Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-15 DOI:10.1016/j.frl.2024.106470

Paolo Capolupo , Angelo Natalicchio , Lorenzo Ardito , Antonio Messeni Petruzzelli , Manuela Cazzorla

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Abstract

Crowdfunding has arisen as a prominent alternative to more traditional forms of financing, with equity crowdfunding (EC) becoming increasingly significant for its economic relevance and unique dynamics. While previous research has explored various factors contributing to EC campaign success, the role of firm governance, particularly family governance – i.e., the involvement in management and/or ownership of members of the same family - remains underexplored. Therefore, this study tackles this gap by examining the influence of family governance on EC success. Family-governed businesses, known for their long-term orientation and more conservative risk behavior, may inspire greater trust from investors, hence enhancing their campaign success. Additionally, the growing importance of business and campaign sustainability orientation in investors’ decision-making suggests it could further strengthen the positive relationship between family-governed businesses and EC success. Using data collected on 500 EC campaigns from leading Italian platforms, we find support for our hypotheses. This study contributes to the EC literature and family business research and has important implications for family-governed businesses seeking to optimize their EC campaigns.

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家族企业与成功的股权众筹：可持续发展导向的调节作用

众筹已成为一种替代传统融资形式的重要方式，股权众筹（EC）因其经济相关性和独特的动态性而变得越来越重要。以往的研究探讨了股权众筹活动成功的各种因素，但对公司治理的作用，尤其是家族治理，即同一家族成员参与管理和/或所有权的情况，仍未进行深入探讨。因此，本研究通过考察家族治理对欧共体成功的影响来填补这一空白。家族治理的企业以其长期导向和更保守的风险行为而著称，可能会赢得投资者的更大信任，从而提高其竞选成功率。此外，企业和竞选活动的可持续性导向在投资者决策中的重要性与日俱增，这可能会进一步加强家族治理企业与竞选成功之间的积极关系。利用从意大利领先平台收集到的 500 个欧洲共同体竞选活动的数据，我们发现我们的假设得到了支持。本研究为电子营销文献和家族企业研究做出了贡献，并对寻求优化电子营销活动的家族企业具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance