| dc.description.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. | en_US |
