Crowdfunding and ESG Transparency: Empirical Evidence from Italy, France, Germany, and Spain

Patrizia Gazzola (), Vincenza Vota () and Giada Canziani ()
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Patrizia Gazzola: University Of Insubria, Department Of Economics
Vincenza Vota: University Of Insubria, Department Of Economics
Giada Canziani: University Of Insubria, Department Of Economics

Chapter 6 in Crowdfunding, Innovation and Sustainability in the European Fashion Industry, 2026, pp 117-143 from Springer

Abstract: Abstract This chapter presents the empirical analysis conducted on innovative SMEs and startups operating in Italy, France, Germany, and Spain. It describes the methodology, sample characteristics, and the operation of variables related to sustainability, innovation, and crowdfunding performance. The results include descriptive statistics and an OLS regression that assesses how ESG practices, innovation levels, founder characteristics, and campaign characteristics influence the amount of capital raised. The results highlight significant relationships between sustainability strategies, innovation profiles, and crowdfunding outcomes, suggesting that ESG transparency and circular practices contribute to investor confidence and campaign success. The chapter concludes with a discussion of the practical implications for entrepreneurs and policymakers, as well as the limitations and future directions of research.

Keywords: Empirical analysis; SMEs; Crowdfunding performance; ESG; Startups (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-13052-5_6

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DOI: 10.1007/978-3-032-13052-5_6

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