Battaglia, Francesca
[Verfasser:in]
;
Busato, Francesco
[Sonstige Person, Familie und Körperschaft];
Manganiello, Maria
[Sonstige Person, Familie und Körperschaft]
A Cross-Platform Analysis of the Equity Crowdfunding Italian Context
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 5, 2019 erstellt
Beschreibung:
Does intellectual property positively affect the success of the equity crowdfunding campaigns? By using a unique dataset of 191 equity crowdfunding campaigns, gathered from the Italian platforms over the period 2014-2018, we answer this question, focusing on the effect of patents on funding success. In particular, patents may serve as signals of the unobservable quality of equity crowdfunding campaigns. Then, following the literature on success factors for crowdfunding, we also analyze the signaling role played towards external investors by the share of equity retained by founders and by the size of their social networks. Our results show that intellectual property (i.e. patents), the amount of equity retained by entrepreneurs and their social capital have a positive and significant impact on funding success and are interpreted as quality signals of crowdfunding campaigns by external investors