Analisis Faktor-Faktor yang Mempengaruhi Keberhasilan Pendanaan pada Equity Crowdfunding yang Terdaftar di Otoritas Jasa Keuangan di Indonesia

Abstract

The purpose of this study is to determine and test the effect of intellectual capital signals and the level of uncertainty on the success of funding on equity crowdfunding platforms that are officially registered with the financial services authorities in Indonesia. The population of this study is prospectuses for open offers made by MSMEs on equity crowdfunding platforms in Indonesia in 2019 – 2021 with a total of 147 prospectus observation data. The sampling technique used is purposive sampling, which is a sampling technique with certain criteria. Testing the hypothesis using multiple regression analysis method. This study argues that intellectual capital and the level of uncertainty presented in an open offer in equity crowdfunding can be perceived by novice investors or crowdfunders as a signal of business quality and encourages them to invest and meet funding targets. By exploiting the role of signaling theory in reducing information asymmetry. The results of the study show that only business alliances are an indicator of intellectual capital and financial projections are an indicator of the level of uncertainty that has a positive and significant effect on the amount of funds which is an indicator of successful funding. Meanwhile, business experience and product innovation, which are indicators of intellectual capital, and debt to date, which are indicators of the degree of uncertainty, have no significant effect. Based on these findings, the success of equity crowdfunding that is officially registered in Indonesia is influenced by business alliances and financial projections. This research provides valid implications for entrepreneurs, platform managers, and policy makers/authorities.