Research Article
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The Contribution of Limited Liability Principle and Crowdfunding Concept to Access Finance

Year 2023, Volume: 8 Issue: 2, 213 - 228, 30.12.2023

Temel Güner

https://doi.org/10.30927/ijpf.1265482

Abstract

Especially in the early 19th century, states have been in search of finding finance for large projects such as dams, bridges and road construction that they could not finance on their own. As a result of evaluations, it was concluded that the necessary financing could be provided by limiting the liability of investors and then the limited liability principle, which is one of the prime building blocks of modern business life, has been legally accepted. Thanks to limited liability also small and medium-sized enterprises (SMEs) and start-ups have become more easily able to access the equity capital they need. However, although the limited liability principle makes it easier to reach equity capital, it makes it difficult to access debt capital (credit), especially in times of crisis. For this reason, alternative finance models such as crowdfunding emerged in the early 2000s to facilitate startups' access to debt capital.
In this article, the contribution of the limited liability principle and crowdfunding to access capital are examined.

Keywords

Limited Liability Crowdfunding Crowdfunding Models Entrepreneurship Medium-Sized Enterprises (SMEs)

Project Number

2211

References

  • Agrawal, A., Catalini, C., & Goldfarb, A. (2014). “Some Simple Economics of Crowdfunding”. Innovation Policy And the Economy, 14(1), 63-97. doi:https://doi.org/10.1086/674021.
  • Aschenbeck-Florange, T., Blair, D., Beltran J., Garcia, A., Nagel, T., Piattelli, U., & Quintavalla, L. (2013). Regulation of crowdfunding in Germany, the UK, Spain and Italy and the impact of the European single market. https://nicolasguillaume.fr/wp-content/uploads/ 2013/06/20130610_Regulation_of_Crowdfunding_ECN_OC.pdf.
  • Bainbridge, S. (2000, July 21). “Abolishing Veil Piercing”. The Journal of Corporation Law, 26, 480-534. https://dx.doi.org/10.2139/ssrn.236967.
  • Beaulieu, T., & Sarker, S. (2015). “A Conceptual Framework for Understanding Crowdfunding”. Communications of the association for information systems, 37(1), 1-31. https://doi.org/10.17705/1CAIS.03701.
  • Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). “Crowdfunding: Tapping the Right Crowd”. Journal of Business Venturing, 29(5), 585-609. https://dx.doi.org/10.2139/ssrn.1578175.
  • Belleflamme, P., Omrani, N., & Peitz, M. (2015). “The Economics of Crowdfunding”. Information Economics and Policy, 33, 11-28. https://dx.doi.org/10.2139/ssrn.2585611.
  • Block, J., Colombo, M., Cumming, D., & Vismara, S. (2018). “New Players in Entrepreneurial Finance and Why They are There”. Small Business Economics, 50(2), 239-250. https://doi.org/10.1007/s11187-016-9826-6.
  • Bradford, C. (2012a). “Crowdfunding and the Federal Securities Laws”. Columbia Business Law Review, 1(1), 1-150. https://ssrn.com/abstract=1916184.
  • Bradford, C. (2012b). “The New Federal Crowdfunding Exemption: Promise Unfulfilled”. Securities Regulation Law Journal, 40(3), 195-223. https://ssrn.com/abstract=2066088.
  • Cataldo, B. (1953). “Limited Liability with One-Man Companies and Subsidiary Corporations”. Law and Contemporary Problems, 18(4), 473-504. https://doi.org/10.2307/1190459.
  • China, P. B. (2014). China Financial Stability Report 2014: Financial Stability Analysis Group of the People’s Bank of China. http://www.centerforfinancialstability.org/fsr/ chn_fsr_201407.pdf.
  • Cicchiello, A. (2019a). “Building an Entrepreneurial Ecosystem Based on Crowdfunding İn Europe: The Role of Public Policy”. Journal of Enterprisehip and Public Policy, 8(3), 297-318. doi:https://doi.org/10.1108/JEPP-05-2019-0037.
  • Cicchiello, A. (2019b). “Harmonizing the Crowdfunding Regulation in Europe: Need, Challenges, and Risks”. Journal of Small Business and Enterprisehip, 32(4), 1-22. doi:https://doi.org/10.1080/08276331.2019.1603945.
  • Cicchiello, A., Pietronudo, M., & Leone, D. (2020). Entrepreneurial Dynamics and Investor-Oriented Approaches for Regulating The Equity-Based Crowdfnding”. Journal of Enterprisehip and Public Policy, 10(2), 235-260. doi:https://doi.org/10.1108/JEPP-03-2019-0010.
  • Dasgupta, S., Fan, T., Li , Y., & Xiao, Y. (2020). “With a Little Help From Friends: Strategic Financing and the Crowd”. Centre for Economic Policy Research (CEPR). https://dx.doi.org/10.2139/ssrn.3543878.
  • De Buysere, K., Gajda, O., & Kleverlaan, R. (2012). A Framework for European Crowdfunding. https://www.fundraisingschool.it/wp-content/uploads/2013/02/European-Crowdfunding-Framework-Oct-2012.pdf.
  • Demiray, M., & Burnaz, S. (2019). “Positioning of Crowdfunding Platforms: Turkey as an Emerging Market Case”. Journal of Management, Marketing and Logistics, 6 (2), 84-94. http://dx.doi.org/10.17261/Pressacademia.2019.1036.
  • Easterbrookt, F., & Fishel, D. (1985). “Limited Liability and The Corporation”. The University Of Chicago Law Review, 52(1), 89-117. doi:https://doi.org/10.2307/1599572.
  • Fink, A. (2012). Protecting the Crowd and Raising Capital Through the JOBS Act. https://dx.doi.org/10.2139/ssrn.2046051.
  • Friedman, M., & Savage, L. (1948). “The Utility Analysis of Choices İnvolving Risk”. The Journal of Political Economy, 56(4), 279-304. doi:https://doi.org/10.1086/256692.
  • Gajda, O. (2014). “Review of Crowdfunding Regulation. Interpretations of Existing Regulation Concerning Crowdfunding in Europe, North America And Israel”. European Crowdfunding Network AISBL. https://www.babic-partners.hr/wp-content/uploads/ 2015/04/ECN-Review-of-Crowdfunding-Regulation-20141.pdf.
  • Gajda, O. (Ed.). (2017). “Review of Crowdfunding Regulation: Interpretations of Existing Regulation Concerning Crowdfunding in Europe North America and Israel”. Brussels: European Crowdfunding Network AISBL. https://eurocrowd.org/wp-content/uploads/ 2022/02/ECN_Review_of_Crowdfunding_Regulation_2017.pdf.
  • Gerber, E., Hui, J., & Kuo, P. (2012). “Crowdfunding: Why People are Motivated to Post and Fund Projects on Crowdfunding Platforms”. Computer Supported Cooperative Work 2012. https://distworkshop.files.wordpress.com/2012/01/dist2012_submission_11.pdf.
  • Gloger, C. (2007). Haftungsbeschränkung Versus Gläubigerschutz İn Der Gmbh, Rechtsvergleichende Studie Zum Deutschen Und Brasilianischen Recht. Berlin: Heymanns C.
  • Halmer, P. (2013). Gesellschafterdarlehen und Haftungsdurchgriff zur Rechtsökonomik Beschrankter Haftung bei Unterkapitalisierung. Tübingen: Mohr Siebeck.
  • Hermes, J. (2006). Wunsch und Wirklichkeit der GmbH-Haftungsbeschränkung: Eine Rechtstatsachenuntersuchung. Baden-Baden: Nomos.
  • Herrera, D. (2016). Alternative Finance (Crowdfunding) Regulation in Latin America and the Caribbean. https://publications.iadb.org/en/alternative-finance-crowdfunding-regulation-latin-america-and-caribbean-balancing-act.
  • Hicks, A., Drury, R., & Smallcombe, J. (1995). Alternative Company Structures for the Small Business, Certified Accountants' Educational Trust.
  • Huang, Z., Marjerison, M., Chiu, C., & Mo , S. (2018). “The Nature of Crowdfunding in China: Initial Evidence”. Asia Pacific Journal of Innovation and Enterprisehip, 12(3), 300-322. doi:http://dx.doi.org/10.1108/APJIE-08-2018-0046.
  • Irwin, D., & Scott, J. (2010). Barriers Faced by Smes in Raising Bank Finance. International Journal of Entrepreneurial Behavior and Research, 16(3), 245-259. doi:https://doi.org/10.1108/13552551011042816.
  • Koçaslan, G. (2011). Risk Altında Karar Almada Neoklasik Ve Alternatif Yaklaşımlar: Kayıplar Alanında Risk Tavırlarına İlişkin Davranışsal Bir Araştırma, İstanbul: İktisadi Araştırmalar Vakfı.
  • Kuvaeva, Y., Chudinovskikh, M., & Boronenkova, N. (2020). “Approaches Formation to the Regulation of Crowdfunding Platforms, Advances in Economics. Proceedings of the 2nd International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: From Regional Development to Global Economic Growth” (MTDE 2020), 1052-1055. doi:https://dx.doi.org/10.2991/aebmr.k.200502.173.
  • Lehman, G. (1986). Das Privileg der Beschränkten Haftung und der Durchgriff im Gesellschafts- und Konzernrecht. Zeitschrift für Unternehmens- und Gesellschaftsrecht, 15(3), 345-370. doi:https://doi.org/10.1515/zgre.1986.15.3.345.
  • Macey, J. (1995). “The Limited Liability Company: Lessons for Corporate Law”. Washıngton Unıversıty Law Quarterly, 73(2), 433-454. https://openscholarship.wustl.edu/ law_lawreview/vol73/iss2/2.
  • Markowitz, H. (1952). “The Utility of Wealth. Journal of Political Economy”, 60, 151-158. https://www.jstor.org/stable/1825964.
  • Massolutıon, (2015). 2015CF: “The Crowdfunding Industry Report”. https://fintechranking.com/2015/03/31/2015cf-crowdfunding-industry-report/.
  • Meyer, J. (2000). Haftungsbeschränkung im Recht der Handelsgeselschaften. Heidelberg: Springer. Nguyen, D., Mishra, A. V., & Daly, K. (2022). “Bank Market Power and Discouraged SMEs: International Evidence”. Borsa Istanbul Rewiev, 22(6), 1045-1061. https://doi.org/10.1016/j.bir.2022.07.010.
  • Özer, Ş. (2022). Sermaye Piyasası Kanununa Göre Kitle Fonlaması (Crowdfunding). Ankara: Seçkin.
  • Ramos, J. (2014). “Crowdfunding and the Role Of Managers in Ensuring the Sustainability of Crowdfunding Platforms”. Publications Office of the European Union. http://dx.doi.org/10.13140/RG.2.1.3925.6480.
  • Roth, G. (2009). “Zur „economic analysis" der beschrânkten Haftung”. Zeitschrift für Unternehmens- und Gesellschaftsrecht, 15(3), 371-382. https://doi.org/10.1515/ zgre.1986.15.3.371.
  • Sadzius, L., & Sadzius, T. (2017). “Existing Legal Issues for Crowdfunding Regulation in European Union Member”. International Journal of Business, Humanities and Technology, 7(3), 52-62. https://www.ijbhtnet.com/journals/Vol_7_No_3_September_2017/7.pdf.
  • Safdari, C., & Scannell, N. (2005). “Investment Risk Profiling Utilizing Business Resource Slack”. Journal of Business & Economics Research, 3(8), 1-10. https://clutejournals.com/ index.php/JBER/article/view/2794/2842.
  • Schall, A. (2009). Kapitalgesellschaftsrechtlicher Glaubigerschutz. München: Verlag C.H. Beck.
  • Shneor, R., Zhao, L., Flåten, B. (2020). “Advances in Crowdfunding Research and Practice, Advances in Crowdfunding Research and Practice”. Springer. https://doi.org/10.1007/ 978-3-030-46309-0_1.
  • Smith, D. (2008). “Piercing the Corporate Veil in Regulated Industries”. Brigham Young University Law Review, 2008(4), 1165-1212. https://ssrn.com/abstract=1090027.
  • Stemler, A. (2013). “The JOBS Act and Crowdfunding: Harnessing the Power and Money of the Masses”. Business Horizons, 56, 271-275. https://doi.org/10.1016/ j.bushor.2013.01.007.
  • Trautmann, T. (2020). Die Legitimation der beschränkten Haftung im Konzern. Baden-Baden: Nomos.
  • Valanciene, L., & Jegeleviciute, S. (2014). “Crowdfunding for Creating Value: Stakeholder Approach”. Procedia-Social and Behavioral Sciences, 156, 599-604. doi:https://doi.org/10.1016/j.sbspro.2014.11.248.
  • Vandekerckhove, K. (2007). Piercing the Corporate Veil. Kluwer Law International.
  • Vural, A. (2019). “Girişimciler İçin Yeni Nesil Bir Finansman Modeli “Kitle Fonlaması - Crowdfundıng”: Dünya ve Türkiye Uygulamaları Üzerine Bir İnceleme ve Model Önerisi”. doi:http://dx.doi.org/10.13140/RG.2.2.16321.07529.
  • Worldbank. (2013). “Crowdfunding’s Potential for the Developing World, infoDev, Finance and Private”. Washington, DC: World Bank. https://funginstitute.berkeley.edu/wp-content/uploads/2013/10/WB_CrowdfundingReport-ES--281-29.pdf.
  • Zhang, B., Garvey, K., Burton, J., Ziegler, T., Ridler, S., & Yerolemou, N. (2017). “The 4th Annual UK Alternative Finance Industry Report”. Cambridge Centre for Alternative Finance. Cambridge University. https://dx.doi.org/10.2139/ssrn.3084570.
  • Ziegler , T., Shneor, R., Wenzlaff, K., Odorovıc, A., & Johanson, D. (2021b). “Shifting Paradigms the 4th European Alternative Finance Market Benchmarking Report”. Cambridge Centre for Alternative Finance. Cambridge University. https://dx.doi.org/10.2139/ ssrn.3772260.
  • Ziegler, T., & Shneor, R. (2020). “The Global Alternative Finance Market Benchmarking Report Trends, Opportunities and Challenges for Lending Equity, and Non-Investment Alternative Finance Models”. Cambridge Centre for Alternative Finance. Cambridge University. https://www.jbs.cam.ac.uk/wp-content/uploads/2020/08/2020-04-22-ccaf-global-alternative-finance-market-benchmarking-report.pdf.
  • Ziegler, T., Shneor, R., & Wenzlaf, K. (2021a). “The 2nd Global Alternative Finance Market Benchmarking Report”. Cambridge Centre for Alternative Finance. Cambridge University. https://ssrn.com/abstract=3878065.
  • Ziegler, T., Shneor, R., Garvey, K., Wenzlaff, K., Yerolemou, N., Hao, R., & Zhang, B. (2018). “The 3rd European Alternative Finance Industry Benchmarking Report”. Cambridge Centre for Alternative Finance. Cambridge University. doi:https://dx.doi.org/10.2139/ ssrn.3106911.

The Contribution of Limited Liability Principle and Crowdfunding Concept to Access Finance

Year 2023, Volume: 8 Issue: 2, 213 - 228, 30.12.2023

Temel Güner

https://doi.org/10.30927/ijpf.1265482

Abstract

Especially in the early 19th century, states have been in search of finding finance for large projects such as dams, bridges and road construction that they could not finance on their own. As a result of evaluations, it was concluded that the necessary financing could be provided by limiting the liability of investors and then the limited liability principle, which is one of the prime building blocks of modern business life, has been legally accepted. Thanks to limited liability also small and medium-sized enterprises (SMEs) and start-ups have become more easily able to access the equity capital they need. However, although the limited liability principle makes it easier to reach equity capital, it makes it difficult to access debt capital (credit), especially in times of crisis. For this reason, alternative finance models such as crowdfunding emerged in the early 2000s to facilitate startups' access to debt capital.
In this article, the contribution of the limited liability principle and crowdfunding to access capital are examined.

Keywords

Limited Liability Crowdfunding Crowdfunding Models Entrepreneurship Medium-Sized Enterprises (SMEs)

Supporting Institution

TÜBİTAK

Project Number

2211

References

  • Agrawal, A., Catalini, C., & Goldfarb, A. (2014). “Some Simple Economics of Crowdfunding”. Innovation Policy And the Economy, 14(1), 63-97. doi:https://doi.org/10.1086/674021.
  • Aschenbeck-Florange, T., Blair, D., Beltran J., Garcia, A., Nagel, T., Piattelli, U., & Quintavalla, L. (2013). Regulation of crowdfunding in Germany, the UK, Spain and Italy and the impact of the European single market. https://nicolasguillaume.fr/wp-content/uploads/ 2013/06/20130610_Regulation_of_Crowdfunding_ECN_OC.pdf.
  • Bainbridge, S. (2000, July 21). “Abolishing Veil Piercing”. The Journal of Corporation Law, 26, 480-534. https://dx.doi.org/10.2139/ssrn.236967.
  • Beaulieu, T., & Sarker, S. (2015). “A Conceptual Framework for Understanding Crowdfunding”. Communications of the association for information systems, 37(1), 1-31. https://doi.org/10.17705/1CAIS.03701.
  • Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). “Crowdfunding: Tapping the Right Crowd”. Journal of Business Venturing, 29(5), 585-609. https://dx.doi.org/10.2139/ssrn.1578175.
  • Belleflamme, P., Omrani, N., & Peitz, M. (2015). “The Economics of Crowdfunding”. Information Economics and Policy, 33, 11-28. https://dx.doi.org/10.2139/ssrn.2585611.
  • Block, J., Colombo, M., Cumming, D., & Vismara, S. (2018). “New Players in Entrepreneurial Finance and Why They are There”. Small Business Economics, 50(2), 239-250. https://doi.org/10.1007/s11187-016-9826-6.
  • Bradford, C. (2012a). “Crowdfunding and the Federal Securities Laws”. Columbia Business Law Review, 1(1), 1-150. https://ssrn.com/abstract=1916184.
  • Bradford, C. (2012b). “The New Federal Crowdfunding Exemption: Promise Unfulfilled”. Securities Regulation Law Journal, 40(3), 195-223. https://ssrn.com/abstract=2066088.
  • Cataldo, B. (1953). “Limited Liability with One-Man Companies and Subsidiary Corporations”. Law and Contemporary Problems, 18(4), 473-504. https://doi.org/10.2307/1190459.
  • China, P. B. (2014). China Financial Stability Report 2014: Financial Stability Analysis Group of the People’s Bank of China. http://www.centerforfinancialstability.org/fsr/ chn_fsr_201407.pdf.
  • Cicchiello, A. (2019a). “Building an Entrepreneurial Ecosystem Based on Crowdfunding İn Europe: The Role of Public Policy”. Journal of Enterprisehip and Public Policy, 8(3), 297-318. doi:https://doi.org/10.1108/JEPP-05-2019-0037.
  • Cicchiello, A. (2019b). “Harmonizing the Crowdfunding Regulation in Europe: Need, Challenges, and Risks”. Journal of Small Business and Enterprisehip, 32(4), 1-22. doi:https://doi.org/10.1080/08276331.2019.1603945.
  • Cicchiello, A., Pietronudo, M., & Leone, D. (2020). Entrepreneurial Dynamics and Investor-Oriented Approaches for Regulating The Equity-Based Crowdfnding”. Journal of Enterprisehip and Public Policy, 10(2), 235-260. doi:https://doi.org/10.1108/JEPP-03-2019-0010.
  • Dasgupta, S., Fan, T., Li , Y., & Xiao, Y. (2020). “With a Little Help From Friends: Strategic Financing and the Crowd”. Centre for Economic Policy Research (CEPR). https://dx.doi.org/10.2139/ssrn.3543878.
  • De Buysere, K., Gajda, O., & Kleverlaan, R. (2012). A Framework for European Crowdfunding. https://www.fundraisingschool.it/wp-content/uploads/2013/02/European-Crowdfunding-Framework-Oct-2012.pdf.
  • Demiray, M., & Burnaz, S. (2019). “Positioning of Crowdfunding Platforms: Turkey as an Emerging Market Case”. Journal of Management, Marketing and Logistics, 6 (2), 84-94. http://dx.doi.org/10.17261/Pressacademia.2019.1036.
  • Easterbrookt, F., & Fishel, D. (1985). “Limited Liability and The Corporation”. The University Of Chicago Law Review, 52(1), 89-117. doi:https://doi.org/10.2307/1599572.
  • Fink, A. (2012). Protecting the Crowd and Raising Capital Through the JOBS Act. https://dx.doi.org/10.2139/ssrn.2046051.
  • Friedman, M., & Savage, L. (1948). “The Utility Analysis of Choices İnvolving Risk”. The Journal of Political Economy, 56(4), 279-304. doi:https://doi.org/10.1086/256692.
  • Gajda, O. (2014). “Review of Crowdfunding Regulation. Interpretations of Existing Regulation Concerning Crowdfunding in Europe, North America And Israel”. European Crowdfunding Network AISBL. https://www.babic-partners.hr/wp-content/uploads/ 2015/04/ECN-Review-of-Crowdfunding-Regulation-20141.pdf.
  • Gajda, O. (Ed.). (2017). “Review of Crowdfunding Regulation: Interpretations of Existing Regulation Concerning Crowdfunding in Europe North America and Israel”. Brussels: European Crowdfunding Network AISBL. https://eurocrowd.org/wp-content/uploads/ 2022/02/ECN_Review_of_Crowdfunding_Regulation_2017.pdf.
  • Gerber, E., Hui, J., & Kuo, P. (2012). “Crowdfunding: Why People are Motivated to Post and Fund Projects on Crowdfunding Platforms”. Computer Supported Cooperative Work 2012. https://distworkshop.files.wordpress.com/2012/01/dist2012_submission_11.pdf.
  • Gloger, C. (2007). Haftungsbeschränkung Versus Gläubigerschutz İn Der Gmbh, Rechtsvergleichende Studie Zum Deutschen Und Brasilianischen Recht. Berlin: Heymanns C.
  • Halmer, P. (2013). Gesellschafterdarlehen und Haftungsdurchgriff zur Rechtsökonomik Beschrankter Haftung bei Unterkapitalisierung. Tübingen: Mohr Siebeck.
  • Hermes, J. (2006). Wunsch und Wirklichkeit der GmbH-Haftungsbeschränkung: Eine Rechtstatsachenuntersuchung. Baden-Baden: Nomos.
  • Herrera, D. (2016). Alternative Finance (Crowdfunding) Regulation in Latin America and the Caribbean. https://publications.iadb.org/en/alternative-finance-crowdfunding-regulation-latin-america-and-caribbean-balancing-act.
  • Hicks, A., Drury, R., & Smallcombe, J. (1995). Alternative Company Structures for the Small Business, Certified Accountants' Educational Trust.
  • Huang, Z., Marjerison, M., Chiu, C., & Mo , S. (2018). “The Nature of Crowdfunding in China: Initial Evidence”. Asia Pacific Journal of Innovation and Enterprisehip, 12(3), 300-322. doi:http://dx.doi.org/10.1108/APJIE-08-2018-0046.
  • Irwin, D., & Scott, J. (2010). Barriers Faced by Smes in Raising Bank Finance. International Journal of Entrepreneurial Behavior and Research, 16(3), 245-259. doi:https://doi.org/10.1108/13552551011042816.
  • Koçaslan, G. (2011). Risk Altında Karar Almada Neoklasik Ve Alternatif Yaklaşımlar: Kayıplar Alanında Risk Tavırlarına İlişkin Davranışsal Bir Araştırma, İstanbul: İktisadi Araştırmalar Vakfı.
  • Kuvaeva, Y., Chudinovskikh, M., & Boronenkova, N. (2020). “Approaches Formation to the Regulation of Crowdfunding Platforms, Advances in Economics. Proceedings of the 2nd International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: From Regional Development to Global Economic Growth” (MTDE 2020), 1052-1055. doi:https://dx.doi.org/10.2991/aebmr.k.200502.173.
  • Lehman, G. (1986). Das Privileg der Beschränkten Haftung und der Durchgriff im Gesellschafts- und Konzernrecht. Zeitschrift für Unternehmens- und Gesellschaftsrecht, 15(3), 345-370. doi:https://doi.org/10.1515/zgre.1986.15.3.345.
  • Macey, J. (1995). “The Limited Liability Company: Lessons for Corporate Law”. Washıngton Unıversıty Law Quarterly, 73(2), 433-454. https://openscholarship.wustl.edu/ law_lawreview/vol73/iss2/2.
  • Markowitz, H. (1952). “The Utility of Wealth. Journal of Political Economy”, 60, 151-158. https://www.jstor.org/stable/1825964.
  • Massolutıon, (2015). 2015CF: “The Crowdfunding Industry Report”. https://fintechranking.com/2015/03/31/2015cf-crowdfunding-industry-report/.
  • Meyer, J. (2000). Haftungsbeschränkung im Recht der Handelsgeselschaften. Heidelberg: Springer. Nguyen, D., Mishra, A. V., & Daly, K. (2022). “Bank Market Power and Discouraged SMEs: International Evidence”. Borsa Istanbul Rewiev, 22(6), 1045-1061. https://doi.org/10.1016/j.bir.2022.07.010.
  • Özer, Ş. (2022). Sermaye Piyasası Kanununa Göre Kitle Fonlaması (Crowdfunding). Ankara: Seçkin.
  • Ramos, J. (2014). “Crowdfunding and the Role Of Managers in Ensuring the Sustainability of Crowdfunding Platforms”. Publications Office of the European Union. http://dx.doi.org/10.13140/RG.2.1.3925.6480.
  • Roth, G. (2009). “Zur „economic analysis" der beschrânkten Haftung”. Zeitschrift für Unternehmens- und Gesellschaftsrecht, 15(3), 371-382. https://doi.org/10.1515/ zgre.1986.15.3.371.
  • Sadzius, L., & Sadzius, T. (2017). “Existing Legal Issues for Crowdfunding Regulation in European Union Member”. International Journal of Business, Humanities and Technology, 7(3), 52-62. https://www.ijbhtnet.com/journals/Vol_7_No_3_September_2017/7.pdf.
  • Safdari, C., & Scannell, N. (2005). “Investment Risk Profiling Utilizing Business Resource Slack”. Journal of Business & Economics Research, 3(8), 1-10. https://clutejournals.com/ index.php/JBER/article/view/2794/2842.
  • Schall, A. (2009). Kapitalgesellschaftsrechtlicher Glaubigerschutz. München: Verlag C.H. Beck.
  • Shneor, R., Zhao, L., Flåten, B. (2020). “Advances in Crowdfunding Research and Practice, Advances in Crowdfunding Research and Practice”. Springer. https://doi.org/10.1007/ 978-3-030-46309-0_1.
  • Smith, D. (2008). “Piercing the Corporate Veil in Regulated Industries”. Brigham Young University Law Review, 2008(4), 1165-1212. https://ssrn.com/abstract=1090027.
  • Stemler, A. (2013). “The JOBS Act and Crowdfunding: Harnessing the Power and Money of the Masses”. Business Horizons, 56, 271-275. https://doi.org/10.1016/ j.bushor.2013.01.007.
  • Trautmann, T. (2020). Die Legitimation der beschränkten Haftung im Konzern. Baden-Baden: Nomos.
  • Valanciene, L., & Jegeleviciute, S. (2014). “Crowdfunding for Creating Value: Stakeholder Approach”. Procedia-Social and Behavioral Sciences, 156, 599-604. doi:https://doi.org/10.1016/j.sbspro.2014.11.248.
  • Vandekerckhove, K. (2007). Piercing the Corporate Veil. Kluwer Law International.
  • Vural, A. (2019). “Girişimciler İçin Yeni Nesil Bir Finansman Modeli “Kitle Fonlaması - Crowdfundıng”: Dünya ve Türkiye Uygulamaları Üzerine Bir İnceleme ve Model Önerisi”. doi:http://dx.doi.org/10.13140/RG.2.2.16321.07529.
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There are 56 citations in total.

Details

Primary Language English
Subjects Law in Context
Journal Section Research Article
Authors

Temel Güner 0000-0002-0446-9856

Project Number 2211
Publication Date December 30, 2023
Submission Date March 15, 2023
Acceptance Date July 14, 2023
Published in Issue Year 2023 Volume: 8 Issue: 2

Cite

APA Güner, T. (2023). The Contribution of Limited Liability Principle and Crowdfunding Concept to Access Finance. International Journal of Public Finance, 8(2), 213-228. https://doi.org/10.30927/ijpf.1265482
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