Fundraising policies in cultural and creative industries: public stock market and crowdfunding channels

Abstract

As the economic value of creative industries becomes increasingly prominent to national GDP in numerous countries, how CCI firms can obtain sufficient funds to develop their long-term competitiveness has become critical for policymakers. This study discusses the fundraising policies of CCIs in Taiwan with respect to public stock market and equity crowdfunding channels. Our results indicate that the effects of participation in public stock markets and equity crowdfunding differ according to subindustry type and firm size. Digital content companies outperform media and arts & design companies with higher market value, sales, and net income; and large-sized CCI companies benefit more from improvements in export and net income relative to small- and medium-sized CCI companies. The analysis also reveals that some CCI entrepreneurs should be subjected to increased inspection because of the relaxed registration requirement. This study suggests that policymakers could make appropriate adjustments to fundraising policies to enhance their support of CCIs.

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