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    • 簡介:BUSINESSPROCESSMANAGEMENTJOURNALCHALLENGESOFSUPPLYCHAINFINANCEADETAILEDSTUDYANDAHIERARCHICALMODELBASEDONTHEEXPERIENCESOFANINDIANFIRMDILEEPMOREPREETAMBASUARTICLEINFORMATIONTOCITETHISDOCUMENTDILEEPMOREPREETAMBASU,2013,“CHALLENGESOFSUPPLYCHAINFINANCE“,BUSINESSPROCESSMANAGEMENTJOURNAL,VOL19ISS4PP624647PERMANENTLINKTOTHISDOCUMENTHTTP//DXDOIORG/101108/BPMJ0920120093DOWNLOADEDON21APRIL2016,AT2238PTREFERENCESTHISDOCUMENTCONTAINSREFERENCESTO85OTHERDOCUMENTSTOCOPYTHISDOCUMENTPERMISSIONSEMERALDINSIGHTCOMTHEFULLTEXTOFTHISDOCUMENTHASBEENDOWNLOADED1937TIMESSINCE2013USERSWHODOWNLOADEDTHISARTICLEALSODOWNLOADED2009,“SUPPLYCHAINFINANCINGUSINGCASHTOCASHVARIABLESTOSTRENGTHENTHESUPPLYCHAIN“,INTERNATIONALJOURNALOFPHYSICALDISTRIBUTIONLOGISTICSMANAGEMENT,VOL39ISS8PP669689HTTP//DXDOIORG/101108/096000309109963142014,“INTEGRATINGFINANCIALANDPHYSICALSUPPLYCHAINSTHEROLEOFBANKSINENABLINGSUPPLYCHAININTEGRATION“,INTERNATIONALJOURNALOFOPERATIONSPRODUCTIONMANAGEMENT,VOL34ISS3PP298324HTTP//DXDOIORG/101108/IJOPM04201201312013,“MOTOROLASGLOBALFINANCIALSUPPLYCHAINSTRATEGY“,SUPPLYCHAINMANAGEMENTANINTERNATIONALJOURNAL,VOL18ISS2PP132147HTTP//DXDOIORG/101108/13598541311318782ACCESSTOTHISDOCUMENTWASGRANTEDTHROUGHANEMERALDSUBSCRIPTIONPROVIDEDBYEMERALDSRM393177FORAUTHORSIFYOUWOULDLIKETOWRITEFORTHIS,ORANYOTHEREMERALDPUBLICATION,THENPLEASEUSEOUREMERALDFORAUTHORSSERVICEINFORMATIONABOUTHOWTOCHOOSEWHICHPUBLICATIONTOWRITEFORANDSUBMISSIONGUIDELINESAREAVAILABLEFORALLPLEASEVISITWWWEMERALDINSIGHTCOM/AUTHORSFORMOREINFORMATIONABOUTEMERALDWWWEMERALDINSIGHTCOMEMERALDISAGLOBALPUBLISHERLINKINGRESEARCHANDPRACTICETOTHEBENEFITOFSOCIETYTHECOMPANYMANAGESAPORTFOLIOOFMORETHAN290JOURNALSANDOVER2,350BOOKSANDBOOKSERIESVOLUMES,ASWELLASPROVIDINGANEXTENSIVERANGEOFONLINEPRODUCTSANDADDITIONALCUSTOMERRESOURCESANDSERVICESEMERALDISBOTHCOUNTER4ANDTRANSFERCOMPLIANTTHEORGANIZATIONISAPARTNEROFTHECOMMITTEEONPUBLICATIONETHICSCOPEANDALSOWORKSWITHPORTICOANDTHELOCKSSINITIATIVEFORDIGITALARCHIVEPRESERVATIONDOWNLOADEDBYRMITUNIVERSITYAT223821APRIL2016PTCHALLENGESOFSUPPLYCHAINFINANCEADETAILEDSTUDYANDAHIERARCHICALMODELBASEDONTHEEXPERIENCESOFANINDIANFIRMDILEEPMOREANDPREETAMBASUOPERATIONSMANAGEMENTGROUP,INDIANINSTITUTEOFMANAGEMENTCALCUTTA,KOLKATA,INDIAABSTRACTPURPOSE–THEPURPOSEOFTHISPAPERISTOEXAMINETHEDIFFERENTCHALLENGESTHATCONFRONTSUPPLYCHAINFINANCESCFANDTODEVELOPAHIERARCHICALMODELTHATANALYZESTHECOMPLEXRELATIONSHIPDYNAMICSAMONGTHEMDESIGN/METHODOLOGY/APPROACH–ANEXTENSIVESURVEYISCARRIEDOUTAMONGSTINDIANFIRMSTOASCERTAINTHEPERCEPTIONSANDEXPERIENCESRELATEDTODIFFERENTSCFCHALLENGESAFTEROBTAININGANOVERVIEWOFTHEDIFFERENTSCFCHALLENGES,ANINDIANCOMPANYWITHGLOBALOPERATIONSWASAPPROACHEDANDAFTERESTABLISHINGRELATIONSHIPSAMONGTHECHALLENGES,AHIERARCHICALRELATIONSHIPSTRUCTUREWASDEVELOPEDANDMIMBIANALYSISWHEREMI?MEASUREOFINFLUENCINGMBI?MEASUREOFBEINGINFLUENCEDWASCARRIEDOUTTHATHELPEDUNDERSTANDTHERELATIONSHIPDYNAMICSOFSCFCHALLENGESANDIDENTIFYACTIONSATBOTHSTRATEGICANDTACTICALLEVELSFINDINGS–THESTUDYREVEALSTHATLACKOFCOMMONVISIONAMONGTHESUPPLYCHAINSCPARTNERSISTHEMOSTCRITICALCHALLENGECONFRONTINGSCFUNPREDICTABLECASHFLOWSRESULTINGFROMDELAYSINFINANCIALTRANSACTIONS,DUETOLACKOFAUTOMATIONINTHEPAYMENTPROCESSES,ALONGWITHLACKOFKNOWLEDGEANDTRAININGONSCFTOOLS,ALSOPLAYSIGNIFICANTROLESASORGANIZATIONSARETIGHTLYINTEGRATEDTHROUGHTHEIRSC,THEYSHOULDINITIATECOLLABORATIVEAPPROACHESACROSSTHESCTOREDUCETHETOTALPROCURETOPAYMENTCYCLETIMEAND,INTHEPROCESS,IMPROVEOVERALLFINANCIALSTABILITYOFTHESCRESEARCHLIMITATIONS/IMPLICATIONS–THISSTUDYISBASEDONTHEFINDINGSFROMTHEINDIANINDUSTRYFUTURERESEARCHMAYINCLUDEALARGESCALESURVEYANDCASESTUDIESACROSSORGANIZATIONSLOCATEDINDIFFERENTCOUNTRIESANDOPERATINGUNDERDIFFERENTENVIRONMENTSPRACTICALIMPLICATIONS–BASEDONTHESTUDY,FIRMSCANEVALUATETHEDYNAMICSOFSCFCHALLENGESANDREDEFINESCRELATIONSHIPSANDSTRATEGIESTOACHIEVEDESIREDCASHFLOWINTHESCORIGINALITY/VALUE–THEACADEMICLITERATUREONFINANCIALSUPPLYCHAINSISVERYLIMITEDTHISPAPERAPPEARSTOBETHEFIRSTFORMALATTEMPTATANALYZINGTHEVARIOUSCHALLENGESCONFRONTINGSCFKEYWORDSSUPPLYCHAINMANAGEMENT,FINANCE,CASHFLOW,INDIA,CHANNELRELATIONSHIPS,SUPPLYCHAINFINANCE,CHALLENGES,INTERPRETIVESTRUCTURALMODELLINGPAPERTYPERESEARCHPAPER1INTRODUCTIONCOMPETITIVEPRESSUREANDGLOBALIZEDNETWORKSHAVERESULTEDINCOMPLEXANDDYNAMICSUPPLYCHAINSSCSZHANGETAL,2003CHRISTOPHERETAL,2006,MANUJANDMENTZER,2008CREAZZAETAL,2010HOWEVER,THEFOCUSOFSUPPLYCHAINMANAGEMENTSCMTODATEHASBEENONTHEDESIGNANDOPTIMIZATIONOFTHEFLOWSOFGOODSANDINFORMATIONLEEETAL,2000CHILDERHOUSEANDTOWILL,2003DISNEYANDTOWILL,2003BHATNAGARANDTEO,2009ONEASPECTTHATHASBEENOFTENNEGLECTEDANDOVERLOOKEDISTHEFINANCIALFLOWSALONGTHESCWHICHFORMANESSENTIALPARTOFTHECONTINUUMOFTHEBUSINESSOPERATIONTHECURRENTISSUEANDFULLTEXTARCHIVEOFTHISJOURNALISAVAILABLEATWWWEMERALDINSIGHTCOM/14637154HTMRECEIVED14SEPTEMBER2012REVISED9DECEMBER2012ACCEPTED23DECEMBER2012BUSINESSPROCESSMANAGEMENTJOURNALVOL19NO4,2013PP624647QEMERALDGROUPPUBLISHINGLIMITED14637154DOI101108/BPMJ0920120093BPMJ19,4624DOWNLOADEDBYRMITUNIVERSITYAT223821APRIL2016PT
      下載積分: 10 賞幣
      上傳時間:2024-03-14
      頁數(shù): 27
      25人已閱讀
      ( 4 星級)
    • 簡介:3000英文單詞,英文單詞,17萬英文字符,中文萬英文字符,中文5100字文獻出處文獻出處MORED,BASUPCHALLENGESOFSUPPLYCHAINFINANCEJBUSINESSPROCESSMANAGEMENTJOURNAL,2013,19462464724CHALLENGESOFSUPPLYCHAINFINANCEADETAILEDSTUDYANDAHIERARCHICALMODELBASEDONTHEEXPERIENCESOFANINDIANFIRMDILEEPMOREANDPREETAMBASUABSTRACTPURPOSETHEPURPOSEOFTHISPAPERISTOEXAMINETHEDIFFERENTCHALLENGESTHATCONFRONTSUPPLYCHAINFINANCESCFANDTODEVELOPAHIERARCHICALMODELTHATANALYZESTHECOMPLEXRELATIONSHIPDYNAMICSAMONGTHEMDESIGN/METHODOLOGY/APPROACHANEXTENSIVESURVEYISCARRIEDOUTAMONGSTINDIANFIRMSTOASCERTAINTHEPERCEPTIONSANDEXPERIENCESRELATEDTODIFFERENTSCFCHALLENGESAFTEROBTAININGANOVERVIEWOFTHEDIFFERENTSCFCHALLENGES,ANINDIANCOMPANYWITHGLOBALOPERATIONSWASAPPROACHEDANDAFTERESTABLISHINGRELATIONSHIPSAMONGTHECHALLENGES,AHIERARCHICALRELATIONSHIPSTRUCTUREWASDEVELOPEDANDMIMBIANALYSISWHEREMIMEASUREOFINFLUENCINGMBIMEASUREOFBEINGINFLUENCEDWASCARRIEDOUTTHATHELPEDUNDERSTANDTHERELATIONSHIPDYNAMICSOFSCFCHALLENGESANDIDENTIFYACTIONSATBOTHSTRATEGICANDTACTICALLEVELSFINDINGSTHESTUDYREVEALSTHATLACKOFCOMMONVISIONAMONGTHESUPPLYCHAINSCPARTNERSISTHEMOSTCRITICALCHALLENGECONFRONTINGSCFUNPREDICTABLECASHFLOWSRESULTINGFROMDELAYSINFINANCIALTRANSACTIONS,DUETOLACKOFAUTOMATIONINTHEPAYMENTPROCESSES,ALONGWITHLACKOFKNOWLEDGEANDTRAININGONSCFTOOLS,ALSOPLAYSIGNIFICANTROLESASORGANIZATIONSARETIGHTLYINTEGRATEDTHROUGHTHEIRSC,THEYSHOULDINITIATECOLLABORATIVEAPPROACHESACROSSTHESCTOREDUCETHETOTALPROCURETOPAYMENTCYCLETIMEAND,INTHEPROCESS,IMPROVEOVERALLFINANCIALSTABILITYOFTHESCRESEARCHLIMITATIONS/IMPLICATIONSTHISSTUDYISBASEDONTHEFINDINGSFROMTHEINDIANINDUSTRYFUTURERESEARCHMAYINCLUDEALARGESCALESURVEYANDCASESTUDIESACROSSORGANIZATIONSLOCATEDINDIFFERENTCOUNTRIESANDOPERATINGUNDERDIFFERENTENVIRONMENTSPRACTICALIMPLICATIONSBASEDONTHESTUDY,FIRMSCANEVALUATETHEDYNAMICSOFSCFCHALLENGESANDREDEFINESCRELATIONSHIPSANDSTRATEGIESTOACHIEVEDESIREDCASHFLOWINTHESCORIGINALITY/VALUETHEACADEMICLITERATUREONFINANCIALSUPPLYCHAINSISVERYLIMITEDTHISPAPERAPPEARSTOBETHEFIRSTFORMALATTEMPTATANALYZINGTHEVARIOUSCHALLENGESCONFRONTINGSCFSCFPLATFORMPROVIDERSWHOTEAMUPWITHLARGEFINANCIALINSTITUTIONSTOMEETTHECAPITALREQUIREMENTSOFTHEENTIRESCSCFCREATESAFINANCIALWINWINFORTHEBUYER,THESELLERANDTHEFINANCIALINTERMEDIARYDELOITTE,2009PRICEWATERHOUSECOOPERS,2009HURTREZANDSALVADORI,2010WHILEBUYERSENJOYEXTENDEDPAYMENTTERMSANDANINCREASINGLYRELIABLESUPPLYBASE,SUPPLIERSGAINACCESSTOLOWERCOSTOFFINANCINGANDMUCHMORESTABLEANDPREDICTABLECASHFLOWSFINANCIALINTERMEDIARIESSTANDTODRAMATICALLYINCREASETHEIRINVOLVEMENTINGLOBALSCSBYEXTENDINGTHEIRREACHTOCOVERTHEIRCUSTOMERS’ENDTOENDSCFAIRCHILD,2005KNOX,2005GLASSANOS,2007GREATOPPORTUNITIESLIEAHEADINMANAGINGTHEFINANCIALFLOWSEFFICIENTLYHOWEVER,ATPRESENT,THEFINANCIALSCISINACRITICALPHASEOFEVOLUTIONFACINGVARIOUSCOMPLEXANDSIGNIFICANTCHALLENGESITISIMPORTANTTOANALYZEANDUNDERSTANDHOWTHEDIFFERENTSCFCHALLENGESINTERACTANDGAINANINSIGHTINTOTHEIRCOMPLEXDYNAMICSINTHISPAPER,ASURVEYHASBEENCONDUCTEDAMONGSTINDIANORGANIZATIONSTOLEARNABOUTTHEIRPERCEPTIONSANDEXPERIENCESRELATEDTOTHEDIFFERENTCHALLENGESTHATCONFRONTTHEIRFINANCIALSCSAFTERIDENTIFYINGTHESCFCHALLENGESININDIANENVIRONMENT,AWELLKNOWNINDIANFIRMHASBEENAPPROACHEDTOASCERTAINTHEATTITUDEANDAWARENESSABOUTTHECHALLENGESCONFRONTINGITSSCAND,TOUNDERSTANDANDANALYZETHEINTERACTIONSANDDYNAMICSAMONGTHECHALLENGESINTHECOMPANY’SSC,ANINTERPRETIVESTRUCTURALMODELINGISMHASBEENDEVELOPEDBASEDONTHEANALYSIS,THESTUDYDISCUSSESAPPROPRIATEACTIONPLANS,POLICIESANDSTRATEGIESFORDEPLOYINGSCFWITHTHEPURPOSEOFREDUCINGVULNERABILITYANDRISKSASSOCIATEDWITHTHEFINANCIALSCSTHENEXTSECTIONADDRESSESVARIOUSCHALLENGESTHATCONFRONTTHESCFSECTION3PRESENTSASURVEYTOGETAFIRSTHANDVIEWOFTHEPERCEPTIONANDBELIEFABOUTTHEIMPORTANCEOFSCFCHALLENGESINTHECONTEXTOFINDIANORGANIZATIONSSECTION4PROFILESANINDIANORGANIZATIONTHATHASBEENFACINGSCFCHALLENGESSECTION5STATESTHEMETHODOLOGYANDMODELDEVELOPMENTWHEREASMANAGERIALIMPLICATIONSBASEDONTHESURVEYANDMODELDEVELOPEDAREPRESENTEDINSECTION6THEPAPERISCONCLUDEDINSECTION7BYHIGHLIGHTINGTHESALIENTPOINTSOFTHESTUDY,LIMITATIONSANDFUTURESCOPEOFRESEARCHINTHISEVOLVINGFIELD2CHALLENGESFORIMPROVINGSCFINTHESUPPLYCHAIN,FINANCINGISMADEPOSSIBLEATDIFFERENTPOINTSOFTHESCBASEDONEVENT
      下載積分: 10 賞幣
      上傳時間:2024-03-12
      頁數(shù): 16
      15人已閱讀
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簡介:4000英文單詞,英文單詞,22萬英文字符,萬英文字符,6950漢字漢字文獻出處文獻出處TURANSSFINANCIALINNOVATIONCROWDFUNDINGFRIENDORFOEJPROCEDIASOCIALANDBEHAVIORALSCIENCES,2015,195353362FINANCIALINNOVATIONCROWDFUNDINGFRIENDORFOESEMENSONTURANABSTRACTAPHENOMENONWITHACONSIDERABLEPAST,ANDWITHNEWCONSPICUOUSINVESTMENTMODELSANDFINANCIALPRODUCTSANDSERVICESPROLIFERATEDTHROUGHTHEINTERNETFINANCIALINNOVATIONSEEMSTOBEALMOSTUBIQUITOUSTHESEDAYSWHILETHEREARENUMEROUSADVANTAGES,ESPECIALLYNOWADAYSTHROUGHTHEEXPLOITATIONOFEASILYACCESSIBLE,LOWCOSTANDCONVENIENTECOMMERCEPLATFORMS,INNOVATIONINTHEFINANCESECTORDOESNOTCOMEWITHOUTITSPERILSBANKSANDTRADITIONALFINANCIALINSTITUTIONSARELOSINGCHUNKSOFMARKETSHARETOVIRTUALINTERMEDIARIESANDINVESTORSAREOPERATINGINRELATIVELYLESSREGULATEDAND,CONSEQUENTLY,LESSSECUREENVIRONMENTSFURTHERMORE,FROMTHEPERSPECTIVEOFALLSTAKEHOLDERS,THEREISAKNIGHTIANUNCERTAINTYCOMPONENTOFTHELONGTERMRAMIFICATIONSININVESTINGINANDTHROUGHNEWLYDEVELOPEDPRODUCTSANDPLATFORMSASSUCH,ITISONLYRECENTLYTHATECONOMICHISTORYWITNESSEDTHEOUTBREAKOFTHESUBPRIMEMORTGAGECRISISCAUSEDBYTHEUNRAVELINGOFACHAINOFEVENTSINTERLINKEDTHROUGHTHEIMPRUDENTUSEOF“INNOVATIVE”DERIVATIVETRANSACTIONSINVOLVINGCREDITDEFAULTSWAPSBACKEDBYTHEINSATIABLEAPPETITEOFTHE“IRRATIONALLYEXUBERANT”INVESTORANDTHEEASEMENTOFREGULATIONPAVINGTHELEEWAYFORPREDATORYLENDINGTHISPAPERINVESTIGATESWHETHERANDTOWHATEXTENTINNOVATIVEINVESTMENTMODELSSUCHASCROWDFUNDING,ASTHEGAMECHANGER,FORCINGTHETIGHTLYREGULATEDSECURITIESMARKETSTOADAPTTOTHERULESOFTHEWEB30ERAANDRELIEVEDTHROUGHTHEPROVISION,TITLEIII,OFTHEJOBSACT,COULDBEAPOTENTIALPERILTOTHATEND,ITDISCUSSESTHEEVOLUTIONOFTHEEQUITYCROWDFUNDINGMODELINTHEREALMOFTHETECHNOLOGYPUSHDEMANDPULLFRAMEWORKANDANALYZESTHECURRENTSITUATIONOFTHEMARKETKEYWORDSINNOVATIVEINVESTMENTMODELSCROWDFUNDINGTECHNOLOGYPUSHDEMANDPULLFINANCIALINNOVATIONJOBSACT1INTRODUCTIONCROWDFUNDING“CF”,ALSOCALLEDCROWDINVESTING,REPRESENTSAFAIRLYNEWSOURCEOFEARLYSTAGEVENTUREFUNDING,WHEREALARGENUMBEROFPEOPLEAREVIRALLYMOBILIZEDTHROUGHANONLINEDONATIONORINVESTMENTBASEDMODEL,TOCONTRIBUTEDURINGAGIVENTIMEPERIOD,RELATIVELYSMALLPORTIONSOFFUNDSWITHTHEAIMOFSUPPORTINGACAUSE,PROJECTORBUSINESSVENTUREDONATIONBASEDMODELSAREEITHERSETUPTOFACILITATEPHILANTHROPICGIVINGORTOPROVIDENONMATERIALREWARDSTOTHEDONORS,WHEREASINVESTMENTBASEDMODELSOFFERACLAIMTOADEBTORASHAREOFEQUITYORAPORTIONOFPROFITORREVENUEINEXCHANGEFORTHECONTRIBUTIONOFTHEINVESTORALSOREFERREDTOASTHEBACKERTHOUGHTHEHISTORYOFCOLLECTIVEFUNDRAISINGGOESBACKASFARASTHE18THCENTURYSUBSCRIPTIONOR“PRAENUMERATION”MODELUSEDTOFINANCETHEPRINTINGOFBOOKSCORSTEN,1991,THEMORPHEDPRACTICEOFRAISINGCAPITALTHROUGHONLINECOMMUNITIESFORMEDBY“SHEERSTRANGERS”,WHOMAYORMAYNOTBESOPHISTICATEDINVESTORSDEPENDINGONTHELEGALRESTRICTIONSOFTHEIRHOMECOUNTRY,AREROOTEDINTHEDONATIONBASEDMODELSPEARHEADEDBYAROCKBAND’SFANFUNDEDREUNIONTOURIN1997FEINBERG,2013WITHITSTREMENDOUSGROWTHWORLDWIDE,CFINCREASEDFROM21TO143FROM2007TO2011,ANDTHEEQUITYCROWDFUNDING“EC”SHAREOFTHECFPIEINCREASEDTHREEFOLD,REACHING15DURINGTHESAMEPERIODSTATISTA,2014THERAPIDEVOLUTIONARYPACEOFTODAY’SSOCIALNETWORKENGINESTHATFACILITATEINVESTORSANDLOOSEREGULATORYCONTROL,INITSAFTERMATH,CREATEDAMORECHALLENGINGLENDINGENVIRONMENT,ORA“FUNDINGGAP”,ESPECIALLYFORSMESANDNEWVENTURESINNEEDFORTHESEFUNDSTHE“DEMANDPULL”FACTORBUSINESSANGELS,AND,ATLATTERSTAGES,VENTURECAPITALISTSPARTIALLYSERVEDASREMEDY,HOWEVER,ONLYTOTHELUCKYFEWOFENTREPRENEURSWHOHADTHEAWARENESSOFTHEIREXISTENCE,THECOMMUNICATIONSKILLSTOACCESSTHEMANDMAKETHEIR“PITCH”TOTHESEORGANIZEDGROUPSOFINVESTORSONTHECONTRARY,ONLINEINVESTMENTPLATFORMSTHE“TECHNOLOGYPUSH”FACTORRELIEVEBOTHINVESTORSANDENTREPRENEURSFROMTHEBURDENSOFTHETRADITIONALEARLYSTAGEINVESTMENTPROCESSBYPROVIDINGQUICK,EASYANDLOWCOSTACCESSTOAVARIETYOFPROJECTS,INATRANSPARENTSETTINGFACILITATEDBYATHIRDPARTYTHEIMPORTANCEOFANGELINVESTORSHASINCREASEDINRECENTYEARSGIVENTHEDIFFICULTIESYOUNGINNOVATIVEFIRMSFACEINSECURINGFINANCEFROMOTHERCHANNELSWILSON,2011MEANWHILE,VENTURECAPITALFIRMSAREPAYINGMOREATTENTIONTOLATERSTAGEINVESTMENTS,AND,COUPLEDWITHTHEPOST2008CRISISGROWINGDEMANDFORCHEAPANDACCESSIBLEFUNDS,HAVELEFTASIGNIFICANTFUNDINGGAPATTHESEEDANDEARLYSTAGEANGELINVESTORS,OPERATEINTHISINVESTMENTSEGMENTANDTHUSHELPTOFILLTHISINCREASINGGAPECDEPARTSFROMTHEMODELSOFTRADITIONALANGELINVESTORSANDVENTURECAPITALFIRMSSINCETRANSACTIONSAREINTERMEDIATEDBYANONLINEPLATFORMSOMEPLATFORMSAREMOREACTIVEINSCREENINGANDEVALUATINGCOMPANIESTHANOTHERSALSO,THEIRROLEDURINGTHEINVESTMENTANDPOSTINVESTMENTSTAGESCANVARYSIGNIFICANTLYECPLATFORMS,INGENERAL,FOLLOWTHEPHASESDESCRIBEDINTHISPAPER3STAKEHOLDERRISKSTHEREARETHREEDIRECTSTAKEHOLDERSTOTHEECMODELTHEENTREPRENEUR,THEINVESTOR,ANDTHEECPLATFORMTHESEPLAYERSMAYNOTBEFULLYAWAREOFTHEIMMEDIATEANDLONGTERMRISKSTHEYHAVETOBEARPRIORTO,DURING,ANDINTHEAFTERMATHOFTHEECPROCESSSOMEENTREPRENEURSDONOTFULLYCOMPREHENDTHEUNIQUECHALLENGESTHATGOINGDOWNTHEECROUTECANBRINGINVESTORS,ESPECIALLYUNSOPHISTICATEDONES,MAYUNDERESTIMATETHERISKSASSOCIATEDWITHHIGHRISKINVESTMENTSORMISREADSIGNALSECPLATFORMS,ONTHEOTHERHAND,CARRYTHEBURDENOFACTING,BOTH,ASANINVESTMENTBANKANDANAUDITORFROMALEGALSTANDPOINT,THEINVESTORBUYSASTAKEINTHECOMPANY,WHERETHEVALUE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簡介:PROCEDIASOCIALANDBEHAVIORALSCIENCES1952015353–362AVAILABLEONLINEATWWWSCIENCEDIRECTCOMSCIENCEDIRECT18770428?2015THEAUTHORSPUBLISHEDBYELSEVIERLTDTHISISANOPENACCESSARTICLEUNDERTHECCBYNCNDLICENSEHTTP//CREATIVECOMMONSORG/LICENSES/BYNCND/40/PEERREVIEWUNDERRESPONSIBILITYOFISTANBULUNIVERISTYDOI101016/JSBSPRO201506334WORLDCONFERENCEONTECHNOLOGY,INNOVATIONANDENTREPRENEURSHIPFINANCIALINNOVATIONCROWDFUNDINGFRIENDORFOESEMENSONTURANAAABSTRACTMEFUNIVERSITY,ISTANBUL,TURKEYAPHENOMENONWITHACONSIDERABLEPAST,ANDWITHNEWCONSPICUOUSINVESTMENTMODELSANDFINANCIALPRODUCTSANDSERVICESPROLIFERATEDTHROUGHTHEINTERNETFINANCIALINNOVATIONSEEMSTOBEALMOSTUBIQUITOUSTHESEDAYSWHILETHEREARENUMEROUSADVANTAGES,ESPECIALLYNOWADAYSTHROUGHTHEEXPLOITATIONOFEASILYACCESSIBLE,LOWCOSTANDCONVENIENTECOMMERCEPLATFORMS,INNOVATIONINTHEFINANCESECTORDOESNOTCOMEWITHOUTITSPERILSBANKSANDTRADITIONALFINANCIALINSTITUTIONSARELOSINGCHUNKSOFMARKETSHARETOVIRTUALINTERMEDIARIESANDINVESTORSAREOPERATINGINRELATIVELYLESSREGULATEDAND,CONSEQUENTLY,LESSSECUREENVIRONMENTSFURTHERMORE,FROMTHEPERSPECTIVEOFALLSTAKEHOLDERS,THEREISAKNIGHTIANUNCERTAINTYCOMPONENTOFTHELONGTERMRAMIFICATIONSININVESTINGINANDTHROUGHNEWLYDEVELOPEDPRODUCTSANDPLATFORMSASSUCH,ITISONLYRECENTLYTHATECONOMICHISTORYWITNESSEDTHEOUTBREAKOFTHESUBPRIMEMORTGAGECRISISCAUSEDBYTHEUNRAVELINGOFACHAINOFEVENTSINTERLINKEDTHROUGHTHEIMPRUDENTUSEOF“INNOVATIVE”DERIVATIVETRANSACTIONSINVOLVINGCREDITDEFAULTSWAPSBACKEDBYTHEINSATIABLEAPPETITEOFTHE“IRRATIONALLYEXUBERANT”INVESTORANDTHEEASEMENTOFREGULATIONPAVINGTHELEEWAYFORPREDATORYLENDINGTHISPAPERINVESTIGATESWHETHERANDTOWHATEXTENTINNOVATIVEINVESTMENTMODELSSUCHASCROWDFUNDING,ASTHEGAMECHANGER,FORCINGTHETIGHTLYREGULATEDSECURITIESMARKETSTOADAPTTOTHERULESOFTHEWEB30ERAANDRELIEVEDTHROUGHTHEPROVISION,TITLEIII,OFTHEJOBSACT,COULDBEAPOTENTIALPERILTOTHATEND,ITDISCUSSESTHEEVOLUTIONOFTHEEQUITYCROWDFUNDINGMODELINTHEREALMOFTHETECHNOLOGYPUSHDEMANDPULLFRAMEWORKANDANALYZESTHECURRENTSITUATIONOFTHEMARKET?2015THEAUTHORSPUBLISHEDBYELSEVIERLTDPEERREVIEWUNDERRESPONSIBILITYOFISTANBULUNIVERSITYKEYWORDSINNOVATIVEINVESTMENTMODELSCROWDFUNDINGTECHNOLOGYPUSHDEMANDPULLFINANCIALINNOVATIONJOBSACTCORRESPONDINGAUTHORTEL902123953600EMAILADDRESSSEMENSONMEFEDUTR?2015THEAUTHORSPUBLISHEDBYELSEVIERLTDTHISISANOPENACCESSARTICLEUNDERTHECCBYNCNDLICENSEHTTP//CREATIVECOMMONSORG/LICENSES/BYNCND/40/PEERREVIEWUNDERRESPONSIBILITYOFISTANBULUNIVERISTY355SEMENSONTURAN/PROCEDIASOCIALANDBEHAVIORALSCIENCES1952015353–362THEREWITH,ECWILLMOSTLIKELYPOSEATHREATTOTRADITIONALINVESTMENTPRODUCTSOFFEREDTHROUGHMATUREFINANCIALSERVICESINDUSTRYINTERMEDIARIESACCORDINGTOFINANCETHEORY,THEHIGHERTHERISKSATTACHEDTOACERTAINCASHFLOW,THEHIGHERSHOULDTHECOMPENSATIONBEINTHEFORMOFHIGHERRETURNSEC,WITHITSVERYSHORTTRACKRECORDANDHUGESHARESOFNONFINALIZEDORUNSUCCESSFULPROJECTS,INHERENTLY,CONTAINSHUGEINCALCULABLERISKSITISTHISKNIGHTIANUNCERTAINTYCOMPONENTASSOCIATEDWITHLONGRUNIMPLICATIONSOFFINANCIALINNOVATIONSANDTHERISKEXPOSUREFACEDBYIMMEDIATEECSTAKEHOLDERSTHATISBEINGEXPLOREDINTHISPAPERSOTHENISECAMEANSTOWARDSTHE“DEMOCRATIZATION”O(jiān)FFINANCEORTHESWORDOFDAMOCLESHANGINGOVERTHEHEADOFALLTHOSEINVOLVEDTOTHEBESTMYKNOWLEDGE,LITTLEISKNOWNABOUTTHERISKINESSASSOCIATEDWITHCFANDNOSTUDY,ASOFYET,HASADDRESSEDTHERISKSFROMASTAKEHOLDERS’PERSPECTIVEDURINGEACHSTAGEOFTHELIFECYCLEOFATYPICALECPROCESS2THEORETICALFRAMEWORKANDTHEECMARKETRESEARCHONCFISBEGINNINGTOEMERGE,THOUGHITMOSTLYFOCUSESONDONATIONBASEDFUNDINGMOLLICK,2014THETECHNOLOGYPUSHDEMANDPULLFRAMEWORKOFFERSAVIABLEEXPLANATIONFORTHESURGEINECPLATFORMSTHESUBPRIMEMORTGAGECRISIS,WHICHWASTRIGGEREDBYIMPRUDENTLENDINGPRACTICESOFGREEDYINVESTORSANDLOOSEREGULATORYCONTROL,INITSAFTERMATH,CREATEDAMORECHALLENGINGLENDINGENVIRONMENT,ORA“FUNDINGGAP”,ESPECIALLYFORSMESANDNEWVENTURESINNEEDFORTHESEFUNDSTHE“DEMANDPULL”FACTORBUSINESSANGELS,AND,ATLATTERSTAGES,VENTURECAPITALISTSPARTIALLYSERVEDASREMEDY,HOWEVER,ONLYTOTHELUCKYFEWOFENTREPRENEURSWHOHADTHEAWARENESSOFTHEIREXISTENCE,THECOMMUNICATIONSKILLSTOACCESSTHEMANDMAKETHEIR“PITCH”TOTHESEORGANIZEDGROUPSOFINVESTORSONTHECONTRARY,ONLINEINVESTMENTPLATFORMSTHE“TECHNOLOGYPUSH”FACTORRELIEVEBOTHINVESTORSANDENTREPRENEURSFROMTHEBURDENSOFTHETRADITIONALEARLYSTAGEINVESTMENTPROCESSBYPROVIDINGQUICK,EASYANDLOWCOSTACCESSTOAVARIETYOFPROJECTS,INATRANSPARENTSETTINGFACILITATEDBYATHIRDPARTYTHEIMPORTANCEOFANGELINVESTORSHASINCREASEDINRECENTYEARSGIVENTHEDIFFICULTIESYOUNGINNOVATIVEFIRMSFACEINSECURINGFINANCEFROMOTHERCHANNELSWILSON,2011MEANWHILE,VENTURECAPITALFIRMSAREPAYINGMOREATTENTIONTOLATERSTAGEINVESTMENTS,AND,COUPLEDWITHTHEPOST2008CRISISGROWINGDEMANDFORCHEAPANDACCESSIBLEFUNDS,HAVELEFTASIGNIFICANTFUNDINGGAPATTHESEEDANDEARLYSTAGEANGELINVESTORS,OPERATEINTHISINVESTMENTSEGMENTANDTHUSHELPTOFILLTHISINCREASINGGAPECDEPARTSFROMTHEMODELSOFTRADITIONALANGELINVESTORSANDVENTURECAPITALFIRMSSINCETRANSACTIONSAREINTERMEDIATEDBYANONLINEPLATFORMSOMEPLATFORMSAREMOREACTIVEINSCREENINGANDEVALUATINGCOMPANIESTHANOTHERSALSO,THEIRROLEDURINGTHEINVESTMENTANDPOSTINVESTMENTSTAGESCANVARYSIGNIFICANTLYECPLATFORMS,INGENERAL,FOLLOWTHEPHASESDESCRIBEDINTHISPAPER3STAKEHOLDERRISKSTHEREARETHREEDIRECTST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