Equity crowdfunding for sustainable oriented ventures: Lead investor impact on campaign success and post-campaign performance

IF 7.4 2区 经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-01-04 DOI:10.1016/j.frl.2025.106746
Nicola Del Sarto, Cristiano Bellavitis
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Abstract

This study examines how lead investors’ human capital influences equity crowdfunding (ECF) outcomes, focusing on campaign success and post-campaign performance, with a specific emphasis on Sustainable Oriented Ventures (SOVs). Using a two-step Heckman model on 508 Italian campaigns (2016–2020), we find that general human capital enhances campaign success universally, signaling credibility to investors. However, for SOVs, specialized human capital becomes critical post-campaign to navigate ESG complexities. In contrast, non-SOVs benefit consistently from general human capital across both stages. These results underscore the dual role of human capital in ECF, offering actionable insights for ventures with diverse orientations.
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来源期刊
Finance Research Letters
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
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