Notre recherche s’intéresse aux déterminants affectifs et axiologiques du choix d’investissement en equity crowdfunding. Nous défendons la thèse d’un choix de projets déterminé en partie par les valeurs et l’affectif de l’investisseur individuel. Notre revue de littérature est transversale à plusieurs champs des sciences sociales. Ainsi, le cadre théorique établi articule finance, marketing, GRH et psychologie. Un modèle explicatif par équations structurelles est proposé puis testé empiriquement grâce aux données d’une expérimentation de laboratoire. Nos résultats confirment que les valeurs ainsi que l’intérêt pour le projet, une variable affective, ont un effet sensible dans les choix des investisseurs et dominent le jugement analytique en l’absence d’interactions sociales réelles et virtuelles. Une théorie originale est proposée pour améliorer la compréhension du phénomène étudié, au-delà des apports de la théorie du signal. Cette théorie, le matching affectif, personnalise les comportements et offre un prisme de lecture reposant sur la congruence entre caractéristiques du projet et préférences de l’investisseur. Sa mise en œuvre par un modèle dérivant du modèle explicatif associé à une mesure de similarité ad hoc produit des résultats prédictifs encourageants. Notre travail se termine par un ensemble de suggestions managériales découlant de nos conclusions / Our research focuses on the emotional and axiological determinants of investment choice in equity crowdfunding. We defend the thesis of a projects choice determined in part by the values and emotions of the individual investor. Our literature review is transversal to several fields of social sciences. Thus, the established theoretical framework articulates finance, marketing, HRM and psychology. An explanatory model using structural equations is proposed and tested empirically using data from a laboratory experiment. Our results confirm that values and interest in the project, an affective variable, have a significant effect on investor choices and dominate analytical judgment in the absence of real and virtual social interactions. An original theory is proposed to improve the understanding of the studied phenomenon, beyond the contributions of the signal theory. This theory, emotional matching, personalizes behaviors and offers a prism of reading based on the congruence between characteristics of the project and investor preferences. Its implementation by a model derived from the explanatory model associated with an ad hoc similarity measure produces encouraging predictive results. Our work ends with a set of managerial suggestions arising from our findings.

L’equity crowdfunding (ECF) est un mode d’investissement récent, accessible au grand public, qui a pour caractéristiques de se dérouler en ligne, au sein d’une communauté virtuelle, dans l’environnement d’une plateforme intermédiaire.Ce travail doctoral a pour objectif de mieux comprendre le comportement des investisseurs particuliers qui achètent des produits financiers en ECF, les crowdinvestors.En s’inscrivant dans le courant de la valeur de consommation, cette recherche contribue à définir les sources de valorisation d’investissement en ECF et en étudie spécifiquement la dimension participative et son influence sur la décision d’investissement.Une revue de littérature en finance entrepreneuriale sur le profil, les motivations, le comportement d’investissement et les facteurs d’influence de la décision d’investissement des crowdinvestors est proposée. Une enquête exploratoire reposant sur 13 entretiens et une étude empirique testant un modèle d’équations structurelles sur la base de 436 questionnaires, ont été menées auprès de membres de la plateforme d’ECF française WiSEED.L’analyse des données menée avec l’approche PLS montre que la valeur perçue de l’expérience de participation a une influence significative sur la valorisation de l’investissement, mais pas sur la décision d’investissement. Nous mettons en évidence le rôle central de l’expertise subjective du capital-amorçage des individus comme antécédent de la décision d’investissement, de la valorisation de l’expérience de participation et de l’engagement dans la communauté en ligne. Enfin, les résultats indiquent que le risque perçu n’est pas un modérateur du modèle tandis que la sophistication de l’investisseur en est un. / Equity crowdfunding is a recent investment mode, opening acces to venture capital to unsophisticated investors. ECF allows platform-based online investment within a virtual community.This research aims to improve understanding of indivual investors financial products consumption, in the ECF context, the so-called crowdinvestors.Building on consumption value theory, this research helps defining ECF-investment value sources for crowdinvestors. It focuses especially on the ‘participation in community’ dimension of ECF as a determinant of various investment behaviors.A litterature review in entrepreneurial finance is presented to define profiles, motivations, investment behaviors and quality signals influencing crowdinvestors’ investment decision.To answer three main research questions, an exploratory study was conducted on 13 members on french ECF platform WiSEED. We put in evidence the difference between the investment experience and the participation in community experienceThus, an empirical study based on a theoretical model is conducted and various PLS analysis are run on a set of 436 surveys answered by WiSEED members. Results show that perceived value of participation experience has a positive and significant influence on perceived value of investment but no influence at all on investment decision.Though, we highlight the central role of individuals’ venture capital expertise both on their investment (amount and number), their engagement within the platform community and their participation experience perceived value. inally, results indicate that perceived risk is not a moderator of the model whereas investor sophistication is.

This thesis explores the rapidly growing phenomenon of equity crowdfunding from the perspective of professional investors. The aim was to contribute to the relatively thin aca-demic field of equity crowdfunding, shedding light on why it is yet to be recognized as an important instrument for raising capital and provide suggestions for improvement. The data was collected through semi-structured in-depth interviews with Angel Investors that through their experience could identify benefits and constraints with equity crowd-funding not obvious to the crowd. Benefits of using equity crowdfunding platforms were outweighed by the identified constraints such as corporate governance issues, uncertainties concerning laws and regulations, high risk, and lack of intellectual capital. This eventually led to suggestions for improvements that included channelling the crowd investments through a mutual fund, and allowing the crowd to co-invest with Angel Investors to get around the constraints. Conclusively, the Angel Investors were positive towards the underlying ideology of equity crowdfunding of helping more entrepreneurial ventures reaching their full potential by tapping a previously unutilized source of capital, the crowd. However, there is scepticism to how the phenomenon is currently working in practice.

群眾募資成為近年廣被討論和使用的新興籌資方式，線上募資平台普遍被認為具提供資金、市場驗證及行銷曝光的功能，學術圈和實務界有許多如何成功募資的研究，但卻鮮少討論群眾募資帶來的影響與挑戰，因此本研究欲探討從產品開發到出貨，群眾募資在完整的專案歷程中代表的意涵，供未來提案者參考。 本研究採個案研究法，選擇「Stair-Rover八輪滑板」、「Voltset智能電表」、「ATOM 3D印表機」和「器研所New Urban Bike」做為研究個案。首先，了解提案者募資動機以及了解募資平台扮演的角色；其次，以新產品開發的觀點分析個案，討論群眾募資如何影響募資專案；最後，從專案管理的角度討論群眾募資帶給提案者什麼正面效益，以及需留意的風險。 研究結果發現，資金不一定是提案者使用群眾募資的主要動機，市場驗證及行銷曝光的功能仍為提案者所看重。除此之外，也有提案者將募資平台視為產品通路、或是建立社群的管道，群眾募資的意義與團隊所欠缺的資源有關，因而對其產生不同的定義。 此外，群眾募資改變了一般循序式的新產品開發流程，不同階段可能同時發生，且加速市場的反應，但並沒有因群眾募資而省略任一開發流程，這樣的改變更加考驗提案者同時處理技術端和市場端的能力。 最後，從專案管理看群眾募資，「成本」可視為產品發展時所需的經費、「時間」則是指募資結束後產品商品化的速度、「品質」代表社群互動和客戶服務。提案者必須謹慎拿捏，找到三者的平衡，包括建立群眾參與感、準時出貨和產品與專案內容描述一致，達到最終「贊助者滿意」，才算是一個成功的募資專案。

Submitted by Monica Monteiro (monicapenido@gmail.com) on 2015-02-11T22:58:32Z No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-02-19T13:39:11Z (GMT) No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-23T17:01:03Z (GMT) No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Made available in DSpace on 2015-02-23T17:01:17Z (GMT). No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) Previous issue date: 2014-12-12 / The purpose of this paper is to examine the motivations for the participation of supporters in the Brazilian reward-based model of crowdfunding, taking into consideration the aspects disclosed in the north-american research of Gerber and Hui (2014). Since the participation in such model is voluntary, it is important to understand the reasons that move a person to participate. Therefore, we believe that the purpose of this study has been completely fulfilled, providing contributions in various ways. To deepen the understanding of this new social phenomenon, a qualitative research based on a multiple case study was presented in which supporters represented the analysis unit in three of the largest crowdfunding platforms in Brazil: Queremos, Catarse and Benfeitoria. In addition, the qualitative method of in-depth interviews with the elements of the analysis unit has been chosen as the source of information for this methodology. There were 11 interviews conducted with supporters, 06 men and 05 women. The study also aimed at a better understanding of the national panorama of this market, starting from in-depth interviews among platform founders and a heavy user (over 140 supported projects) of the model. After the consolidation and analysis of the collected data, it has been verified the presence of the motivations found in Gerber’s studies (GERBER and HUI, 2014), although with a few reservations regarding the motivation 'Be part of a community', explained below. The qualitative research substantially polished the understanding of whatever motivates any supporter to participate in crowdfunding, including important aspects regarding market practices that ought to be taken into consideration. In the end part of this paper, the conclusions and implications of the research were described in detail. / Este trabalho procurou investigar as motivações para a participação de apoiadores no modelo de recompensa de crowdfunding no Brasil, sob a luz dos aspectos encontrados na pesquisa americana de Gerber e Hui (2014). Como a participação nesse modelo é voluntária, entendeu- se ser importante compreender os motivos que levam pessoas a apoiarem projetos. Acredita- se que este trabalho tenha atingido o que foi por ele proposto, deixando contribuições em diversos sentidos. A fim de aprofundar o entendimento desse novo fenômeno social, apresentou-se uma pesquisa qualitativa fundamentada em um estudo de caso múltiplo, em que os apoiadores eram a unidade de análise, nas três maiores plataformas de crowdfunding do Brasil: Queremos, Catarse e Benfeitoria. E, como fonte de informações para esta metodologia, optou-se pelo método qualitativo de entrevistas em profundidade com os elementos da unidade de análise. Foram realizadas 11 entrevistas com apoiadores, sendo 06 homens e 05 mulheres. O trabalho também teve o objetivo de conhecer melhor o cenário nacional desse mercado, a partir de entrevistas em profundidade com os fundadores das plataformas e um heavy user (mais de 140 projetos apoiados) do modelo. Após a consolidação e análise dos dados obtidos, verificou-se a presença das motivações encontradas nos estudos de Gerber (GERBER e HUI, 2014), porém com algumas ressalvas quanto a motivação 'Fazer parte de uma comunidade', explicitada a seguir. A pesquisa qualitativa refinou substancialmente a compreensão do que motiva apoiadores a participar de crowdfunding, incluindo aspectos importantes que devem ser levados em consideração quanto a práticas do mercado. Ao final, as conclusões e implicações deste estudo foram detalhadamente apresentadas.

Submitted by Melanie Giacobbo Riffel (melariffel@hotmail.com) on 2016-04-08T21:19:06Z No. of bitstreams: 1 Crowdfunding De Modismo a Novo Instrumento Financeiro.pdf: 2029271 bytes, checksum: af1f85c42ea7ab56c4b69cf07e0748a7 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-04-13T13:32:00Z (GMT) No. of bitstreams: 1 Crowdfunding De Modismo a Novo Instrumento Financeiro.pdf: 2029271 bytes, checksum: af1f85c42ea7ab56c4b69cf07e0748a7 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-04-14T12:39:36Z (GMT) No. of bitstreams: 1 Crowdfunding De Modismo a Novo Instrumento Financeiro.pdf: 2029271 bytes, checksum: af1f85c42ea7ab56c4b69cf07e0748a7 (MD5) / Made available in DSpace on 2016-04-14T12:40:46Z (GMT). No. of bitstreams: 1 Crowdfunding De Modismo a Novo Instrumento Financeiro.pdf: 2029271 bytes, checksum: af1f85c42ea7ab56c4b69cf07e0748a7 (MD5) Previous issue date: 2016-03-21 / This thesis aims to evaluate the attractiveness to the small Brazilian investor, from a financial point of view, of a new form of investment, based on characteristics of the Brazilian crowdfunding model and of traditional investment tools, to be called crowdinvesting. Supported by the detailed understanding of the existing crowdfunding model in the country and the identification and mapping of the characteristics of traditional investment instruments, this study seeks to define how the new form of investment would work and examine whether, in comparison with traditional tools, in terms of risk and return, the crowdinvesting model would be competitive in the Brazilian market. / Essa dissertação tem como objetivo avaliar a atratividade para o pequeno investidor brasileiro, do ponto de vista financeiro, de uma nova forma de investimento, definida a partir de características do modelo brasileiro de crowdfunding e das ferramentas de investimento tradicionais, a ser chamada de crowdinvesting. A partir do entendimento detalhado do modelo de crowdfunding existente no país e da identificação e mapeamento das características dos instrumentos de investimento tradicionais, esse estudo busca definir como deve funcionar a nova forma de investimento proposta, e analisar se, em comparação com as ferramentas tradicionais, em termos de risco e retorno, o crowdinvesting seria competitivo no mercado brasileiro.

Submitted by Israel Felipe (israeljfelipe@gmail.com) on 2017-10-23T14:12:53Z No. of bitstreams: 1 Versão final com correções - Tese Israel Felipe FGV.pdf: 2231561 bytes, checksum: 6286843055e43fd7589fe1360de3296a (MD5) / Rejected by Maria Tereza Fernandes Conselmo (maria.conselmo@fgv.br), reason: Israel, O resumo e o abstract tem que ser em uma única pagina. Retirar a informação que esta acima do resumo e abstract, não pode conter aquela informação. Após feito esses ajuste submeter novamente a biblioteca. Tereza SRA on 2017-10-24T15:48:57Z (GMT) / Submitted by Israel Felipe (israeljfelipe@gmail.com) on 2017-10-24T16:15:56Z No. of bitstreams: 2 Versão final com correções - Tese Israel Felipe FGV.pdf: 2231561 bytes, checksum: 6286843055e43fd7589fe1360de3296a (MD5) Versão final com correções - Tese Israel Felipe FGV.pdf: 2228406 bytes, checksum: 2004a64bf28cf51094c363977af1f844 (MD5) / Approved for entry into archive by Maria Tereza Fernandes Conselmo (maria.conselmo@fgv.br) on 2017-10-24T16:40:50Z (GMT) No. of bitstreams: 2 Versão final com correções - Tese Israel Felipe FGV.pdf: 2231561 bytes, checksum: 6286843055e43fd7589fe1360de3296a (MD5) Versão final com correções - Tese Israel Felipe FGV.pdf: 2228406 bytes, checksum: 2004a64bf28cf51094c363977af1f844 (MD5) / Made available in DSpace on 2017-10-24T19:23:24Z (GMT). No. of bitstreams: 2 Versão final com correções - Tese Israel Felipe FGV.pdf: 2231561 bytes, checksum: 6286843055e43fd7589fe1360de3296a (MD5) Versão final com correções - Tese Israel Felipe FGV.pdf: 2228406 bytes, checksum: 2004a64bf28cf51094c363977af1f844 (MD5) Previous issue date: 2017-10-10 / In recent years, the advancement of financial technologies, 'Fintechs', has profoundly modified the way of doing business in several countries. A good example of this is the crowdfunding market, which has benefited from the 'wisdom of the crowds' to enable individuals and small businesses to raise funds necessary for the development of their business. Barriers access to finance, especially collections of consolidated financial information and business-related collateral, have limited the use of financial resources to a broad range of ventures. As a result, crowdfunding has attracted the attention of a large part of the finance and entrepreneurship communities, which point to a vast economic, financial and innovative potential for this modality of financing. However, some studies have reported that crowdfunding may be sensitive to information asymmetry, similar to what occurs with traditional funding channels. Therefore, this research intends to investigate the process of capital allocation in the crowdfunding market, based on approaches that can provide information capable of smoothing the informational friction in the collective funding process. The first approach is the use of semantic analysis of mass media news, which can be applied on the behavior of investors and thus reveal information that serves as a parameter for choosing the best timing for the investment decision and for strategies reduction of business exposure to factors external to the financing process. The second approach consists of the geography of investments, that is, the observation of the geographical characteristics of the origins of the contributions made in the enterprises. Thus, economic and demographic information can be used to select the location of the projects, as well as the geographical orientation of the financing campaign. To fulfill the objective of this research, four trials were developed. The first essay points out a current research agenda around crowdfunding and presents theoretical and empirical discussions on this topic. The second essay identifies the determinants of the success of funding for reward crowdfunding projects, through consideration of headquarters and project attributes. Based on more than 4,200 projects from 417 Brazilian cities, the main results obtained through logit regression and survival analysis suggest that art projects, those that intend larger sums of resources, and those that offer a greater number of rewards are, probably, less successful. On the other hand, projects accounting for more support and those developed in regions with a higher concentration of per capita household income tend to be more successful in their financing campaigns. The third essay investigates the effect of the geographical characteristics of the origin of the contributions and the textual sentiment of the news about the capture of reward crowdfunding. Based on more than 350,000 contribution operations, allocated in more than 2,600 crowdfunding projects, based in 390 Brazilian cities, the research findings indicate that the operational attributes of the projects may lead to increases in the value of the contributions. With respect to geography, the distance between entrepreneur / investor can reduce the tendency of the investor to deposit larger amounts in the ventures. However, the concentration of household income per capita has shown that regions with higher income stocks can contribute more to collective initiatives. Both pessimistic and optimistic news could influence the behavior of contributions in ventures. That is, through a pessimistic scenario, investors tend to deposit smaller amounts in the ventures. On the other hand, in optimistic scenarios, they are inclined to make bigger investments. Finally, the fourth essay analyzes the value of equity investments in equity crowdfunding ventures, through semantic analysis of the media and the geography of financial contributions. Based on 736 investments made in 22 equity crowdfunding ventures located in nine Brazilian cities, the results of the study indicate that the attributes of the ventures may impact the value of the capital allocation. As far as investor behavior on the news is concerned, it is noted that mass news releases with a greater number of positive words can encourage investors to apply larger financial amounts in the ventures. In contrast, the geographical distance between entrepreneur-investor may negatively affect the value of these investments. It is hoped that the empirical results presented here can provide theoretical contributions and managerial implications for academia, professionals, platform managers and public policymakers. / Nos últimos anos, o avanço das tecnologias financeiras, 'Fintechs', tem modificado profundamente o modo de fazer negócios em diversos países. Um bom exemplo disso é o mercado de crowdfunding, o qual tem se beneficiado da ‘sabedoria das multidões’ para permitir que indivíduos e pequenas empresas consigam captar financiamentos necessários para o desenvolvimento de seu negócio. As barreiras de acesso ao financiamento, especialmente as cobranças de informações financeiras consolidadas e de garantias vinculadas aos negócios, têm limitado a utilização de recursos financeiros para um amplo conjunto de empreendimentos. Dessa forma, o crowdfunding, por conseguir flexibilizar exigências excessivas para concessão do crédito, tem despertado a atenção de boa parte das comunidades de finanças e empreendedorismo, as quais apontam um vasto potencial econômico, financeiro e inovador para essa modalidade de financiamento. Entretanto, alguns estudos têm relatado que o crowdfunding pode ser sensível à assimetria de informações, de modo análogo ao que ocorre com os canais tradicionais de financiamento. Assim sendo, esta pesquisa pretende investigar o processo de alocação de capital no mercado de crowdfunding, a partir de abordagens que possam fornecer informações capazes de suavizar o atrito informacional no processo de funding coletivo. A primeira abordagem é a utilização da análise semântica de notícias de mídia de massa, a qual pode ser aplicada sobre o comportamento dos investidores e, assim, revelar informações que sirvam de parâmetro para a escolha do melhor timing para a decisão de investimento e para estratégias de redução de exposição do negócio a fatores externos ao processo de financiamento. A segunda abordagem consiste na geografia dos investimentos, ou seja, na observação das características geográficas das origens das contribuições realizadas nos empreendimentos. Assim, informações econômicas e demográficas poderão servir para a escolha da localização dos empreendimentos, bem como para a orientação geográfica da campanha de financiamento. Para cumprimento do objetivo desta pesquisa, foram desenvolvidos quatro ensaios. O primeiro ensaio aponta uma agenda de pesquisa atual ao redor do crowdfunding e apresenta discussões teóricas e empíricas sobre essa temática. O segundo ensaio identifica os determinantes do sucesso da captação de financiamento para projetos de reward crowdfunding, mediante a consideração da sede e de atributos dos projetos. Com base em mais de 4.200 projetos, oriundos de 417 cidades brasileiras, os principais resultados obtidos via regressão logit e survival analysis sugerem que projetos de arte, aqueles que intencionam maiores somas de recursos, e os que oferecem um maior número de recompensas, são, provavelmente, menos exitosos. Por outro lado, os projetos que contabilizam um maior número de apoios e aqueles desenvolvidos em regiões com maior concentração de renda per capita domiciliar tendem a obter sucesso mais rapidamente em suas campanhas de financiamento. O terceiro ensaio investiga o efeito das características geográficas da origem das contribuições e do sentimento textual das notícias sobre a captação de reward crowdfunding. Baseando-se em mais de 350 mil operações de contribuição, alocadas em mais de 2,6 mil projetos de crowdfunding, sediados em 390 cidades brasileiras, os achados da pesquisa indicam que os atributos operacionais dos projetos podem provocar acréscimos no valor das contribuições. Com relação à geografia, a distância entre empreendedor-investidor pode reduzir a propensão do investidor em depositar maiores quantias nos empreendimentos. Contudo, a concentração de renda domiciliar per capita revelou que regiões com maiores estoques de renda podem contribuir mais com as iniciativas coletivas. Tanto as notícias pessimistas quanto as otimistas foram capazes de influenciar o comportamento das contribuições nos empreendimentos. Isto é, mediante cenário pessimista, os investidores tendem a depositar menores quantias nos empreendimentos. Em contrapartida, em cenários otimistas, eles se inclinam a efetuar maiores investimentos. Por último, o quarto ensaio analisa o valor dos investimentos alocados em empreendimentos de equity crowdfunding, por meio de análise semântica da mídia e da geografia dos aportes financeiros. Com base em 736 investimentos realizados sobre 22 empreendimentos de equity crowdfunding, localizados em nove cidades brasileiras, os resultados do estudo apontam que os atributos dos empreendimentos podem impactar no valor da alocação de capital. No que diz respeito ao comportamento do investidor frente às notícias, nota-se que notícias de massa divulgadas com uma maior quantidade de palavras positivas podem incentivar os investidores a aplicarem maiores quantias financeiras nos empreendimentos. Em contraste, a distância geográfica entre empreendedor-investidor pode atuar negativamente sobre o valor desses investimentos. Espera-se que os resultados empíricos aqui apresentados possam fornecer contribuições teóricas e implicações gerenciais para a academia, profissionais, gestores das plataformas e formadores de políticas públicas.

Submitted by Livia Mello (liviacmello@yahoo.com.br) on 2016-10-14T14:17:32Z No. of bitstreams: 1 DissCEMVA.pdf: 7571691 bytes, checksum: 24d33e5ced801cbbe013d599c23518ee (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-11-08T18:48:58Z (GMT) No. of bitstreams: 1 DissCEMVA.pdf: 7571691 bytes, checksum: 24d33e5ced801cbbe013d599c23518ee (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-11-08T18:49:04Z (GMT) No. of bitstreams: 1 DissCEMVA.pdf: 7571691 bytes, checksum: 24d33e5ced801cbbe013d599c23518ee (MD5) / Made available in DSpace on 2016-11-08T18:49:11Z (GMT). No. of bitstreams: 1 DissCEMVA.pdf: 7571691 bytes, checksum: 24d33e5ced801cbbe013d599c23518ee (MD5) Previous issue date: 2016-07-14 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / At the end of the twentieth century and early twenty-first century, with the advent of digital technologies, the proliferation of the Internet and the cheapening of audiovisual equipment, new options have emerged to produce, distribute and show films. Among these options, highlight the practice of crowdfunding, one of crowdsourcing models, as an alternative possibility of national film funding. Nevertheless crowdfunding still a recent practice and little known in the country, with many platforms being launched and also closed, and the vast majority of funded projects are especially concentrated in the southeast region. This thesis sought to discuss this scenario, taking as its starting point the authors Jeff Howe and Henry Jenkins, and also Brazilian academic research on crowdfunding published until August 2015. The study subjects were the online community Crowdfunding BR and Brazilian platform of crowdfunding Catarse, focusing on projects of this platform in the category named Film and Video. The result indicates datas able to expand the reader's understanding and stimulate critical view of this practice, based on the presentation of its origins, organization mode, propagation around the world and it insertion in Brazil, making possible the understanding of the current context and the potential not yet explored of crowdfunding in the country. / No final do século XX e início do século XXI, com o advento das tecnologias digitais, a proliferação da internet e o barateamento dos equipamentos audiovisuais, surgiram novas opções para se produzir, distribuir e exibir filmes. Entre essas opções, destaco a prática do crowdfunding, um dos modelos de crowdsourcing, como possibilidade alternativa de financiamento do cinema nacional. Mesmo assim, essa ainda é uma prática recente e pouco conhecida no país, com muitas plataformas sendo lançadas e também fechadas, e com a grande maioria de projetos financiados concentrada especialmente na região sudeste. A presente dissertação buscou discutir esse cenário, tendo como ponto de partida os autores Jeff Howe e Henry Jenkins, bem como pesquisas acadêmicas brasileiras sobre crowdfunding publicadas até agosto de 2015. Os objetos de estudo foramcomunidade on-line Crowdfunding BR e a plataforma brasileira de crowdfunding Catarse, com enfoque nos projetos desta plataforma pertencentes à categoria denominada Cinema e Vídeo. O resultado aponta dados capazes de ampliarcompreensão do leitor e estimular sua visão crítica acerca dessa prática, partindo da apresentação de suas origens, modo de organização, difusão ao redor do mundoinserção no Brasil, possibilitando o entendimento do contexto atual e dos potenciais ainda pouco explorados pelo crowdfunding no país.

Cette thèse en sciences de Gestion se concentre sur l'étude de la relation triptyque entre le Crowdfunding axé sur I’investissement, la RSE et l'investissement socialement responsable (ISR). L'étude repose sur un modèle de recherche tridimensionnel identifiant trois dimensions de la RSE : la dimension éthique, managériale et mesurable, la dimension éthique remet en question l'engagement social de la «foule», en fonction de sa motivation d'investissement (suite l'approche ISR). La dimension managériale tente d'identifier la «foule» en tant que partie prenante par l'adaptation modèle de Mitchel et al (1997). Enfin, la dimension mesurable illustre la capacité que les plateformes ont développé ce qui concerne la mesure de l'impact des projets sélectionnés. Le modèle de recherche identifie les différents niveaux réactivité sociale des plateformes de Crowdlnvesting observées, en fonction de la présence de ces trois dimension indiquées ci-dessus. La thèse est basée sur la recherche qualitative avec un objectif exploratoire, en utilisant l'étude cas comme une méthode de recherche avec deux cas, à savoir 100/PACT et LUMO. l'analyse empirique comprend 13 entretiens semi-directifs, deux questionnaires en ligne menés sur un site Web d'enquête en ligne. La «foule» se caractérise par un «investisseur à impact actif», confirmant l'existence de la dimension éthique de la RSE. la «foule affirme posséder les caractéristiques identifiées par Mit chef et al. (! 997), et se qualifie comme «partie prenant principal» (légitimité, pouvoir et urgence) de l'entreprise dans le cas de 100/PACT et comme «partie prenante dominante» dans le cas de lUMO (légitimité et pouvoir). La dimension mesurable de la RSE apparaît comme inexistante. Notre modèle de recherche identifie les plateformes de « Social Crowdlnvesting » s'inscrivant dans u niveau » de réactivité sociale « progressive ». Toutefois, la dimension mesurable étant en phase de développement, nous ne pouvons pas confirmer de façon précise, la classification de Crowdlnvesting en tant qu' ISR. / This thesis in management sciences focuses on studying the triptych relation between investment-based Crowdfunding, CSR and responsible investment (SRI). The research reposes on a three-dimensional research model identifying three dimensions of the CSR. The ethical, managerial and measurable dimension. The ethical dimension questions the social engagement of the “crowd”, based on their motivations to invest (following the “SRI approach”). The managerial dimension tries to identify the “crowd” as a stakeholder through the adaptation of the Mitchel et al (1997) model. Finally the measurable dimension illustrates the capacity that the platforms have developed with regards to measuring the impact of the projects they select for funding. The research model identifies different levels of social responsiveness of the observed CrowdInvesting platforms, according to the presence of these three above stated dimensions. The thesis is based on the qualitative research with an exploratory aim, using the case study as a research method based on a two case study design, namely 1001PACT and LUMO. The empirical analysis includes 13 semi direct interviews two online questionnaire conducted through an online survey website. The “crowd” is characterized as an “active impact investor”, confirming the existence of the Ethical CSR dimension. The “crowd” affirms to possess the characteristics of Mitchel et al. (1997) model, and qualifies as a “core stakeholder” (Legitimacy, power and urgency) of the enterprise in the case of 1001PACT, and as a “dominant stakeholder” in the case of LUMO (Legitimacy and power). The measurable CSR dimension appears as non-existent. Our research model therefore identifies “Social CrowdInvesting” platforms as integrating the category of a “progressive” level of social responsiveness. However, since the measurable CSR dimension is still in the development phase, we cannot confirm CrowdInvesting's classification as an SRI.

Diese Dissertation analysiert drei unterschiedliche Märkte im Rahmen der digitalen Wirtschaft und bietet einen Einblick in die relevanten Wohlfahrtsimplikationen und politischen Vorschläge. Das erste Kapitel konzentriert sich auf den Crowdfunding-Markt und zeigt, dass asymmetrische Informationen zu einem höheren Preis bei Vorbestellung führen, was das Risiko von Moral Hazard verringert. Es weist auch auf den Konflikt zwischen dem Erfolg des Crowdfundings und dem Verhindern der Flucht des Entrepreneurs nach dem Erfolg hin. Das zweite Kapitel kombiniert theoretische Analysen mit einem Laborexperimente, um die Auswirkungen der Datenschutz-Grundverordnung (DSGVO) auf die Wahl von Verbrauchern bezüglich ihrer Privatsphäre zu untersuchen. Es zeigt, dass eine vorgeschriebene gemeinsame Nutzung von Daten zwischen Unternehmen dazu führt, dass Verbraucher vermehrt ihre Daten zur Verfügung stellen und dass Verbraucherwohl steigt. Dies ist eine gute Ergänzung für die Debatte der Europäischen Kommission über eine vorgeschriebene gemeinsame Nutzung von Daten in bestimmten Sektoren darstellt. Im letzten Kapitel wird die On-Demand-Plattform im Taximarkt erörtert, bei der der Preis flexibel ist und an die aggregierte Nachfrage und das Angebot angepasst wird. Gegen die eigene Intuition deutet das Ergebnis darauf hin, dass das Problem von zu wenig Angebot bei steigender Nachfrage möglicherweise nicht durch genügend neue Marktteilnehmer gelöst wird. Sozialplaner, On-Demand-Plattform und Dienstleister haben unterschiedliche Anreize für den Markteintritt. / This thesis analyzes three distinct markets under digital economy and offers insight on the relevant welfare implications and policy suggestions. The first chapter focuses on the crowdfunding market and demonstrates that asymmetric information leads to a higher pre-ordering price which lessens the risk of moral hazard. It also points out the trade-off between making the crowdfunding succeed and preventing the entrepreneur from running away after the success. The second chapter combines theoretical analysis with laboratory experiment to explore the effect of General Data Protection Regulation (GDPR) on consumer's privacy choice. It shows that mandating data sharing among firms leads consumers to give up more privacy and increases consumer welfare, which acts as a good supplement for European Commission's debate on the mandated data sharing in specific sectors. The last chapter discusses the on-demand platform in taxi market where the price is flexible and adjusted by aggregate demand and supply. Contrary to common sense, the result suggests that enough new entrants may not solve the problem of undersupply when demand surges. Social planner, on-demand platform and service providers have different incentives regarding when to enter the market.