Presenting a crowdfunding risk model in fintech-based businesses.

Subject Areas : Journal of Investment Knowledge

ali Mohammadi ¹ , Fraydoon Rahnamay Roodposhti ² , Hoda Hemmati ³ , narges yazdanian ⁴

1 - Ph.D Student in Financial Engineering, Department of Educational Sciences and Consulting (Management and Accounting), Rudehen Branch, Islamic Azad University, Rudehen,
2 - Full Professor, Department of Accounting, Science and Research Branch, Islamic Azad University, Tehran, Iran
3 - Assistant Professor, Accounting, Department of Educational Sciences and Consulting (Management and Accounting), Rudehen Branch, Islamic Azad University, Rudehen, Iran
4 - Assistant Professor, Accounting, Department of Educational Sciences and Consulting (Management and Accounting), Rudehen Branch, Islamic Azad University, Rudehen, Iran

Received: 2022-11-13 Accepted : 2022-12-05 Published : 2023-06-22

Keywords: Risk, Crowdfunding, fintech,

Abstract :

AbstractThe purpose of this research is to present the risk model of crowdfunding in fintech-based businesses. The present research community was formed by university professors and experts of the certified crowdfunding platforms of the country. In this research, the opinions of 12 experts were used using non-random judgment method. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ The process of data analysis was carried out in two stages to identify the risk of crowdfunding in fintech-based businesses, through the interview tool and using the theme analysis method, as well as the screening of factors through the questionnaire tool and the fuzzy Delphi method. . The phase of identifying dimensions and components using theme analysis and during the data familiarization phase, 50 cases of speech evidence identified from the text of the interviews were labeled in the form of 13 primary codes. Next, the initial codes were categorized into two sub-themes and then a main theme. In the Delphi phase, all the components were approved by the experts and finally the research model was drawn. Also, the results of the research showed that the risk of crowdfunding in fintech-based businesses is divided into two main parts. The risk of internal factors, including lack of quick liquidity, conflict of interests between entrepreneurs and investors, high failure rate, dilution of investment, lack of control over all aspects of investment, lack of transparency and limited information, possibility of fraud and corruption, risk of conditions Contracts and transactions, improper valuation, operational risk, and the risk of external factors.

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