A QUALITATIVE-EXAMINATION OF ACCOUNTING AND NON-ACCOUNTING INFORMATION RELEVANT TO THAI EQUITY-BASED CROWDFUNDING
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Abstract
Equity-based crowdfunding (ECF) is a new funding source for Thai startups and small and medium enterprises (SMEs). However, there has been only one ECF fundraising success story in Thailand during the past three years. Nevertheless, the premise of ECF is warranted by its success in many countries. The present study addresses the use of accounting and non-accounting information by four parties involved in the Thai ECF setting. Twenty-three in-depth interviews were conducted with representatives of the four parties: fifteen investors, four founders, three platform operators, and one crowdfunding regulator. The results show that the majority of participants focused on four types of accounting information: predicted financial returns, financial projections, financial statements, and financial ratios. They also paid a great deal of attention to non-accounting information, including various characteristics of founders or fund-seekers, namely management team and staff, marketing potential, product/service characteristics, business model, communication, amount of capital, and network. The results can help platform operators and regulators to address information asymmetries between founders and investors. Finally, a conceptual framework is developed for future research to examine how different parties use accounting and non-accounting information by incorporating the behavioral finance perspective.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของคณะวิทยาการจัดการ มหาวิทยาลัยราชภัฏอุดรธานี
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้ ไม่ใช่ความคิดเห็นและความรับผิดชอบของผู้จัดทำ บรรณาธิการ กองบรรณาธิการ และคณะวิทยาการจัดการ มหาวิทยาลัยราชภัฏอุดรธานี ความรับผิดชอบด้านเนื้อหาและการตรวจร่างบทความแต่ละเรื่องเป็นความคิดเห็นของผู้เขียนบทความแต่ละท่าน
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