Entrepreneurial Finance, FinTech

1. Monetary Doping? Understanding the Rapid Development of CBDC in Emerging Economies [Shaen Corbet, Douglas Cumming, and Zach Glatzer]

2. One crash, too many: The impact of global uncertainty and behavioural factors on investors’ divergence in the cryptocurrency market (Audrey Paterson, Rilwan Sakariyahu)

3. Bank-Affiliated Venture Capital Funds: Portfolio Selection, Strategic Objectives, Performance and Exit (With Samuele Murtinu)

4. Governance and Success in U.S. Equity Crowdfunding (With Douglas Cumming and Robert S. Reardon)

1. Etudaiye-Muhtar, F.O., S. Johan, R. Lawal, 2024. FinTech, human development and energy poverty in sub-Saharan Africa Journal of International Financial Markets, Institutions and Money 91, 101931.

2. Cumming, D.J., Farag, H., and Johan, S. 2024. Sustainability, Climate Change and Financial Innovation: Future Research Directions. European Financial Management, forthcoming. [ABS 3]

3. Global Fintech Trends and their Impact on International Business: A Review (with Douglas Cumming and Robert Reardon) Multinational Business Review, (2023) 31 (3), 413-436.

4. Cumming, Douglas J. Sofia A. Johan, and Robert S. Reardon, 2023. Crowdfunding and Intellectual Property, Colorado Technology Law Journal, forthcoming. 

5. Ajide, F, Sakariyahu, R., Lawal, R. Etudaiye-Muhtar, F., and Johan, S. (2023) Mobile money innovation and global value chain participation: Evidence from developing countries, Finance Research Letters, Volume 58, Part D, 104694. [B 2]

6. Cumming, D., Johan, S., Khan, Z., and Meyer, M., 2023. E-commerce policy and international business. Management International Review,  63(1), 3-25. [A 3]

7. Adhami, S., Gianfrate, G., and Johan, S. (2023). Risks and returns in crowdlending.  Eurasian Business Review, 13(2), 309-340. (GSS 11)

8. Rama, A., Jiang, C., Johan, S., Liu, H., and Mai, Y. (2022). Religious and social narratives and crowdfunding success. Journal of International Financial Markets, Institutions and Money, 80, 101595. [A 3]

9. Levasseur, L., Johan, S. and Eckhardt, J., 2022. Mixed Methods in Venture Capital Research: An Illustrative Study and Directions for Future Work. British Journal of Management, 33, 26-45. [A 4] (GSC 2)

10. “The Digital Credit Divide: The Effect of Marketplace Lending on Entrepreneurship" (With Douglas Cumming, Hisham Farag and Danny McGowan) Journal of Financial and Quantitative Analysis, 57(7), 2659-2692.  [A* 4 FT] (GSC 2)

11. The evolution of Venture Capital: from the early days to recent successes (with Vincenzo Capizzi and Cristiano Bellavitis) Venture Capital: An International Journal of Entrepreneurial Finance (2021), Vol 23(1)  [B 2]

12. Digital Startup Access to Venture Capital Financing: What Signals Quality? (With Cristiane Benetti and Nirjhar Nigam) Emerging Markets Review (2020)  [A 2]

13. “Quality Revealing Versus Overstating in Equity Crowdfunding” (with Yelin Zhang) Journal of Corporate Finance (2020), [A* 4]

14. “Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance” (with Minjie Zhang) Journal of Business Ethics (2020), [A 3 FT] (GSS 19)

15. “Does religiosity influence venture capital investment decisions? (With Justin Chircop and Monika Tarsalewska) Journal of Corporate Finance, 62. [A* 4] (GSS 3)

16. “Investment Ties Gone Awry” (with Ali Mohammadi and Kourash Shafi) Academy of Management Journal, (2020), 63(1), 295-327. [A* 4* FT] (GSS 4)

17.  “The Role of Due Diligence in Crowdfunding Platforms” (With Douglas Cumming and Yelin Zhang) Journal of Banking and Finance, 108, 105661 [A* 3] (GSS 3)

18. “Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty” (with Douglas Cumming and Anshum Pant). Journal of Risk and Financial Management (2019), 12(3), 126. (GSS 1)

19. “Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-Up Gap” (with Douglas Cumming and Yelin Zhang), Oxford Review of Economic Policy, (2019) 34: 652-675. [A 2] (GSS 14)

20. “The real effect of liquidity provision on entrepreneurial financing: evidence from a natural experiment in China” (with Bo Liu, Jerry Cao & Tiecheng Leng) The European Journal of Finance, (2019) 25:6, 568-593, 

21. “Government Venture Capital Research: Separating Important Lessons from Fake Science and Bad Public Policy,” (with Douglas Cumming) Venture Capital: An International Journal of Entrepreneurial Finance, (2019), Vol. 29(1), 121-131.

22. “Is the Crowd Sensitive to Distance? Differences in Investment Decisions by Investor Types” (with Christina Guenther and Denis Schwiezer) Small Business Economics, 2018, Vol. 50(20), 289-305, DOI: https://doi.org/10.1007/s11187-016-9834-6  [A 3] (GSS 61)

23. “The Problems with and Promise of Entrepreneurial Finance” (with Douglas Cumming), Strategic Entrepreneurship Journal, 2017, 11, 357-370. [A 4 FT] (GSS 13)

24. “A Drop in an Empty Pond? Canadian Public Policy towards Venture Capital” (with Douglas Cumming and Jeffrey MacIntosh) Journal of Industrial and Business Economics, 2017, 44910, 103-117.

25. “Private Equity Exits in Emerging Markets” (with Minjie Zhang), Emerging Markets Review, 2016, 29, 133-153.[A 2] (GSS 27)

26. “Venture’s Economic Impact in Australia” (with Douglas Cumming) Journal of Technology Transfer, 2016, 41, 25-29. [C 2] (GSS 37)

    1. 1. (“Best Paper” award from the Australian Private Equity and Venture Capital Association in   2013)

27. “Corporate Finance and the Governance Implications of Removing Government Support Programs” Journal of Banking and Finance, 2016, Vol. 63, 35-47 (With Martin Jacob, Denis Schweizer and Feng Zhan) [A* 3] (GSS 22)

28. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust” (With Danial Hain and Daojuan Wang) Journal of Business Ethics, 2016, Vol. 138(4), 743-764 [A 3 FT] (GSS 49)

29. “Does Quality of Lender-Borrower Relationship Affect Small Business’ Access to Debt? Evidence of Quality from Canada and Implications in China” (With Zhenyu Wu), International Review of Financial Analysis, 2014, 36, 206–211. [A 3] (GSS 4)

30. “The Changing Latitude: Labour-sponsored Venture Capital Corporations in Canada” (With Denis Schweizer and Feng Zhan), Corporate Governance: An International Review, 2014, 22, 145-161. [A 3] (GSS 24)

31. “Determinants of Sovereign Wealth Fund Investment in Private Equity” (With April Knill and Nathan Mauck), Journal of International Business Studies, 2013, vol 44, pp. 155-172.  [A* 4* FT] (GSS 89)

32. “Demand Driven Securities Regulation: Evidence from Crowdfunding” (With Douglas Cumming), Venture Capital: An International Journal of Entrepreneurial Finance vol. 15, 4, pp. 361-379  [B 2] (GSS 114)

33. “Is Venture Capital in Crisis?” (With Douglas Cumming) World Financial Review, 2012, (July-August), pp. 69-72. (GSS 16)

34. "Institutional Investment in Listed Private Equity” (With Douglas Cumming and Grant Fleming), European Financial Management, 2011, Volume 17(3), pp. 594-618. [A 3] (GSS 45)

35. “The Role of Law, Corruption and Culture in Investment Fund Manager Fees” (With Dorra Najar) Journal of Business Ethics, 2010, Vol. 95(2), 147-172. [A 3 FT] (GSS 33)

    1. 2. 1. 1. Reprinted in Cressy, R., D.J. Cumming, and C. Malin, 2012, eds.,  Entrepreneurship, Governance and Ethics, Springer Press (2012)

36. “Phasing out an Inefficient Venture Capital Tax Credit” (with Douglas Cumming) Journal of Industry, Competition and Trade, 2010, Vol. 10, 227-252. [C] (GSS 11)

37. “Venture Capital Investment Duration” (With Douglas Cumming) Journal of Small Business Management, April 2010, Vol. 48, No. 2, pp. 228-257 [A 3] (GSS 102)

38. “Listing Standards as a Signal of IPO Preparedness and Quality” (Sole authored) International Review of Law and Economics, June 2010, Vol.30 (2), pp. 128-144 [ B 2] (GSS 50)

39. “Legality and Fund Manager Compensation” (With Douglas Cumming) Venture Capital: An International Journal of Entrepreneurial Finance, Vol.11, No.1, January 2009, pp.23-54. [B 2] (GSS 19)

40. “Pre Seed Government Venture Capital Funds” (With Douglas Cumming) Journal of International Entrepreneurship, 2009, Vol. 7, pp. 26-56. [1] (GSS 80)

41. “Preplanned Exit Strategies in Venture Capital” (With Douglas Cumming) European Economic Review, 52, 2008, pp. 1209-1241. [A* 3] (GSS 147)

42. “Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes” (With Douglas Cumming) Venture Capital: An International Journal of Entrepreneurial Finance, Vol. 10, No. 4, July, 2008, pp. 197-231  [B 2] (GSS 101)

43. “Is it the Law or the Lawyers? Investment Covenants around the World” (With Douglas Cumming) European Financial Management 12, 2007, pp. 535-574. [A 3] (GSS 46)

44. “Regulatory Harmonization and the Development of Private Equity Markets” (With Douglas Cumming) Journal of Banking and Finance, Vol. 31, Issue 10, October 2007, pp. 3218-3250 [A* 3] (GSS 118)

45. “Advice and Monitoring in Venture Finance” (With Douglas Cumming) Financial Markets and Portfolio Management, Vol. 21, No. 1, pp. 3-43, 2007 [B] (GSS 77)

46. “Socially Responsible Institutional Investment in Private Equity” (With Douglas Cumming) Journal of Business Ethics, Vol. 75, No. 4, November, 2007 [A 3 FT]  (GSS 91)

47. “Provincial Preferences in Private Equity” (With Douglas Cumming) Financial Markets and Portfolio Management, Vol. 20, 2006, No. 4, pp. 369-398 [B] (GSS 54)

Books - Authored

1. 1. Venture Capital and Private Equity Contracting: An International Perspective (with Douglas Cumming), Second Edition, Elsevier Science Academic Press, 2013, 756 pages. See  (GSS 325)

1. 2. Venture Capital and Private Equity Contracting: An International Perspective (with Douglas Cumming), Elsevier Science Academic Press, 2009, 778 pages.

1. 3. Crowdfunding: Fundamental Cases, Facts, and Insights (with Douglas Cumming) Elsevier Science Academic Press, 2019, 506 pages. 

Book - Edited

1. 4. The Oxford Handbook of IPOs (with Douglas Cumming) Oxford University Press, 2018, 773 pages, New York, NY, USA.  

Book Chapters

1. Cumming, D.J., and S. Johan, 2021. “Entrepreneurial Finance and Productivity in Different Institutional Contexts: Lessons from Equity Crowdfunding”, Chapter 8 in Jason Clemens and Steve Globerman, eds., Achieving the 4-Day Work Week: Essays on Improving Productivity Growth in Canada, Chapter 8, pp. 55-64.  Fraser Institute, Vancouver.

2. Cumming, D., S. Johan, and Y. Zhang, 2019. “Collaboration in Entrepreneurial Finance” in The Oxford Handbook of Entrepreneurship and Collaboration, 373.

3. Cumming, D.J., and and S.A., Johan, 2016. “Crowdfunding and Entrepreneurial Internationalization” in N. Dai and D. Siegel, eds.  Entrepreneurial Finance: Managerial and Policy Implications.  The World Scientific Publishers.  Chapter 5.

4. Cumming, D.J., and S. Johan, “Government Intervention in the Venture Capital Market” in S. Caselli, G. Corbetta, and V. Vecchi, eds., Public Private Partnerships for Infrastructure and Business Development, New York: Palgrave MacMillan, pp. 237-264.

5. Cumming, D.J., and S. Johan, 2015. “Crowdfunding and Entrepreneurial Internationalization,” in N. Dai, ed., Entrepreneurial Finance, New York: Palgrave MacMillan, forthcoming.

6. Cumming, D.J., and S. Johan, 2013. “The IPO as an Exit Strategy for Venture Capitalist: Regional Lessons from Canada with International Comparisons,” in M. Levis and S. Vismara, eds., Handbook of Research on IPOs, Edward Elgar Press, pp. 664-709.

7. Cumming, D.J., and S.A. Johan, 2012. “Venture Capital Contracts: Implications for Emerging Markets” in Klowonski, ed., Private Equity in Emerging Markets: The New Frontiers of International Finance, Palgrave, Chapter 23.

8. Johan, S.A. “Institutional Investment in Private Equity” in Handbook of Research on Venture Capital: Volume 2. A Globalizing Industry, Edited by Hans Landstrom and Colin Mason. Edward Elgar, Cheltenham, UK. Ch 3, pp. 45-69, 2012.

9. Cumming, D.J., G. Fleming, S. Johan and D. Najar, 2012. “Law and Corruption in Venture Capital and Private Equity” in R. Cressy, D.J. Cumming, and C. Malin,  Law, Ethics and Finance, Springer Press.

10. “Venture Capital and Private Equity in Canada: Phasing Out an Inefficient Tax Credit” in D. Cumming, ed., Companion to Venture Capital (Wiley Press), Ch. 24, 2010

11. “The Profile of Venture Capital Exits in Canada” (with Douglas Cumming) in G. Gregoriou and L. Renneboog, ed., International Mergers and Acquisitions Activity since 1990: Quantitative Analysis and Recent Research (Elsevier), Ch. 9, pp. 195-219, May 2007.