Venture capital, crowdfunding, and initial coin offering: The interconnectedness of entrepreneurial financing channels in Europe

Thumbnail Image

Files

bachelor_Nguyen_Loc_2018.pdf (552.82 KB)

URL

Journal Title

Journal ISSN

Volume Title

School of Business | Bachelor's thesis
Unless otherwise stated, all rights belong to the author. You may download, display and print this publication for Your own personal use. Commercial use is prohibited.

Authors

Date

2018

Department

Mikkelin kampus

Major/Subject

Mcode

Degree programme

(Mikkeli) Bachelor’s Program in International Business

Language

en

Pages

38

Series

Abstract

Objectives The main objective of this study is to examine the potential relationship between the more recent funding mechanisms – crowdfunding and initial coin offering, in this case – and the traditional ones – venture capital, in this case. Towards this goal, the study will review the current state of literature and conduct correlation analyses of the three aforementioned mechanisms. Summary This paper reviewed the literature in entrepreneurship financing and found a clear gap in researches for the interaction between different funding mechanisms. Based on the findings in this literature review, the paper conducted correlational analyses of three time-series, representing the amount raised via three channels: venture capital, crowdfunding, and initial coin offering. To prepare for these analyses, measures have been taken to produce stationarity from these non-stationary time-series. Both the differencing for stationarity and the correlation analyses allowed for interesting observations. Conclusions This led to three main insights: (1) all the time-series exhibit strong rising trend and some seasonality, (2) amount raised via crowdfunding has a slight negative correlation with that via venture capital, and (3) there is no statistically significant relationship between venture capital and ICO.

Description

Thesis advisor

Rannikko, Heikki

Keywords

venture capital, crowdfunding, initial coin offering, European, econometrics, stationarity

Other note

Citation

Permanent link to this item

https://urn.fi/URN:NBN:fi:aalto-201809105075

Collections

[kand] Kauppakorkeakoulu / BIZ (Open Access)