Rotem Shneor

• Zhu, Fengya & Shneor, Rotem (2026). Credit risk management in peer-to-peer lending platforms: A systematic literature review. Technological Forecasting and Social Change. ISSN 0040-1625. 232. doi: 10.1016/j.techfore.2026.124831. Fulltekst i vitenarkiv Vis sammendrag

  Rapid growth in peer-to-peer lending has introduced significant default risks that are anchored in platform operations under restricted and varying supervision regimes, as well as in the growing dependence on algorithm-driven lending practices that may increase loan mispricing and underestimation of systemic risk. Hence, to better understand current practices and challenges, the paper presents a systematic literature review on credit risk management in P2P lending. The review is based on 453 articles, 428 of which were analyzed in a bibliometric analysis, and 280 analyzed in a content analysis. The analysis includes thematic mapping and identification of trends and gaps in terms of theoretical, contextual, and methodological aspects of the studies reviewed. The findings suggest that the research is dominated by two streams: one focused on predictive optimization of default risk using machine learning, and the other on identifying predictors of default likelihoods using regression analyses. Both streams often rely on public platform data, focus on consumer lending in few contexts (75% of studies in China and the USA), engage in quantitative analyses (97% of studies), and have weak connection to theory (56% of studies). Opportunities for future research relate to strengthening theoretical anchoring, using alternative data sources and study contexts, and enhancing methodological plurality. Finally, the study presents a new integrative framework summarizing the key factors found to be related to default in consumer and business lending, while aggregating them by their level of analysis. This framework can both inform and shape future research efforts.

• Shneor, Rotem; Baah-Peprah, Prince; Cox, Joe & Nguyen, Thang (2025). Acting on Good Intentions? A Longitudinal Study of Prosocial Lending Intentions and Behaviours. Journal of Business Ethics. ISSN 0167-4544. 203, s. 863–882. doi: 10.1007/s10551-025-06065-y. Fulltekst i vitenarkiv Vis sammendrag

  Research examining potential drivers of lender intentions and behaviours in prosocial lending platforms has often ignored ethical considerations in such decisions. We suggest a new model in this context which marries the components of the theory of planned behaviour with two additional variables: sense of moral obligation and platform trust. We apply structural equational modelling to a novel longitudinal dataset that combines information derived from a survey of 2398 individual lenders and data obtained directly from the UK-based platform Lendwithcare. Our analysis demonstrates that lender intentions and behaviour are positively and significantly associated with ethical factors, including moral obligation and platform trust. These relationships are shown to be consistent when using different measures of lending behaviour, as well as across different time periods pre- and post-COVID-19 pandemic. The evidence highlights the importance of ethical considerations in understanding intention and behaviour in prosocial lending crowdfunding.

• Berliner, Daniel; Shneor, Rotem & Wald, Andreas Erich (2025). Beyond one-size-fits-all: Empirical evidence on the heterogeneity of equity crowdfunding investors’ decision drivers. Electronic Markets. ISSN 1019-6781. 35. doi: 10.1007/s12525-025-00856-x. Fulltekst i vitenarkiv Vis sammendrag

  Abstract The equity crowdfunding literature tends to treat investors as a homogeneous group, assumed to be using similar decision-making criteria when considering investment. Those acknowledging heterogeneity often derive investor types from cluster analyses using platform-level data, which combines behavioural indicators with explanatory factors that may yield unstable, sample-specific groupings. In this study, we adopt Olsson’s (2021) typology as a theoretical baseline, classifying investors by two observable behavioural dimensions, average investment amount and portfolio breadth. However, we operationalise this framework empirically and analyse variations in investor decision-making. Drawing on 14,130 investment decisions by 8732 investors on the Israeli platform PipelBiz, we identify four types with distinct decision profiles: Friends and Family, Hobby Retail Investors, Niche Interest Angels, and Speculative Angels. The groups differ in their responses to minimum ticket size, equity offered, campaign round, business model, and team traits. Our analyses reveal that different types of investors weigh campaigns’ informational cues differently, highlighting segment-specific preferences, motivations, and decision-making rules. The results contribute to the growing body of literature on the heterogeneity of equity crowdfunding investors and its implications, while providing evidence that challenges the notion of a one-size-fits-all approach in the context of equity crowdfunding investors. The findings offer practical guidance for entrepreneurs and platforms seeking to target, design, and sequence campaigns to attract specific investor segments and improve fundraising outcomes.

• Berliner, Daniel; Shneor, Rotem & Wald, Andreas Erich (2025). What influences equity investors’ decision-making in entrepreneurial finance: a systematic literature review 1983–2022. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. s. 1–35. doi: 10.1080/13691066.2025.2496743. Fulltekst i vitenarkiv Vis sammendrag

  Knowledge on equity investors’ decision-making is often dispersedacross disciplines. We synthesise existing knowledge and providea comprehensive review of criteria guiding investments in entrepre-neurial ventures. A systematic review covering 153 papers publishedbetween 1983 and 2022 within 16 research disciplines reveals thatinvestors are highly heterogeneous regarding their decision criteria.Venture capital, business angels, and equity crowdfunders sharesimilarities regarding expected financial rewards. In contrast, BAsand ECFs exhibit different priorities towards ownership level andcapital requested. Post-investment concerns such as team coachabil-ity are only important to BA and VCs. We conclude by synthesisingthe eight decision criteria factors used by equity investors and pro-vide a structured framework designed to inspire and guide scholarsin their future investigations

• Lazos, Aristogenis & Shneor, Rotem (2025). Is having immigrants in entrepreneurial teams good for equity crowdfunding success and long-term venture survival? International Small Business Journal. ISSN 0266-2426. 26(1). doi: 10.1177/02662426251325119. Fulltekst i vitenarkiv Vis sammendrag

  While immigrant entrepreneurs contribute to economies by creating employment opportunities and innovative ventures, they often represent a marginalised group facing greater challenges in access to entrepreneurial finance. Crowdfunding may help remedy some of this challenge through more democratic access to finance and investment opportunities. This study examines the effects of the presence of immigrants in entrepreneurial teams on equity crowdfunding campaigns’ success and on the ventures’ survival. To answer these questions, we build on risk-attitude, cognitive resource diversity, and social capital theories. Our analysis uses data about UK-based firms behind 1,171 equity crowdfunding offerings on three platforms (Crowdcube, Seeders and SynicateRoom). The results suggest a relation following an inverted U-shape between the share of immigrants in entrepreneurial teams and both the amount raised and number of investors. Furthermore, the campaign’s goal sum mediates these associations. Interestingly, the higher the share of immigrants among entrepreneurial team members, the lower the likelihood of an equity crowdfunded venture’s long-term survival. However, such effects may be overturned when fundraising by majority immigrant teams involve relatively high sums, while avoiding undercapitalisation.

• Shneor, Rotem; Mæhle, Natalia; Munim, Ziaul Haque & Rykkja, Anders (2024). What drives crowdfunding intentions of artist-entrepreneurs? – Evidence from Norway. International Journal of Entrepreneurship and Innovation. ISSN 1465-7503. doi: 10.1177/14657503241282939. Fulltekst i vitenarkiv Vis sammendrag

  Crowdfunding has been proclaimed as a new fundraising channel offering multiple benefits to artist-entrepreneurs, yet its use has been surprisingly underwhelming. The study examines the determinants of artist-entrepreneurs’ intentions to use crowdfunding in fundraising for their projects. It does so by suggesting and testing a model combining classical antecedents of intentions adopted from the theory of planned behaviour (i.e., attitudes (ATT), subjective norms (SUBN), perceived behaviour control (PBC), and self-efficacy (SELE)), and aspects specific to creative and artistic work (i.e., conventionality of creative work and the size of existing fanbase (FAB)). The analysis employs survey data collected from artist-entrepreneurs in Norway. Findings show that while ATT towards crowdfunding and SUBN are positively associated with crowdfunding intentions, SELE and PBC are not. Moreover, non-conventionality of creative work and FAB are positively associated with SELE and PBC, though they are not significantly associated with ATT and SUBN. These results remain stable even when controlling for sub-sectoral affiliations of artists based on the type of creative work they do.

• Baah-Peprah, Prince; Shneor, Rotem & Munim, Ziaul Haque (2024). “In this together”: on the antecedents and implications of crowdfunding community identification and trust. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. s. 1–31. doi: 10.1080/13691066.2024.2310232. Fulltekst i vitenarkiv Vis sammendrag

  Despite references to crowdfunding as a community-embedded phenomenon, few studies explore the antecedents and implications of crowdfunding communities. This study suggests community identification and trust as two core aspects of crowdfunding communities, while aiming to identify their antecedents and implications for crowdfunding campaign information-sharing intentions and behavior. Information-sharing is a necessary condition for successful entrepreneurial fundraising when using crowdfunding. For this purpose, we use survey data collected from users of Finland’s leading reward crowdfunding website, Mesenaatti.me, while analyzing it using structural equation modelling. Our findings show that community identification and trust are both positively associated with crowdfunding contribution attitudes and with information-sharing intentions. However, only community identification is associated with information-sharing behaviors. Enjoyment, homophily, and community outcome expectations are antecedents of both community identification and trust. Tie strength and normative pressures are antecedents of community identification. Finally, information-sharing intentions mediate the effect of community trust on information-sharing behavior. We discuss explanations for these findings and their implications for crowdfunding research and practice.

• Shneor, Rotem & Ryu, Sunghan (2024). Digital Creative Entrepreneurship. I Ryu, Sunghan; Xiang, Yong & Zhang, Weiming (Red.), Guide to Digital Innovation in the Cultural and Creative Industry. Sage Publications. ISSN 9781071909980. s. 95–108. Fulltekst i vitenarkiv
• Rykkja, Anders; Shneor, Rotem; Mæhle, Natalia & Munim, Ziaul Haque (2024). Cultural Crowdfunding: Does Experience Matter? Beta – Scandinavian Journal of Business Research. ISSN 0801-3322. 37(1), s. 1–18. doi: 10.18261/beta.37.1.7. Fulltekst i vitenarkiv Vis sammendrag

  Despite increasing interest in crowdfunding as an alternative source of, or supplementary, funding, there is still limited adoption of this new digital practice among artists. The current study explores the variety of funding sources that artists use for their projects and the position of crowdfunding in relation to traditional sources. In addition, this study discusses how artists who embrace crowdfunding differ from those who have not tried it. The results indicate that favorable attitudes toward crowdfunding, subjective norms, self-efficacy, and perceived behavioral control are exhibited at higher levels among artists with crowdfunding experience compared to those without it. To enable greater adoption, efforts need to be directed toward communication about the benefits of crowdfunding for artists, as well as the promotion of success cases. The endorsement of crowdfunding by cultural authorities (e.g., through match funding) may further boost its uptake and unlock additional resources for cultural workers in a time of digital disruption and increased uncertainty.

• Meghouar, Hicham; Ezzahid, Hibbat-Allah & Shneor, Rotem (2023). What drives the use of crowdfunding by micro-entrepreneurs in Morocco? – exploring fundraiser motives and characteristics. Journal of Entrepreneurship in Emerging Economies. ISSN 2053-4604. doi: 10.1108/JEEE-04-2023-0177. Fulltekst i vitenarkiv Vis sammendrag

  Purpose The purpose of this study is to identify motivations for the uptake of crowdfunding by micro-entrepreneurs in an emerging economy and the extent to which these vary by entrepreneur characteristics, sector and crowdfunding model. Design/methodology/approach The authors conduct qualitative analyses of data collected in interviews with 57 micro-entrepreneurs in Morocco, all of whom used crowdfunding in fundraising. Findings The authors identify six key motives for crowdfunding adoption by micro-entrepreneurs including financing needs, legitimacy seeking, sense of achievement, network-building, entrepreneurial and marketing competence enhancements. They also find evidence for moderation effects of fundraiser characteristics on likelihood of adoption, including gender, age, education, training experience and sectoral affiliation. Furthermore, the authors show that the relative importance of different motives varies by the type of crowdfunding model used. Originality/value The original aspects of the study include the examination of adoption motives in an emerging market context and the distinguishing between entrepreneurs’ adoption motives based on different gender, age, education, training experience, sectoral affiliation and crowdfunding model used. Moreover, the authors show that enhancement of competencies is a more dominant motive in the emerging market context than mentioned in earlier studies in developed contexts.

• Efrat, Kalanit; Gilboa, Shaked; Wald, Andreas Erich & Shneor, Rotem (2023). Loyalty and well-being explain serial crowdfunding backing behavior: an empirical test of complementary theories. Internet Research. ISSN 1066-2243. 34(4), s. 1293–1312. doi: 10.1108/INTR-09-2022-0707. Fulltekst i vitenarkiv Vis sammendrag

  Purpose – Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being. Design/methodology/approach – The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling. Findings – The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior. Originality/value – This study is the first to systematically explore serial backers’ motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

• Arshad, Nadia; Shneor, Rotem & Berndt, Adele (2023). The reward crowdfunding campaign management process: an engagement perspective. International Journal of Entrepreneurial Behaviour & Research. ISSN 1355-2554. 30(11), s. 1–18. doi: 10.1108/IJEBR-05-2023-0480. Fulltekst i vitenarkiv Vis sammendrag

  Crowdfunding is an increasingly popular channel for project fundraising for entrepreneurial ventures. Such efforts require fundraisers to develop and manage a crowdfunding campaign over a period of time and several stages. Thus, the authors aim to identify the stages fundraisers go through in their crowdfunding campaign process and how their engagement evolves throughout this process.

• Serwaah, Priscilla; Shneor, Rotem; Nyarko, Samuel Anokye & Nielsen, Kristian Roed (2023). Explaining gender differences in crowdfunding contribution intentions. Technology in society. ISSN 0160-791X. 76. doi: 10.1016/j.techsoc.2023.102425. Fulltekst i vitenarkiv Vis sammendrag

  Crowdfunding represents digital fundraising channels that may enhance participation of females in project fundraising. The current study aims to analyze the gender differences in effects exerted by cognitive antecedents of financial contribution intentions (CCI) in the context of reward crowdfunding. Specifically, survey data was collected in Ghana, where crowdfunding is at its infancy, and where gender inequality is socially prevalent. Overall, 403 responses are included in the analysis. Data was analyzed using structural equation modelling (SEM), while examining associations between variables in male and female samples separately. First, when using an equality of means test, we show that females exhibit significantly higher levels of CCI, perceived risk, homophily, and prosocial orientation, as well as significantly lower levels of self-efficacy. Second, when using a between-group analysis comparing unstandardized betas, we observe that: (1) self-efficacy has stronger effects on CCI in males; (2) homophily has stronger effects on CCI in females; (3) prosocial orientation's effect on CCI does not differ between genders; (4) a stronger effect of susceptibility to social influence on CCI in females is partially evident; and surprisingly, (5) perceived risk has a stronger negative effect on CCI in males. The results, possible explanations, and implications are then discussed.

• Shneor, Rotem; Munim, Ziaul Haque; Mæhle, Natalia; Rykkja, Anders; Guimaraes, Alice Demattos & Chiesa, Carolina Dalla (2022). Crowdfunding Adoption by Artists: A comparison of Norway and Brazil. I Berliner, Daniel & Shneor, Rotem (Red.), Proceedings of the International Conference on Crowdfunding Research. Universitetet i Agder. ISSN 9788269315301. s. 29–30. Fulltekst i vitenarkiv
• Lukkarinen, Anna; Shneor, Rotem & Wallenius, Jyrki (2022). Growing pains and blessings: Manifestations and implications of equity crowdfunding industry maturation. Decision Support Systems. ISSN 0167-9236. 157. doi: 10.1016/j.dss.2022.113768. Fulltekst i vitenarkiv Vis sammendrag

  The equity crowdfunding industry has grown significantly in the past decade. Industry life cycle theory suggests that growth dynamics and relations between stakeholders change as industries mature. The present study examines the characteristics and implications of maturation in the equity crowdfunding industry via the lens of industry life cycle theory. Specifically, we explore whether the industry is reverting to traditional entrepreneurial finance practice, or whether it retains its original distinguishing characteristics. Accordingly, we first assess changes with respect to users (investors) and products (campaigns and investment objects). Second, we assess the implications of these changes by comparing the determinants of fundraising campaign success in earlier and later industry stages. We use a longitudinal database and survey data sourced from a long-standing European equity crowdfunding platform. We show that equity crowdfunding seems to be converging towards traditional entrepreneurial finance practice, yet maintaining certain unique features stemming from digitality, platform nature, and investor diversity. Specifically, we show that (1) fundraising ventures and their campaigns have become larger and more professional, and (2) engaged investors became more knowledgeable and return-oriented. Accordingly, traditional investment criteria, such as team and commercial terms ratings, have become more important predictors of campaign success, and easily observable campaign characteristics, such as B2C business models, and minimum investment thresholds, less so. The findings support platform managers and entrepreneurs as they plan for campaigns seeking to attract investors in the industry's later stages.

• Shneor, Rotem (2022). The context: the crowdfunding market and its recent developments. I Eugenia, Macchiavello (Red.), Regulation on European Crowdfunding Service Providers for Business: A Commentary. Edward Elgar Publishing. ISSN 9781802209938. s. 15–27. doi: 10.4337/9781802209945.00014. Fulltekst i vitenarkiv
• Shneor, Rotem; Zhao, Liang & Goedecke, Jann (2022). On relationship types, their strength, and reward crowdfunding backer behavior. Journal of Business Research. ISSN 0148-2963. 154. doi: 10.1016/j.jbusres.2022.08.058. Fulltekst i vitenarkiv Vis sammendrag

  This study examines the association among relationship types, their strength, and contribution behavior in reward crowdfunding. We analyzed data on 568 relational dyads between fundraisers and backers from successful campaigns on KarolinaFund. We collected data from fundraisers and classified the relations they had with backers before the campaign, and their strength. Our findings show that pre-existing relations contribute to a greater extent than previously unknown backers. Among backers with whom relations exist prior to the campaigns, those that have stronger relations with the fundraiser make higher contributions. Strength of relations negatively moderates the association between purely private relations and contribution extent, and positively moderates the association between professional relations and contribution extent. When comparing sub-samples of early and late contributors, we find that private relations contribute to a significantly greater extent at earlier stages, and professional relations contribute to a significant lesser extent in later stages.

• Serwaah, Priscilla & Shneor, Rotem (2021). Women and entrepreneurial finance: a systematic review. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. 23(4), s. 291–319. doi: 10.1080/13691066.2021.2010507. Fulltekst i vitenarkiv Vis sammendrag

  The intersection of gender and entrepreneurship has received growing attention in recent years from academics, practitioners, and policy makers. The current paper reviews research on what influences women’s demand for- and supply of entrepreneurial finance, while suggesting a conceptual approach untangling contradictory findings in earlier studies. This is achieved through a systematic literature review of 113 carefully selected papers, published between 1989 and 2019. Specifically, the review includes 77 studies dedicated to female access to finance, 32 studies on female investment behaviour, and 4 studies addressing both. We find that inconsistent findings can be traced to a combination of wide theoretical plurality in one-half of the studies and an absence of theoretical anchoring in the other half, calling for conceptual integration of existing theories with feminist critiques. Accordingly, we propose integrative conceptual frameworks highlighting the roles of explicit and symbolic factors impacting women’s access to- and investment of- financial resources. This approach led us to suggest that refocusing research on symbolic and intangible factors may help uncover new associations, otherwise obscured in earlier research. Furthermore, the inclusion of interaction terms with gender-related variables may also help untangle existing inconsistencies.

• Baah-Peprah, Prince & Shneor, Rotem (2021). A Trust-Based Crowdfunding Campaign Marketing Framework: Theoretical Underpinnings and Big-Data Analytics Practice. International Journal of Big Data Management (IJBDM). ISSN 2631-8679. 2(1), s. 1–24. doi: 10.1504/IJBDM.2022.119453. Fulltekst i vitenarkiv
• Zhao, Liang; Shneor, Rotem & Zhe, Sun (2021). Skin in the game: Self-funding and reward crowdfunding success. Business Horizons. ISSN 0007-6813. 65(1), s. 89–100. doi: 10.1016/j.bushor.2021.09.007. Fulltekst i vitenarkiv
• Shneor, Rotem; Mrzyglod, Urszula; Adamska-Mieruszewska, Joanna & Fornalska-Skurczyńska, Anna (2021). The role of social trust in reward crowdfunding campaigns’ design and success. Electronic Markets. ISSN 1019-6781. doi: 10.1007/s12525-021-00456-5. Fulltekst i vitenarkiv
• Shneor, Rotem; Munim, Ziaul Haque; Zhu, Helena & Alon, Ilan (2021). Individualism, collectivism and reward crowdfunding contribution intention and behavior. Electronic Commerce Research and Applications. ISSN 1567-4223. 47. doi: 10.1016/j.elerap.2021.101045. Fulltekst i vitenarkiv Vis sammendrag

  The study examines the role of the individualism-collectivism (IDV) cultural dimension in reward crowdfunding contribution intentionality and behavior. An extended Theory of Planned Behavior framework is used for comparative analysis using survey data collected from users of national platforms from opposing cultures along the IDV dimension – China and Finland. Main findings suggest that: attitudes are positively associated with information sharing and financial contribution intentions in both cultures; collectivism enhances the effects of subjective norms on both intentions; behavior control is more strongly observed in individualistic cultures; and information sharing intentions are more strongly associated with contribution behavior in collectivistic cultures.

• Shneor, Rotem & Mæhle, Natalia (2020). Editorial: Advancing crowdfunding research: new insights and future research agenda. Baltic Journal of Management. ISSN 1746-5265. 15(2), s. 141–147. doi: 10.1108/BJM-04-2020-420. Fulltekst i vitenarkiv Vis sammendrag

  Purpose – The editorial introduces the papers included in the special issue by highlighting their contributions to advancing crowdfunding research and identifying remaining gaps to be addressed in future research. Design/Methodology/Approach – A review of the papers included in the special issue supplemented by suggestions for future research. Findings – While mostly covering the aspects directly or indirectly related to campaign success, the papers included in this special issue provide insights from less studied contexts and address relatively underexplored factors impacting crowdfunding practice. The papers focus on understanding backer-fundraiser relationships and behavior, platform and model choice, as well as industry self-regulation. Triggered by emerging insights, the editorial highlights three important themes for future research, i.e. relationship with traditional finance, ethical practice and decisionmaking, and internationalization of platforms. Originality/value - This editorial and special issue cover new research advancing understanding of crowdfunding practice, motivation, success, and industrial organization. It provides new insights from both widely and less studied contexts, while exploring the role of important factors in the crowdfunding process, which have thus far been underexplored.

• Shneor, Rotem & Vik, Amy Ann (2020). Crowdfunding success: a systematic literature review 2010–2017. Baltic Journal of Management. ISSN 1746-5265. 15(2), s. 149–182. doi: 10.1108/BJM-04-2019-0148. Fulltekst i vitenarkiv
• Rykkja, Anders; Mæhle, Natalia; Munim, Ziaul Haque & Shneor, Rotem (2020). Crowdfunding in the Cultural Industries. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 423–440. doi: 10.1007/978-3-030-46309-0_18. Fulltekst i vitenarkiv Vis sammendrag

  Cultural production has stood at the forefront of crowdfunding adoption representing some of the first crowdfunding campaigns on record. This development emerged as part of comprehensive value chain reconfigurations in the cultural sector, which were triggered by the advent of digitalization on the one hand and the downsizing in public funds on the other. As a result, the emerging phenomenon here labelled as ‘cultural crowdfunding’ (CCF) has captured the imagination of researchers and practitioners. The study of CCF is of high relevance, as it presses creators to strike a balance between the commercial and the non-commercial, the economic and the cultural outcomes, as well as the authentic and independent versus the mass dictated and dependent. In this chapter we review earlier research on CCF and identify core themes and key studies representing such themes. Later, we outline an agenda for future research, while also suggesting some implications for practice.

• Shneor, Rotem & Flåten, Bjørn-Tore (2020). Crowdfunding Education: Objectives, Content, Pedagogy, and Assessment. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 475–497. doi: 10.1007/978-3-030-46309-0_20. Fulltekst i vitenarkiv
• Munim, Ziaul Haque; Shneor, Rotem; Adewumi, Olugbenga Michael & Shakil, Mohammad Hassan (2020). Determinants of crowdfunding intention in a developing economy: ex-ante evidence from Bangladesh. International Journal of Emerging Markets. ISSN 1746-8809. s. 1–21. doi: 10.1108/IJOEM-08-2019-0657. Fulltekst i vitenarkiv Vis sammendrag

  Purpose SME funding gaps in developing economies are substantial. Crowdfunding is an innovative way to raise funds that may be part of the solution for closing such gaps. The purpose of this study is to investigate the determinants of crowdfunding contribution intentions in the context of a developing country –Bangladesh. Design/methodology/approach The authors collect data by using a structured questionnaire distributed through Facebook. The analysis is based on data collected from 252 valid responses and uses the ordered probit regression for estimation. For robustness, the authors also estimate the hypothesized model using ordered logistic regression and OLS regression finding identical results. Findings The authors find that liking the campaign idea and positive media coverage of a crowdfunding campaign have a positive association with crowdfunding contribution intention. Surprisingly, personal relations, others' recommendation and the location of the campaign's owner were not significantly associated with crowdfunding contribution intention in our study. Moreover, respondents' location in Bangladesh (vs. abroad) and their age are positively associated with contribution intention, while education is negatively associated with intention. Originality/value Earlier studies focused on the determinants of ex post crowdfunding intentions in developed and more mature crowdfunding markets. The authors contribute by examining ex ante crowdfunding contribution intentions in the developing economy of Bangladesh, which is at the market's inception stage.

• Ziegler, Tania & Shneor, Rotem (2020). Lending Crowdfunding: Principles and Market Development. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 63–92. doi: 10.1007/978-3-030-46309-0_4. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Crowdfunding Models, Strategies, and Choices Between Them. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 21–42. doi: 10.1007/978-3-030-46309-0_2. Fulltekst i vitenarkiv
• Chao, Emmanuel; Serwaah, Priscilla; Baah-Peprah, Prince & Shneor, Rotem (2020). Crowdfunding in Africa: Opportunities and Challenges. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 319–339. doi: 10.1007/978-3-030-46309-0_14. Fulltekst i vitenarkiv
• Shneor, Rotem; Flåten, Bjørn-Tore & Zhao, Liang (2020). The Future of Crowdfunding Research and Practice. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 499–519. doi: 10.1007/978-3-030-46309-0_21. Fulltekst i vitenarkiv
• Shneor, Rotem; Smith, Brock; Smith, Claudia & Jann, Goedecke (2020). The Differential Impact of Entrepreneurship Education on the Entrepreneurial Intentions of Segments of Students. Entrepreneurship Education and Pedagogy (EE&P). 4(4), s. 718–739. doi: 10.1177/2515127420936240. Fulltekst i vitenarkiv
• Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (2020). Introduction: From Fundamentals to Advances in Crowdfunding Research and Practice. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 1–18. doi: 10.1007/978-3-030-46309-0_1. Fulltekst i vitenarkiv
• Wenzlaff, Karsten; Odorovic, Ana; Ziegler, Tania & Shneor, Rotem (2020). Crowdfunding in Europe: Between Fragmentation and Harmonization. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 373–390. doi: 10.1007/978-3-030-46309-0_16. Fulltekst i vitenarkiv
• Ziegler, Tania; Shneor, Rotem & Zhang, Bryan (2020). The Global Status of the Crowdfunding Industry. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 43–61. doi: 10.1007/978-3-030-46309-0_3. Fulltekst i vitenarkiv
• Zhao, Liang & Shneor, Rotem (2020). Donation Crowdfunding: Principles and Donor Behaviour. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 145–160. doi: 10.1007/978-3-030-46309-0_7. Fulltekst i vitenarkiv
• Shneor, Rotem & Torjesen, Stina (2020). Ethical Considerations in Crowdfunding. I Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (Red.), Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISSN 9783030463090. s. 161–182. doi: 10.1007/978-3-030-46309-0_8. Fulltekst i vitenarkiv

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• Berliner, Daniel & Shneor, Rotem (2022). Proceedings of the International Conference on Crowdfunding Research. Universitetet i Agder. ISBN 9788269315301. 35 s. doi: 10.5281/zenodo.10618844. Fulltekst i vitenarkiv
• Shneor, Rotem; Zhao, Liang & Flåten, Bjørn-Tore (2020). Advances in Crowdfunding: Research and Practice. Palgrave Macmillan. ISBN 9783030463090. 543 s. doi: 10.1007/978-3-030-46309-0. Fulltekst i vitenarkiv

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• Shneor, Rotem; Baah-Peprah, Prince; Solodoha, Eliran; Abdallah, Johari Twaha; Ezzahid, Hibat-Allah & Kajuna, Jovinary [Vis alle 8 forfattere av denne artikkelen] (2025). Determinants and consequences of crowdfunding awareness among prospective backers. Fulltekst i vitenarkiv
• Luzi, Marco; Quero, Maria Jose & Shneor, Rotem (2025). Value co-creation in Crowdfunding: A systematic Review. Fulltekst i vitenarkiv
• Zhu, Fengya & Shneor, Rotem (2025). Consumer spending behaviour in ‘Buy Now Pay Later’ model: A comparative analysis between China and Norway. Fulltekst i vitenarkiv
• Mrzygłód, Urszula; Adamska, Joanna; Baah-Peprah, Prince; Shneor, Rotem & Fornalska, Anna (2025). Got it! Campaign Rhetorical Styles and Understanding Speed. Fulltekst i vitenarkiv
• Yusubova, Ayna; Shneor, Rotem & Bekkers, Matthijs (2025). Drivers and Inhibitors of Trust in Post-Investment Relationships Between VCs and Tech Ventures. Fulltekst i vitenarkiv
• Pesque-Cela, Vanesa; Shneor, Rotem & Baah-Peprah, Prince (2025). Equity Crowdfunding: How Inclusive and Sustainable? Fulltekst i vitenarkiv
• Shneor, Rotem; Baah-Peprah, Prince; cox, joe & Nguyen, Thang (2025). Acting on Good Intentions? A Longitudinal Study of Prosocial Lending Intentions and Behaviours. Fulltekst i vitenarkiv
• Yusubova, Ayna; Shneor, Rotem & Bekkers, Matthijs (2025). Drivers and Inhibitors of Trust in Post-Investment Relationships Between VCs and Tech Ventures. Academy of Management Proceedings. 2025(1). doi: 10.5465/amproc.2025.12862abstract. Fulltekst i vitenarkiv Vis sammendrag

  Deep-tech ventures, with their strong research base and technological advancements, face unique resource challenges beyond funding, such as market access, technical expertise, and business acumen. To address these challenges, they form relationships with venture capitalists (VCs) who provide critical resources to accelerate innovation. Successful collaboration between both parties is crucial for ensuring the venture's success, with trust playing a pivotal role in these relationships and influencing their overall effectiveness. While existing research highlights how trust is built to secure initial funding, there is limited research on the dynamics and long-term effects of these relationships after funding is obtained. Despite the significance of post-investment relationships for growth and value creation, there is a notable lack of research exploring this dynamic. Little is known about the factors underlying these relationships, particularly in the context of deep-tech ventures backed by venture capital. This study examines the drivers and inhibitors of trust in post-investment relationships between tech ventures and VCs, considering both perspectives. An in-depth analysis of five tech ventures and five VCs from the Netherlands shows that the expertise of both parties is critical for building trust. Open communication emerged as a key factor, demonstrating commitment, aiding in problem-solving, and providing feedback to enhance mutual trust. Frequent interaction with tech ventures enhances effectiveness by addressing potential issues and fostering growth. However, excessive monitoring and over-involvement in decision-making by venture capitalists were identified as trust-inhibiting behaviors that erode the tech venture's autonomy. These insights contribute to a deeper understanding of the dynamics in tech venture-venture capitalist relationships.

• Shneor, Rotem (2025). Trenger millioner til ny vekst. Nå spør de etter penger fra privatfolk. [Journal]. fvn.no. Fulltekst i vitenarkiv
• Shneor, Rotem (2024). Introduction to Crowdfunding and Hands-On Advice. Fulltekst i vitenarkiv
• Shneor, Rotem (2024). Introduction to Crowdfunding and Hands-On Advice. Fulltekst i vitenarkiv
• Shneor, Rotem (2024). Introduction to Cultural and Creative Crowdfunding. Fulltekst i vitenarkiv
• Shneor, Rotem (2024). Introduction to Cultural and Creative Crowdfunding. Fulltekst i vitenarkiv
• Berliner, Daniel; Shneor, Rotem & Wald, Andreas Erich (2023). Do Serial, Occasional and One-Time Equity Crowdfunding Investors Differ in Their Decision-Making Criteria? Fulltekst i vitenarkiv
• Zhu, Fengya; Shneor, Rotem; Zhang, Bryan & Xie, Zhifu (2023). Drivers of peer-to-peer consumer lending amounts: evidence from the Philippines. Fulltekst i vitenarkiv
• Arshad, Nadia; Shneor, Rotem & Berndt, Adele (2023). The Reward Crowdfunding Campaign Management Process: An Engagement Perspective. Fulltekst i vitenarkiv
• Mæhle, Natalia; Shneor, Rotem; Munim, Ziaul Haque; Nordgård, Daniel; Bonet, Lluis & Lazarro, Elisabetta (2023). Round table: Crowdfunding Cultural Industries - the CROWDCUL project. Fulltekst i vitenarkiv
• Mæhle, Natalia; Shneor, Rotem; Munim, Ziaul Haque; Nordgård, Daniel; Bonet, Lluis & Lazarro, Elisabetta (2023). Round table: Crowdfunding Cultural Industries - the CROWDCUL project. Fulltekst i vitenarkiv
• Ezzahid, Hibbat-Allah; Shneor, Rotem & Meghouar, Hicham (2023). What Drives the Use of Crowdfunding by Micro-Entrepreneurs in Morocco? - Exploring Fundraiser Motives and Characteristics. Fulltekst i vitenarkiv
• Shneor, Rotem (2023). Crowdfunding lowers barriers to finance...traditional players (will) enter the market. Fulltekst i vitenarkiv
• Shneor, Rotem (2023). Investitori più consapevoli e maggiore concorrenza: le sfide della maturità per l’equity crowdfunding europeo. Fulltekst i vitenarkiv
• Rykkja, Anders; Shneor, Rotem; Munim, Ziaul Haque; Chiesa, Carolina Dalla & Schlott, F. (2023). How productive are Patreon creators? A view of incentives at the margins. Fulltekst i vitenarkiv
• Shneor, Rotem (2022). Crowdfunding: Opportunities for venture financing by the crowd. Fulltekst i vitenarkiv
• Shneor, Rotem (2022). Digital Lending and Digital Capital Raising. Fulltekst i vitenarkiv
• Shneor, Rotem; Munim, Ziaul Haque; Mæhle, Natalia; Guimaraes, Alice Demattos & Chiesa, Carolina Dalla (2022). Crowdfunding Adoption by Artists: A comparative analysis of Norway and Brazil. Fulltekst i vitenarkiv
• Baah-Peprah, Prince; Shneor, Rotem & Munim, Ziaul Haque (2022). The Roles of Community Identification and Trust in Crowdfunding Information-Sharing Attitudes, Intentions, and Behaviors. Fulltekst i vitenarkiv
• Shneor, Rotem (2022). Introduction to Streetlight Issues in Crowdfunding Research: Reflections, Directions, and Provocations. Fulltekst i vitenarkiv
• Baah-Peprah, Prince; Shneor, Rotem & Munim, Ziaul Haque (2022). Explaining Reward Crowdfunding Backers’ Intentions and Behavior. Fulltekst i vitenarkiv
• Efrat, Kalanit; Gilboa, Shaked; Shneor, Rotem & Wald, Andreas Erich (2022). What drives serial backers in crowdfunding? An empirical test of competing theories. Fulltekst i vitenarkiv
• Shneor, Rotem; Munim, Ziaul Haque; Mæhle, Natalia; Rykkja, Anders; Guimaraes, Alice Demattos & Chiesa, Carolina Dalla (2022). Crowdfunding Adoption by Artists: A comparative analysis of Norway and Brazil. Fulltekst i vitenarkiv
• Bonet, Lluis; Rykkja, Anders; Munim, Ziaul Haque & Shneor, Rotem (2022). Institutional Crowdfunding: A Research Proposal for Museet Midt, Norway. Fulltekst i vitenarkiv
• Shneor, Rotem (2022). Introduction to Crowdfunding - November 2022. Fulltekst i vitenarkiv
• Shneor, Rotem (2022). Entrepreneurial Finance: Planning, Sources, and Crowdfunding. Fulltekst i vitenarkiv
• Shneor, Rotem (2021). Fikk napp på første forsøk med folkefinansiering: Hentet inn fire millioner på én måned. [Journal]. Fædrelandsvennen. Fulltekst i vitenarkiv
• Shneor, Rotem; Rykkja, Anders; Mæhle, Natalia & Munim, Ziaul Haque (2021). Drivers of Norwegian Artists' Use of Crowdfunding for Financing their Projects. Fulltekst i vitenarkiv
• Shneor, Rotem (2021). Tyr til folkefinansiering for å utvikle bedriften. [Journal]. lister24.no. Fulltekst i vitenarkiv
• Shneor, Rotem; Rykkja, Anders; Mæhle, Natalia & Munim, Ziaul Haque (2021). Drivers of Norwegian Artists' Use of Crowdfunding for Financing their Projects. Fulltekst i vitenarkiv
• Shneor, Rotem (2021). Crowdfunding and Sustainability. Fulltekst i vitenarkiv
• Shneor, Rotem (2021). Folkefinansierte lån for 100 mill. på én måned: – Dette er kommet for å bli. [Journal]. e24.no. Fulltekst i vitenarkiv
• Shneor, Rotem; Rykkja, Anders; Mæhle, Natalia & Munim, Ziaul Haque (2021). Crowdfunding Cultural Production: Determinants of Crowdfunding Adoption by Artists. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Crowdfunding as Alternative Finance: Models, Trends, Challenges and Opportunities. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Crowdfunding: Models, Trends, Challenges and Opportunities. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Introduction to Crowdfunding for Art Students. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Crowdfunding: Modeller, Trender, Utfordringer og Muligheter. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). The State of Global Alternative Finance: Opportunities and Challenges in Sri Lanka and the World. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Crowdfunding: Revolutionizing entrepreneurial finance before, during, and after COVID-19 - implications for South Africa. Fulltekst i vitenarkiv
• Ziegler, Tania; Shneor, Rotem & Wenzlaff, Karsten (2020). Global Fintech Benchmarking and COVID-19s Impact. Fulltekst i vitenarkiv
• Shneor, Rotem & Wald, Andreas Erich (2020). Financing Entrepreneurship - A Review of Equity Investors’ Decision-Making Criteria. Fulltekst i vitenarkiv
• Berliner, Daniel; Wald, Andreas Erich & Shneor, Rotem (2020). Financing Entrepreneurship: A Review of Equity Investors’ Decision-Making Criteria. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). EU mykner opp reglene for folkefinansiering. [Internet]. e24.no. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Introduction to Crowdfunding: Models, Opportunities and Guidelines. Fulltekst i vitenarkiv
• Shneor, Rotem (2020). Cambridge Centre for Alternative Finance Publishes First Global Report on Alternative Finance: Over $300 Billion in Volume in 2018. [Internet]. Crowdfundinsider.com. Fulltekst i vitenarkiv
• Serwaah, Priscilla; Shneor, Rotem & Munim, Ziaul Haque (2020). A gendered-based model of crowdfunding intentions. Fulltekst i vitenarkiv
• Shneor, Rotem (2019). Nordmenn investerte 205 millioner i folkefinansiering i 2018: Milevis bak våre naboer. [Internet]. Shifter. Fulltekst i vitenarkiv
• Shneor, Rotem (2019). Crowdfunding: Trends, Opportunities and Challenges. Fulltekst i vitenarkiv
• Shneor, Rotem (2019). Global Status of Crowdfunding: Trends and Opportunities. Fulltekst i vitenarkiv
• Shneor, Rotem (2019). Donasjon crowdfunding i Norge og i Verden. [Radio]. NRK Radio - Her og nå. Fulltekst i vitenarkiv
• Shneor, Rotem (2019). Crowdfunding Models, Opportunities and Guidelines. Fulltekst i vitenarkiv
• Shneor, Rotem; Wenzlaff, Karsten; Boyko, Konstantin; Baah-Peprah, Prince; Odorovic, Ana & Okhrimenko, Olga (2024). European Crowdfunding Market Report 2023. Universitetet i Agder. ISSN 9788269315325. doi: 10.5281/zenodo.10617956. Fulltekst i vitenarkiv Vis sammendrag

  The European crowdfunding market is dynamic and constantly evolving, while often representing balancing acts between harmonization trends, as driven by cross-border scaling opportunities, and fragmentation trends, as resulting from the local anchoring of activities (Wenzlaff et al., 2020). The current report is set to provide an up-to-date review of the European Crowdfunding industry covering facts and insights for the years 2021 and 2022. In its modern manifestation, crowdfunding is defined as a fundraising method involving the collection of relatively small amounts from a large pool of funding providers via the Internet and with no or little involvement of traditional financial intermediaries. Earlier reports presenting insights on the crowdfunding industry have often covered a wider scope of services under the broad term of “alternative finance” (e.g., Ziegler et al., 2018; Ziegler et al., 2019; Ziegler et al., 2021; Ziegler et al., 2020). However, the current report focuses only on crowdfunding services. This means the report only presents data collected from platforms which are open to crowd participation as both fundraisers (demand) and funding providers (supply). Accordingly, online platforms offering fundraising services outside the traditional financial systems (e.g., digital lenders, digital invoice traders, etc.), while relying solely on institutional or non-retail private funding (i.e., not open for funding by the crowd), were excluded. At the heart of the industry are the firms providing crowdfunding services, also commonly referred to as ‘crowdfunding platforms’ after the technology underlying their operations. The platforms they operate are Internet applications linking fundraisers and prospective fund providers while facilitating exchanges between them under pre-specified conditions (Shneor & Flåten, 2015). Accordingly, all data reported in the current report have been collected from crowdfunding platforms (hereafter ‘platforms’). Throughout the report, data is presented in a comparative manner either with respect to core underlying models (i.e., equity, lending, and non-investment models) or geographical location (i.e., platforms from Northern, Southern, Eastern, and Western Europe). Table 1 presents the detailed model clustering approach. Here, services offering investments in return-yielding assets are grouped under an equity cluster. Services offering investments in return-yielding credit are grouped under a lending cluster. And services offering transactions with no expectation of financial returns, such as purchases of products/services or donations, are grouped under a non-investment models’ cluster.

• Ziegler, Tania; Shneor, Rotem; Wenzlaff, Karsten; Suresh, Krishnamurthy; Paes, Felipe & Mammadova, Leyla [Vis alle 16 forfattere av denne artikkelen] (2021). The 2nd Global Alternative Finance Market Benchmarking Report. Cambridge Centre for Alternative Finance. Fulltekst i vitenarkiv Vis sammendrag

  The 2nd Global Alternative Finance Market Benchmarking Report contributes 2019 and 2020 data, collected from financial technology firms that undertake digital lending and digital capital raising activities, to our globally comparable panel database on alternative finance.

• Ziegler, Tania; Shneor, Rotem; Wenzlaff, Karsten; Britney, Wang; Kim, Jaesik & Odorovic, Ana [Vis alle 14 forfattere av denne artikkelen] (2020). The Global Alternative Finance Market Benchmarking Report. Cambridge Centre for Alternative Finance. Fulltekst i vitenarkiv Vis sammendrag

  For the first time, the CCAF has consolidated its annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance data for 2018.This report presents the key findings from the CCAF annual global survey of online alternative finance. In all, 1,227 unique firms contributed to this study, providing 2,322 firm-level observations globally. Investigating in crowdfunding, P2P/marketplace lending or related capital raising activities, the study shows that 47 per cent of the firms were operating in two or more countries or jurisdictions. Highlights from the report: 1. In 2018, the global alternative finance industry facilitated USD $304.5 billion in transaction volume. This global alternative finance volume is representative of funds that were raised via an online alternative finance platform for consumers, business and other fundraisers. This volume represents a 27 per cent annual decline against the $419 billion recorded in 2017. However, this drop in global volume stems primarily from a sharp decline in alternative finance activities in China. Excluding the Chinese market, the global alternative finance market volume actually grew by 48 per cent year-on-year, from the $60 billion in 2017 to $89 billion In 2018. 2. China had the largest alternative finance volume by country, having generated a total of $215.37 billion in 2018. The United States ($61 billion) and the United Kingdom ($10.4 billion) came in second and third respectively. In 2018, five additional countries surpassed the $1 billion threshold of alternative finance market volume including the Netherlands ($1.8 billion), Indonesia ($1.45 billion), Germany ($1.27 billion), Australia ($1.16 billion) and Japan ($1.07 billion). 3. In 2018, online alternative business funding for start-ups and SMEs accounted for $82 billion, which fell by almost half from the high of $153 billion recorded in 2017. Much like the global total market volume, this significant reduction in alternative business funding was largely due to the sharp decline in business focused funding activity in China. Excluding China, global business funding through alternative channels increased from the $21 billion in 2017 to $31 billion in 2018. This represented a 47 per cent annual increase against the previous year. 4. Approximately $162 billion of alternative finance volumes directly stem from funding provided by institutional investors such as banks, pension funds, mutual funds and family offices. With the involvement of institutional investors on the rise, most regions were fairly equally split, with roughly 50 per cent of funding coming from the institutions and rest provided by retail investors.

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