This chapter presents the empirical analysis conducted on innovative SMEs and startups operating in Italy, France, Germany, and Spain. It describes the methodology, sample characteristics, and the operation of variables related to sustainability, innovation, and crowdfunding performance. The results include descriptive statistics and an OLS regression that assesses how ESG practices, innovation levels, founder characteristics, and campaign characteristics influence the amount of capital raised. The results highlight significant relationships between sustainability strategies, innovation profiles, and crowdfunding outcomes, suggesting that ESG transparency and circular practices contribute to investor confidence and campaign success. The chapter concludes with a discussion of the practical implications for entrepreneurs and policymakers, as well as the limitations and future directions of research.

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Crowdfunding and ESG Transparency: Empirical Evidence from Italy, France, Germany, and Spain

  • Patrizia Gazzola,
  • Vincenza Vota,
  • Giada Canziani

摘要

This chapter presents the empirical analysis conducted on innovative SMEs and startups operating in Italy, France, Germany, and Spain. It describes the methodology, sample characteristics, and the operation of variables related to sustainability, innovation, and crowdfunding performance. The results include descriptive statistics and an OLS regression that assesses how ESG practices, innovation levels, founder characteristics, and campaign characteristics influence the amount of capital raised. The results highlight significant relationships between sustainability strategies, innovation profiles, and crowdfunding outcomes, suggesting that ESG transparency and circular practices contribute to investor confidence and campaign success. The chapter concludes with a discussion of the practical implications for entrepreneurs and policymakers, as well as the limitations and future directions of research.