An Analysis of the Crowdfund Syndicates Sector in Thailand: Exploring the Influence of General and Specialized Human Capital on Fundraising Success for Lead Investors

Abstract

Background and Aim: Equity crowdfunding platforms enhance startup fundraising but may widen information disparity, leaving investors' roles in crowdfunding campaigns understudied. This paper aims to investigate the impact of general and specialized human capital on the fundraising performance of a lead investor in Thailand. Materials and Methods: This study is quantitative research. The study analyses the social capital of Thai investors, focusing on 384 active lead investors and 154 final investors. An online questionnaire assessed the lead investor's perception of general human capital, specialized human capital, and fundraising performance using closed-ended response inquiries. A seven-point Likert scale was used to measure agreement. Multiple regression analysis evaluated research hypotheses using the enter method. Results: Based on the research findings, a statistically significant positive correlation exists between the fundraising success of lead investors and two independent factors, namely general human capital (GHC) and specialized human capital (SHC). The model demonstrates both statistical significance and explanatory power, as it can explain 70.40 percent of the total variation in the model. Conclusion: According to the findings of certain studies, there is a substantial and positive connection between the effectiveness of lead investor fundraising and general and specialist human capital. To improve the results of fundraising efforts and establish confidence, Thai lead investors should make the cultivation of social capital on investment platforms their top priority.