individuals more active than others and more oriented to interact with business profiles rather than personal ones. The variables related to managers' LinkedIn activities are shown to impact both on the EC performance and on the ability of creators to innovate, suggesting the existence of a link between creators, EC platforms and the activity of the subject who manages it.

The present study is the first to examine the link between the ability of creators to innovate and SMNs, focusing on the social links of platforms managers and considering the LinkedIn social media; moreover, the analysis is conducted analyzing the quality of the interactions in addition to their number. The study is original also in that rather than focusing on specific EC platforms it considers all those purposefully authorized by the Italian financial market supervisory authority over a three-year time span. From a managerial point of view, the observation of the relevance of social networks by personnel with specific professional skills reveals it can be a successful driver for operators in the sector, not only to safeguard their reputation, but to stimulate the processes of co-creation of value that is essential in the crowdfunding market.

This study aims to examine the effect of corporate social responsibility (CSR) on banks’ capital, value and risk by investigating its impact on capital inflows and asset quality. The authors aim to investigate the value-protective characteristics of socially responsible performance.

This study uses a two-stage least squares approach with instrumental variables, with bank and year fixed effects to address concerns regarding endogeneity, specifically reverse causality and unobservable factors.

The results confirm a positive association of CSR with capital adequacy, including higher quality Tier 1 Capital. The authors find strong evidence that banks with higher CSR scores are associated with greater bank value and lower risk. The extended analyses find that the improvement in capital is from annual growth in capital and lower risky assets.

The research advances the field by providing new empirical evidence of a positive association between CSR and capital, including high-quality Tier 1 Capital. This study complements the prior research by simultaneously examining the dynamic links between CSR and capital, bank risk and bank value. The findings are consistent with the view that there is a dynamic link in which CSR affects the operations of banks.

In this research, extracting the innovation drivers of successful crowdfunding from the literature review, screening them for the entrepreneurial small- and medium-sized enterprises (SMEs), analysing the cause-and-effect relationship amongst them and presenting a basic causal conceptual model and eventually determining the importance/weight of each relevant driver were the primary purposes of this research. As a result, the authors have also designed a score function to measure the future innovative crowdfunding score for SMEs.

A multi-layer multi-criteria decision-making (MCDM) approach has been designed and employed to achieve research objectives. After extracting the initial list of drivers, Fuzzy Delphi was applied to screen the relevant innovation drivers of successful crowdfunding for entrepreneurial SMEs. Decision-making trial and evaluation laboratory (DEMATEL) was used to analyse the cause-and-effect relationship amongst the drivers and illustrate a basic conceptual model. Analytical network process (ANP) and Stepwise Weight Assessment Ratio Analysis (SWARA) were applied to determine the importance of the drivers and by aggregating them to measure the innovative crowdfunding score.

Initially, 28 innovation drivers of successful crowdfunding were extracted from the literature. Then by employing the first-round Delphi fuzzy method amongst 15 international entrepreneurs in SMEs, the relevant drivers, including eleven items, were screened and selected. Then by implementing the DEMATEL method, the relationship amongst these screened drivers was identified, and seven drivers were determined as causes and the rest as effects. Subsequently, a conceptual model based on the causal analysis of the drivers from the DEMATEL method was designed. Eventually, by aggregating the weight of drivers emanated from SWARA, DEMATEL and DANP, the score function for measuring the situation of an SME was designed.

According to the crowdfunding scores in this research from entrepreneurs of SMEs, influential factors in developing countries were recognised as two times more prominent in developing countries. This might be rooted in the circumstances of developing countries where many startups and SMEs are emerging in vast areas and different fields due to investment in innovation management. In these countries, the authorities and officials support these companies to empower their capabilities and innovative ideas to (1) deal with the severe competitive market and (2) benefit from them as potential economic engines. Therefore, crowdfunding platforms and public initiatives can be considered one of the most effective government supports, which may involve financial risks.

To the best knowledge of the authors, investigating the innovation drivers of successful crowdfunding via quantitative analysis by multi-layer decision-making approaches has not been considered previously. Moreover, the authors have designed a crowdfunding score function to determine the situation of an entrepreneurial SME in this area. A combination of different MCDM methods, including Fuzzy Delphi, SWARA, DEMATEL, ANP and DANP, to investigate the innovation drivers of successful crowdfunding in SMEs has not been considered previously.

The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of 2010–2021.

This study refers to the International Country Risk Guide (ICRG) in determining the financial risk factors to be studied in addition to the Malaysia financial stress index (FSI) to capture changes in financial risk level. The authors use the nonlinear autoregressive distributed lag (NARDL) model to tackle the nonlinear relationships between identified financial risk variables and Sukuk market development.

The results suggest the existence of a long-run relationship between foreign debt service stability, international liquidity stability (ILS), exchange rate stability (ERS) and financial stress level with the Sukuk market development in Malaysia. Indeed, higher ILS and ERS will boost Sukuk market size, whereas higher foreign debt services and financial stress are negatively related to Sukuk market development. Findings also indicate that the long-run positive and negative impacts of identified financial risk components on Sukuk market development are statistically different. Taking into account the role of the Sukuk market in facilitating Malaysia’s economic growth, the country should aim to keep the foreign debt-to-GDP ratio at a sustainable level.

This study points to three possible directions for future research. The first is the differential impact of financial risk components on Sukuk issuance for different Sukuk structures. As more data becomes available in the future, this area could be further explored by conducting the above analysis for different combinations of Sukuk structures and currency denominations. In addition, future researchers could also consider exploring the variability of financial risk impacts through comparative studies of the leading Sukuk-issuing countries to account for differences in regulatory frameworks and supporting infrastructure.

This study provides valuable practical and policy implications for strengthening the growth of the Sukuk market. While benefiting from the diversification benefits of funding sources to finance private or government projects and developments, Malaysia should remain vigilant to global economic conditions, foreign exchange markets and financial stress levels, as all of these factors may significantly influence investor sentiment and the rate of return offered by Sukuk issuance.

The use of the NARDL approach, which investigates the long-run effects of financial risk factors on Sukuk market development in Malaysia, makes this study a valuable addition to the literature, as there has been little research into the asymmetric effects of those variables on Sukuk market development using samples from emerging Asian markets.

Commercial banks face several risks, including credit, liquidity, operational and disruptive risks. In addition to these risks that are challenging for banks to control and manage, crises and disasters can exert substantially more destructive shocks. These shocks can exacerbate internal risks and cause severe damage to the bank's performance, leading banks to bankruptcy and closure. This study aims to facilitate achieving resilient banking policies through a model-based assessment of business continuity management (BCM) policies.

By applying a system dynamics (SD) methodology, a systemic model that includes a causal structure of the banking business is presented. To build a simulation model, data are collected from a commercial bank in Iran. By presenting the simulation model of the bank's business, the consequences of some given crises on the bank's performance are tested, and the effectiveness of risk and crisis management policies is evaluated. Vensim Personal Learning Edition (PLE) software is used to construct the simulation model.

Results indicate that the current BCM policies do not show appropriate resilience in the face of various crises. Commercial banks cannot create sustainable value for the banks' shareholders despite the possibility of profitability, as the shareholders lack adequate resilience and soundness. These commercial banks do not have the appropriate resilience for the next pandemic after coronavirus disease 2019 (COVID-19). Moreover, the robustness of the current banking business model is very fragile for the banking run crisis.

A forward-looking view of resilient banking can be obtained by combining liquidity coverage, stable funding, capital adequacy and insights from stress tests. Resilient banking requires a balanced combination of robustness, soundness and profitability.

The present study is a combination of bank business management, risk and resilience management and SD simulation. This approach can analyze and simulate the dynamics of bank resilience. Additionally, present of a decision support system (DSS) to analyze and simulate the outcomes of different crisis management policies and solutions is an innovative approach to developing effective and resilient banking policies.

The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.