Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms

Kevin Pirazzi Maffiola, Viviana D'Angelo, Francesca Capo and Elena Scali

Finance Research Letters, 2025, vol. 71, issue C

Abstract: The purpose of this paper is to examine how the crowdfunding campaigns success and long-term corporate failure are affected by the campaigns and firms’ environmental orientation, as well as by the regional innovation level. This study reveals that environmental orientations (of both campaigns and firms) are linked with higher campaign success, while only firm environmental orientation is linked with a lower probability of long-term corporate failure. Additionally, we find that regional levels of innovation are negatively linked with the probability of campaign success.

Keywords: Crowdfunding; Environmental orientation; Regional innovation; Sustainability; Performance (search for similar items in EconPapers)
JEL-codes: G33 M14 O14 O32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014314

DOI: 10.1016/j.frl.2024.106402

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