Community-level social capital and investment decisions in equity crowdfunding

Massimiliano Barbi, Valentina Febo () and Giancarlo Giudici
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Valentina Febo: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: We investigate the role of community-level social capital in individuals' investment decisions in equity crowdfunding. We exploit a hand-collected dataset of individual investments pledged to successful campaigns in Italy between 2014 and 2018. Individuals born in provinces with high social capital invest more substantially in riskier campaigns. Contrary to inborn social capital, social capital in the province where investors live has no impact. This evidence survives several robustness checks and highlights the crucial role of an individual's cultural traits in fostering investment in equity crowdfunding

Keywords: Equity crowdfunding; Community-level social capital; Generalized trust; Culture (search for similar items in EconPapers)
Date: 2023-01-03
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Published in Small Business Economics, 2023, 61 (3), pp.1075-1110. ⟨10.1007/s11187-022-00724-4⟩

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Journal Article: Community-level social capital and investment decisions in equity crowdfunding (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04323945

DOI: 10.1007/s11187-022-00724-4

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