Journal of
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year 100
 

Forum | Papers » Retail investors and equity crowdfunding: ready for financial innovation?

Retail investors and equity crowdfunding: ready for financial innovation?

Francesco James Mazzocchini
January 2025 - n. 1
Keywords: FinTech, finanziamento delle startup, alfabetizzazione finanziaria digitale, informazioni finanziarie, effetto gregge, modelli di equazioni strutturali
Jel codes: G11, G14, G41, G53

This study examines the determinants of investment intention in equity crowdfunding (Ecf) – which is an innovative financial instrument and segment of the FinTech ecosystem – among retail investors. Results from the Structural Equation Model highlight the pivotal role of digital finance literacy in shaping investment intentions in FinTech. Herd behavior significantly impacts investment decisions, emphasizing the social nature of Ecf platforms. Contrary to conventional theories, the study challenges the presumed importance of hard information about new ventures and fundraising campaigns in influencing investment intentions in Ecf. The study suggests implications for financial literacy programs and proactive management of herd behavior and offers insights for future research.

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