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 the ability to attract national and international students, has a significant effect on the adoption of crowdfunding campaigns in the region itself.
Assessing capabilities to embrace digital transformation: the case of southern Italy
Filippo Marchesani;Francesca Masciarelli
2021-01-01
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 the ability to attract national and international students, has a significant effect on the adoption of crowdfunding campaigns in the region itself.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
