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

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  • Farè, Luca
  • Meoli, Michele
  • Vismara, Silvio

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.

Suggested Citation

  • Farè, Luca & Meoli, Michele & Vismara, Silvio, 2024. "Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis," Finance Research Letters, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324013746
    DOI: 10.1016/j.frl.2024.106345
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    Keywords

    Sustainable crowdfunding; Sustainability; Crowdfunding platforms; Equity crowdfunding; Digital finance; Entrepreneurial finance; Cultural contexts;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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