The Efficiency of SMEs in Equity Crowdfunding platforms: using a Data Envelopment Analysis method

This study proposes a data envelopment analysis (DEA) model to evaluate the efficiency of small and medium-sized companies (SMEs) in equity crowdfunding platforms. Three input and output variables were used to measure the efficiency of the sample companies. The results of the DEA method highlighted the companies that achieved full efficiency, representing the limits of efficiency in the BCC model with the Variable Returns to Scale (VRS) theory, which demonstrates the companies' ability to utilize resources efficiently. The model also identified companies that did not achieve efficiency and were located outside the efficiency limits, indicating that these companies have issues in utilizing their resources. It is recommended that small and medium-sized enterprises on equity crowdfunding platforms adopt the Data Envelopment Analysis method periodically for efficiency measurement and future resource utilization planning.