Is the crowd sensitive to distance?—how investment decisions differ by investor type

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The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market (2018, unknown): “Instead, entrepreneurs have traditionally financed their new ventures in steps or B stepping stones ^ (Hellman et al. 2013), often starting with personal savings, investments from friends and family and seeking support from angel investors before turning to venture capital (VC), banks or equity…”
What impact does equity crowdfunding have on SME innovation and growth? An empirical study (2019, background): “This literature stream also investigates issues such as pricing and regulation (Hornuf and Schwienbacher 2017) and distance effects (Guenther et al. 2017; Agrawal et al. 2015; Mohammadi and Shafi 2018).”
Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda (2019, unknown): “…exclusively focused on the factors that drive funding success on equity crowdfunding platforms (e.g., Ahlers et al., 2015; Block et al., 2018; Guenther et al., 2018; Lukkarinen et al., 2016; Mamonov and Malaga, 2018; Mohammadi and Shafi, 2018; Vismara, 2016, 2018; Vulkan et al., 2016) and…”