Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover
F Marchesani, F Masciarelli - Exploring Innovation in a Digital World …, 2021 - Springer
Exploring Innovation in a Digital World: Cultural and Organizational Challenges, 2021•Springer
This paper explores the role of local knowledge spillover and human capital as a driver of
crowdfunding investment. The role of territory has already been studied in terms of
campaign success, but the impact of territory on the use of financial sources like equity
crowdfunding is not yet known. Using a sample of 435 equity crowdfunding campaigns in 20
Italian regions during a 4-year period (from 2016 to 2019), this paper evaluates the impact of
human capital flow on the adoption of crowdfunding campaigns. Our results show that …
crowdfunding investment. The role of territory has already been studied in terms of
campaign success, but the impact of territory on the use of financial sources like equity
crowdfunding is not yet known. Using a sample of 435 equity crowdfunding campaigns in 20
Italian regions during a 4-year period (from 2016 to 2019), this paper evaluates the impact of
human capital flow on the adoption of crowdfunding campaigns. Our results show that …
Abstract
This paper explores the role of local knowledge spillover and human capital as a driver of crowdfunding investment. The role of territory has already been studied in terms of campaign success, but the impact of territory on the use of financial sources like equity crowdfunding is not yet known. Using a sample of 435 equity crowdfunding campaigns in 20 Italian regions during a 4-year period (from 2016 to 2019), this paper evaluates the impact of human capital flow on the adoption of crowdfunding campaigns. Our results show that inbound knowledge in the region, measured in terms of ability to attract national and international students, has a significant effect on the adoption of crowdfunding campaigns in the region itself.
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