A cross-platform analysis of the equity crowdfunding Italian context: the role of intellectual capital

Francesca Battaglia (), Francesco Busato () and Maria Manganiello ()
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Francesca Battaglia: University of Naples Parthenope
Francesco Busato: University of Naples Parthenope
Maria Manganiello: University of Naples Parthenope

Electronic Commerce Research, 2022, vol. 22, issue 2, No 17, 649-689

Abstract: Abstract Does intellectual capital positively affect the success of the equity crowdfunding campaigns? This paper answers this question using an original dataset of 191 equity crowdfunding campaigns, gathered from Italian platforms over the period 2014–2018; special attention is dedicated to patents effect, R&D and team’s education level on funding success, as they may serve as signals of unobservable quality of equity crowdfunding campaigns. Then, following literature on success factors for crowdfunding, the paper analyzes the signaling role of equity share retained by founders and by their social network size. Results suggest that intellectual capital (i.e. patents, R&D, team’s education level), amount of equity retained by projects’ founders and size of their social network have a positive and significant impact on fundraising success and are perceived as quality signals of crowdfunding campaigns by external investors.

Keywords: Equity crowdfunding; Signaling theory; Intellectual capital; Entrepreneurial finance; Information asymmetries (search for similar items in EconPapers)
JEL-codes: D82 G11 G21 G24 G30 G32 L26 M13 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10660-020-09453-w

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