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Sustainability in equity crowdfunding

Silvio Vismara (UGent)
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Abstract
Existing studies on the relationship between sustainability and crowdfunding are focused on campaigns that provide rewards for backers. Equity crowdfunding is substantially different in terms of motivations to invest as well as in size, horizon, and expectations of the investment. For the first time – using a sample of 345 initial equity offerings in United Kingdom platforms Crowdcube and Seedrs in the period 2014–2015 – this study provides evidence of the attractiveness of sustainability-oriented ventures in equity crowdfunding. Results show that, although sustainability orientation does not increase the chances of success or of engaging professional investors, it attracts a higher number of restricted investors. This evidence is interpreted considering institutional logic, whereas professionals follow a market logic, and restricted investors consider also a community logic.
Keywords
crowdfunding, equity crowdfunding, sustainability, crowdcube, seedrs, entrepreneurial finance, INVESTMENT, LEGITIMACY, DECISIONS, SUCCESS, IPOS, PAY

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Citation

Please use this url to cite or link to this publication:

Chicago
Vismara, Silvio. 2019. “Sustainability in Equity Crowdfunding.” Technological Forecasting and Social Change 141 (April): 98–106.
APA
Vismara, S. (2019). Sustainability in equity crowdfunding. TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 141(April), 98–106.
Vancouver
1.
Vismara S. Sustainability in equity crowdfunding. TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE. Elsevier BV; 2019;141(April):98–106.
MLA
Vismara, Silvio. “Sustainability in Equity Crowdfunding.” TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE 141.April (2019): 98–106. Print.
@article{8570750,
  abstract     = {Existing studies on the relationship between sustainability and crowdfunding are focused on campaigns that provide rewards for backers. Equity crowdfunding is substantially different in terms of motivations to invest as well as in size, horizon, and expectations of the investment. For the first time – using a sample of 345 initial equity offerings in United Kingdom platforms Crowdcube and Seedrs in the period 2014–2015 – this study provides evidence of the attractiveness of sustainability-oriented ventures in equity crowdfunding. Results show that, although sustainability orientation does not increase the chances of success or of engaging professional investors, it attracts a higher number of restricted investors. This evidence is interpreted considering institutional logic, whereas professionals follow a market logic, and restricted investors consider also a community logic.},
  author       = {Vismara, Silvio},
  issn         = {0040-1625},
  journal      = {TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE},
  keywords     = {crowdfunding,equity crowdfunding,sustainability,crowdcube,seedrs,entrepreneurial finance,INVESTMENT,LEGITIMACY,DECISIONS,SUCCESS,IPOS,PAY},
  language     = {eng},
  number       = {April},
  pages        = {98--106},
  publisher    = {Elsevier BV},
  title        = {Sustainability in equity crowdfunding},
  url          = {http://dx.doi.org/10.1016/j.techfore.2018.07.014},
  volume       = {141},
  year         = {2019},
}

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