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Community-level social capital and investment decisions in equity crowdfunding

Author

Listed:
  • Massimiliano Barbi

    (UNIBO - Alma Mater Studiorum Università di Bologna = University of Bologna)

  • Valentina Febo

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School)

  • Giancarlo Giudici

Abstract

We investigate the role of community-level social capital in individuals' investment decisions in equity crowdfunding. We exploit a hand-collected dataset of individual investments pledged to successful campaigns in Italy between 2014 and 2018. Individuals born in provinces with high social capital invest more substantially in riskier campaigns. Contrary to inborn social capital, social capital in the province where investors live has no impact. This evidence survives several robustness checks and highlights the crucial role of an individual's cultural traits in fostering investment in equity crowdfunding

Suggested Citation

  • Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Post-Print hal-04323945, HAL.
    • Handle: RePEc:hal:journl:hal-04323945
    DOI: 10.1007/s11187-022-00724-4
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    Cited by:

    1. Gutberlet, Melissa & Preuss, Lutz & Thorpe, Andrea Stevenson, 2023. "Macro level matters: Advancing circular economy in different business systems within Europe," Ecological Economics, Elsevier, vol. 211(C).
    2. Lars Hornuf & Johannes Voshaar, 2024. "What Is an Effective Signal in Crowdfunding? Evidence from Expert Researchers and a Meta-Study," CESifo Working Paper Series 11501, CESifo.
    3. Wang, Linqiang & Feng, Xiuhuan & Zang, Luning, 2024. "Does risk perception influence individual investors' crowdfunding investment decision-making behavior in the metaverse tourism?," Finance Research Letters, Elsevier, vol. 62(PA).
    4. 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).

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    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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