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

Luca Farè, Michele Meoli and Silvio Vismara

Finance Research Letters, 2024, vol. 70, issue C

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.

Keywords: Sustainable crowdfunding; Sustainability; Crowdfunding platforms; Equity crowdfunding; Digital finance; Entrepreneurial finance; Cultural contexts (search for similar items in EconPapers)
JEL-codes: G21 L25 M13 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324013746

DOI: 10.1016/j.frl.2024.106345

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