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

IF 6.9 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

引用次数: 0

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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面向可持续发展企业的股权众筹：主要投资者对活动成功和活动后绩效的影响

本研究考察了主要投资者的人力资本如何影响股权众筹（ECF）结果，重点关注活动成功和活动后绩效，特别强调可持续导向的企业（sov）。通过对508个意大利活动（2016-2020）的两步Heckman模型，我们发现一般人力资本普遍提高了活动的成功，向投资者发出了可信度信号。然而，对于sov来说，专门的人力资本在活动结束后变得至关重要，以应对ESG的复杂性。相比之下，非sov在两个阶段都从一般人力资本中受益。这些结果强调了人力资本在ECF中的双重作用，为不同方向的企业提供了可行的见解。

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

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