TY  - RPRT
A1  - Estrin, Saul
A1  - Khavul, Susanna
A1  - Kritikos, Alexander
A1  - Löher, Jonas
T1  - Access to digital finance
BT  - equity crowdfunding across countries and platforms
T2  - CEPA Discussion Papers
N2  - Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated with differences across three countries and seven platforms. Using a novel dataset of successful fundraising on the most prominent platforms in the UK, Germany, and the USA, we find the underlying relationship between the number of investors and the amount of money raised for entrepreneurs is loglinear, with a coefficient less than one and concave to the origin. We identify significant variation in the average amount invested in each pitch across countries and platforms. Our findings have implications for market actors as well as regulators who set competitive frameworks.
T3  - CEPA Discussion Papers - 72 
KW  - equity crowdfunding
KW  - soft information
KW  - entrepreneurship
KW  - finance
KW  - financial access and inclusion
Y1  - 2024
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus4-623261
SN  - 2628-653X
IS  - 72
ER  - 
TY  - RPRT
A1  - Kritikos, Alexander
A1  - Maliranta, Mika
A1  - Nippala, Veera
A1  - Nurmi, Satu
T1  - Does gender of firm ownership matter?
BT  - Female entrepreneurs and the gender pay gap
T2  - CEPA Discussion Papers
N2  - We examine how the gender of business-owners is related to the wages paid to female relative to male employees working in their firms. Using Finnish register data and employing firm fixed effects, we find that the gender pay gap is – starting from a gender pay gap of 11 to 12 percent - two to three percentage-points lower for hourly wages in female-owned firms than in male-owned firms. Results are robust to how the wage is measured, as well as to various further robustness checks. More importantly, we find substantial differences between industries. While, for instance, in the manufacturing sector, the gender of the owner plays no role for the gender pay gap, in several service sector industries, like ICT or business services, no or a negligible gender pay gap can be found, but only when firms are led by female business owners. Businesses in male ownership maintain a gender pay gap of around 10 percent also in the latter industries. With increasing firm size, the influence of the gender of the owner, however, fades. In large firms, it seems that others – firm managers – determine wages and no differences in the pay gap are observed between male- and female-owned firms.
T3  - CEPA Discussion Papers - 76 
KW  - entrepreneurship
KW  - gender pay gap
KW  - discrimination
KW  - linked employer-employee data
Y1  - 2024
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus4-636194
SN  - 2628-653X
IS  - 76
SP  - 1
EP  - 39
ER  -