Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-10-24 DOI:10.1016/j.frl.2024.106345

Luca Farè , Michele Meoli , Silvio Vismara

引用次数: 0

Abstract

Crowdfunding platforms are increasingly sensitive to sustainable practices. However, the connections between these platforms and sustainability remain under-researched. This study examines how the sustainability orientation of equity crowdfunding platforms influences their performance. Conducting a longitudinal analysis based on 573 platforms in 37 OECD countries over the 2008–2023 period, we document that social-oriented platforms outperform their counterparts. Platforms operating in countries with a more individualist and masculine culture gain less from their social orientation. We contribute to research and inform practitioners by showing that crowdfunding platforms benefit from engaging with sustainability issues and that cultural contexts matter for promoting sustainable crowdfunding.

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可持续众筹与文化背景：多国纵向分析的证据

众筹平台对可持续实践越来越敏感。然而，对这些平台与可持续发展之间的联系仍然研究不足。本研究探讨了股权众筹平台的可持续发展导向如何影响其绩效。通过对 2008-2023 年间 37 个经合组织国家的 573 个平台进行纵向分析，我们发现社会导向型平台的表现优于同类平台。在个人主义和男权文化色彩较浓的国家运营的平台从其社会导向中获得的收益较少。我们的研究表明，众筹平台从参与可持续发展问题中获益，而文化背景对促进可持续众筹至关重要，从而为研究做出了贡献，并为从业者提供了信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance