Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy

被引：18

作者：

Battaglia, Francesca ^{[1
]}

Regoli, Andrea ^{[2
]}

Agnese, Paolo ^{[3
]}

机构：

[1] Univ Naples Parthenope, Banking & Finance, Naples, NA, Italy

[2] Univ Naples Parthenope, Econ Stat, Naples, NA, Italy

[3] Int Telemat Univ Uninettuno, Banking & Finance, Rome, RM, Italy

来源：

FINANCE RESEARCH LETTERS | 2022年 / 48卷

关键词：

Equity crowdfunding; Entrepreneurial finance; Italian ventures; Geographical location;

D O I：

10.1016/j.frl.2022.102932

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Our paper explores the relationship between the geographical location within a local innovation system (LIS) of the Italian ventures that have launched an equity crowdfunding project and the success of the campaign. Specifically, drawing on a data set of 356 crowdfunded projects over the period 2015-2019, through a Difference-in-Differences (DiD) approach, our results show that, after the entry into force of the 2018 Consob regulation, the probability of projects' success increases more for those campaigns launched by ventures located in innovative areas. The results are robust to the choice of both the response variables and the treatment indicator. Moreover, we used a placebo test to check the validity of the approach.

引用

页数：8

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