Work

Internationalization of equity crowdfunding platforms

Year: 2025

Type: article

Abstract: Equity crowdfunding platforms are expanding globally, heralded for their capacity to connect entrepreneurs and investors transcending geographic boundaries. These platforms alleviate the distance-related frictions typical of traditional early-stage finance. Despite their global breadth, however, our knowledge of the internationalization of equity crowdfunding platforms remains limited. Drawing upon an international longitudinal dataset of 317 equity crowdfunding platforms observed over a 15-year period, our study investigates the impact of their internationalization on performance. Our findings reveal that international platforms outperform domestic ones as they mobilize a larger pool of investors. This result stems from their stronger engagement with environmental, social, and governance (ESG) issues, which enhances their attractiveness to investors.

Source: The British Accounting Review

DOI: 10.1016/j.bar.2025.101627

Authors: Luca Farè, Silvio Vismara

Institutions: University of Bergamo, IMT School for Advanced Studies Lucca

Language: English

Topic: FinTech, Crowdfunding, Digital Finance

Subfield: Management Information Systems

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Reduced inequalities

Open Access status: hybrid

Estimated APC paid: $3,770