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Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover

In: Exploring Innovation in a Digital World

Author

Listed:
  • Filippo Marchesani

    (University of “G. d’Annunzio” Chieti – Pescara)

  • Francesca Masciarelli

    (University of “G. d’Annunzio” Chieti – Pescara)

Abstract

This paper explores the role of local knowledge spillover and human capital as a driver of crowdfunding investment. The role of territory has already been studied in terms of campaign success, but the impact of territory on the use of financial sources like equity crowdfunding is not yet known. Using a sample of 435 equity crowdfunding campaigns in 20 Italian regions during a 4-year period (from 2016 to 2019), this paper evaluates the impact of human capital flow on the adoption of crowdfunding campaigns. Our results show that inbound knowledge in the region, measured in terms of ability to attract national and international students, has a significant effect on the adoption of crowdfunding campaigns in the region itself.

Suggested Citation

  • Filippo Marchesani & Francesca Masciarelli, 2021. "Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover," Lecture Notes in Information Systems and Organization, in: Federica Ceci & Andrea Prencipe & Paolo Spagnoletti (ed.), Exploring Innovation in a Digital World, pages 92-108, Springer.
    • Handle: RePEc:spr:lnichp:978-3-030-87842-9_8
    DOI: 10.1007/978-3-030-87842-9_8
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    Cited by:

    1. Xiaoli Shi & Ying Chen & Qianju Cheng, 2022. "Environmental Regulation, Environmental Knowledge Spillover, and Regional Economic Growth in China: An Empirical Test Based on the Spatial Durbin Model," Sustainability, MDPI, vol. 14(21), pages 1-23, November.

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