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Assegnista di ricerca presso: Dipartimento di Economia "Marco Biagi"

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2021 - Platforms' partner networks: the missing link in crowdfunding performance [Articolo su rivista]
Cosma, S.; Grasso, A. G.; Pattarin, F.; Pedrazzoli, A.

Purpose: A network of partners helps and assists a crowdfunding platform (CFP) in scouting, assessing and selecting projects. This cooperation increases the number of successful projects by attracting a sizable number of investors, proponents and attracting marginal investors when a campaign falls short of the threshold for success. This study examines the role of partner networks in a platform ecosystem, specifically in terms of number of different partners and their diversity in the performance of the crowdfunding campaign. Design/methodology/approach: Using logistic and linear regressions, we analyze a sample of 233 projects, both funded and not funded, launched by 10 Italian equity CFPs between 2014 and 2018. Findings: Our findings indicate that the variety of partners in a platform's network influence the probability of campaign success and how much capital the proponent company raises. CFPs are resource-constrained new ventures, and a network with a wider variety of partners ensures the strategic resources and competencies that are required in an early stage market, thus facilitating campaign funding. Practical implications: The variety of partner networks could help CFPs to offer unique and strategic value propositions and define the competitive positioning of platforms. Originality/value: This study provides a deeper understanding of the determinants of equity crowdfunding campaign performance by emphasizing the role of CFP's network of partners on the entire crowdfunding ecosystem and its underlying organizational elements.

2020 - Birds of a Feather Flock Together: The Inclusive Effect of Similarity Patterns in Equity Crowdfunding [Articolo su rivista]
Venturelli, Valeria; Pedrazzoli, Alessia; Gallo, Giovanni

Crowdfunding is helping to drive financial inclusion by expanding the availability of funds to traditionally excluded and underserved groups of individuals, such as ethnic minority and female entrepreneurs. This study verifies how ethnic and gender similarity between investor and entrepreneur can affect the invested amount in an equity crowdfunding campaign. Using an integrated approach with linear regression and Shapley decomposition, we analyze 8600 investments made by 5996 unique personal shareholder investors in 81 equity crowdfunding campaigns. Results show that similarity patterns seem to significantly influence the amount invested in a campaign but their effects change according to investor’s gender and ethnic origin. In fact, even if female investors give a higher amount to men-led companies, their preference changes if the company is run by a female founder belonging to the same ethnic minority group. Results emphasize equity crowdfunding’s potential as a tool for the financial inclusion of ethnic minority groups of investors and entrepreneurs.

2019 - Exploring Factors Influencing the Success of Equity Crowdfunding Campaigns: Findings from Italy [Capitolo/Saggio]
Cosma, Stefano; Grasso, Alessandro Giovanni; Pagliacci, Francesco; Pedrazzoli, Alessia

Since small and medium size enterprises and innovative start-ups always face greater difficulties in obtaining capital from traditional sources of finance, the development of alternative funding tools such as equity crowdfunding has helped them to bridge their financing gap. The purpose of this paper is to examine which factors influence the performance of equity crowdfunding campaigns in the Italian equity crowdfunding market. The study is based on proprietary data that considers the entire Italian equity crowdfunding market, and analyses 175 projects from all Italian equity crowdfunding platforms between 2013 and 2018. Campaigns’ success is driven by ex-ante characteristics of the company itself, such as a large number of shareholders and the presence of an industrial partner among them. Since Italian equity crowdfunding is still in its infancy, the paper is the first to explore success drivers right across the market. The results have practical implications relevant both for seekers of funding and crowdfunding platforms.

2019 - Is Equity Crowdfunding a Good Tool for Social Enterprises? [Capitolo/Saggio]
Cosma, Stefano; Grasso, Alessandro Giovanni; Pagliacci, Francesco; Pedrazzoli, Alessia

Equity crowdfunding is an emerging financing tool that can help social start-ups and firms to collect people and resources around a project. This paper focuses on equity crowdfunding. We look at this as a complementary financing channel useful for promoting innovation and social change by cutting down the traditional features of financial investment. Our unique dataset regards 104 equity crowdfunding campaigns, launched by different platforms on the Italian equity crowdfunding market from 2013 to 2017. Our aim is twofold: a) to describe the characteristics of the social firms which have had resource to equity crowdfunding and b) with a logit model, to investigate which factors influence the success of the campaign, in particular by the social orientation of the issuers. The results suggest that social firms’ investment offerings are not different from those of non-social ones, but so far, the Italian equity crowdfunding market does not seem suitable for supporting the financial needs of this type of firms, on the side of either investors or firms.

Kocollari, Ulpiana; Pedrazzoli, Alessia; Cavicchioli, Maddalena

Crowdfunding (CFD) is particularly relevant nowadays because it can support the growth of social oriented ventures and it can be seen as a hybrid financial tool. Its characteristics match with hybrid organizations aims, helping them in achieving the multiple purposes that they pursue. In fact, CFD combines the features of being at the same time a financial and a communication tool: it adds to financial support other benefits for social entrepreneurship as for example the attraction of media attention, the collection of market information and the opportunity to test social ideas and products to a large scale of potential beneficiaries. Therefore, CFD investors’ decisions are guided by both economic output and social value commitment. Academic research has demonstrated that there is a strict connection between CFD and social entrepreneurship as social dimension of the project is a signal of additional legitimacy for the crowd and can influence the campaign success. Reaching the CFD campaigns goals, social entrepreneur can promote both the economic and social sustainability of the initiative and foster dissemination to its actual and potential stakeholders. Even if the social orientation of the venture influences CFD success, less is known about the role of CFD in scaling social impact of the project through the campaign. In fact, scaling social impact is fundamental to the process of solving social problems through entrepreneurial activities. Studies on this topic individuate three different strategies used by social organization to scale their social impact: branching, affiliation, and dissemination. In particular, the dissemination one, that consists in increasing impact without expanding the organization size and revealing which elements of the project are relevant for the impact thriving, fits with CFD campaign aims. In this realm, the aim of this study is to investigate the role of CFD – as a hybrid financing tool, in scaling social impact through the campaign dissemination. In the case of CFD, the competencies attributed to social entrepreneur to promote social change - organizing, communicating and evaluating - are extended to the campaign tasks. On this vein, information about social projects published on three worldwide operating CFD platforms (Indiegogo, and Startsomegood) are collected and subdivided in the three areas where scaling can be promoted. In particular, variables related to the organizing task is detected in the presence of a structured group or institutional supporters in the campaign, for promoting further the CFD project; concerning the communication purposes CFD variables can refer to the online entrepreneur’s relational power, campaign updates and comments; finally variables for evaluating CFD progress are those related to accountability of organizations instruments (as the presence of inputs, activities, social impact description, financial projections and business plan). The dependent variable - the scaling power of CFD social campaigns - is measured by the number of supporters (backers) involved through their economic (financing amount) and social (campaign shares in the web context) commitment to the project. From a practical perspective, the results contribute in the individuation of hybrid frameworks and tools for scaling social impact of social entrepreneurs engaged in CFD campaigns. From a theoretical perspective, the study advances the hybridization concepts matching the ones concerning organization design and the financing tool. Furthermore, these hybridization features are determinant for the scalability of the multi-purposes projects addressing social problems.

2018 - A Multidimensional Approach to Equity Crowdfunding: Bridging the Equity Gap and Boosting Social Capital [Relazione in Atti di Convegno]
Balboni, Bernardo; Gualandri, Elisabetta; Kocollari, Ulpiana; Pedrazzoli, Alessia; Venturelli, Valeria

Drawing inspiration from micro-finance and crowdsourcing, equity crowdfunding has become a valuable source of fundraising for entrepreneurs and small and medium size firms (SMEs). Crowdfunding facilitates access to finance for those companies that would otherwise have great difficulty in accessing it and is viewed as a potentially revolutionary application of social networking with direct consequences for supporting sustainability and innovation. During recent years the number of equity crowdfunding platforms has been on the increase and policymakers and regulators have been fuelling greater attention to this theme. Our aim is twofold: a) to explore the characteristics of equity crowdfunding campaigns launched by different European platforms; and b) to analyze the relationship between social capital created online and the number of investors sustaining the campaign. Given the web context in which it develops, the role of online social capital in the project’s success should be considered from a broad perspective that involves both the founder’s and the project’s social networks. These two levels of analysis represent different networks that mobilize different resources and frame different types of crowd. Results are relevant for the field of equity crowdfunding research, as they shed light on a flourishing tool for bridging the equity gap of startups and innovative SMEs and propose a new perspective on the online social capital framework.

2018 - Is Equity Crowdfunding a Good Tool for Social Enterprises? [Working paper]
Cosma, S.; Grasso, A. G.; Pagliacci, F.; Pedrazzoli, A.

Equity crowdfunding is an emerging financing tool that can help social start-ups and firms to bring people and resources together around a project. This paper focuses on equity crowdfunding. We look at this as a complementary financing channel useful for promoting innovation and social change by paring down the traditional features of financial investment. Our unique dataset regards all the Italian Equity Crowdfunding campaigns launched by different platforms on the Italian equity crowdfunding market from 2013 to 2018. Our aim is twofold: a) to describe some characteristics of the Italian Equity crowdfunding market; b) to describe the characteristics of the social firms which have had recourse to equity crowdfunding, in order to investigate which factors influence the campaign’s success. The results suggest that social firms’ investment offerings are not different from those of non-social ones, but so far, the Italian equity crowdfunding market does not seem suitable for supporting the financial needs of this type of firm, on the side of either investors or firms.

2016 - Finanziare la ricostruzione: attività e attori convolti nel sisma dell'Emilia-Romagna [Capitolo/Saggio]
Gualandri, Elisabetta; Pedrazzoli, Alessia; Vezzani, Paola

Il presente contributo si inquadra nell’ambito del progetto di ricerca multidisciplinare “Energie Sisma Emilia” che trae origine dal “Laboratorio sul sisma” avviato nel giugno 2012 da docenti di Unimore. Il progetto è stato cofinanziato dalla Fondazione Cassa di Risparmio di Modena e da Unimore. L’obiettivo del contributo è di analizzare le implicazioni finanziarie della ricostruzione nel territorio coinvolto dal sisma dell’Emilia Romagna avendo particolare riguardo ai temi degli interventi pubblici, dell’operatività degli intermediari bancari e assicurativi e degli strumenti finanziari utilizzati. Il 20 maggio, il 29 maggio e il 3 giugno del

2016 - Innovation and development after the earthquake in Emilia [Working paper]
Russo, M.; Silvestri, P.; Bonifati, G.; Gualandri, E.; Pagliacci, F.; Pattaro, A. F.; Pedrazzoli, A.; Pergetti, S.; Ranuzzini, M.; Reverberi, M.; Solinas, G.; Vezzani, P.

The 2012 earthquake in Emilia-Romagna (Italy) has shaken up the collective understanding on the socioeconomic importance of a vast territory that generates almost 2% of Italian GDP. The area affected by the earthquake is characterized by the presence of important industrial and agricultural districts, and by good practices of local governance that are internationally renowned. Private and public buildings, factories, offices and retail shops, historical and cultural heritage sites have been severely damaged. Not only, but it set in motion transformations in the socio-economic system that might have unexpected consequences and that undermine the quick recovery of the local system: different agents, at different levels, taking individual and collective decisions, generate a cascade of changes that interact with its evolution path. Indeed, earthquakes pose challenges, but provide unprecedented opportunities: strategic decisions by economic and political agents, newly available financial resources, coordination or lack of coordination among main stakeholders, and so on. The following paper provides an overview of the first results of Energie Sisma Emilia research project: it aims at collecting and disseminating relevant knowledge and evidence in order to design policies. In particular, it identifies the agents propelling innovation processes, and analyses their strategies in ever-changing environment. The paper starts with a socio-economic analysis of the area struck by the earthquake, followed by the results of three of the focus groups conducted. Eventually, it illustrates a specific innovation: the introduction and implementation of the digital infrastructure “Mude”.

2016 - Innovazioni e sviluppo dopo il sisma in Emilia [Capitolo/Saggio]
Russo, Margherita; Silvestri, Paolo; Bonifati, Giovanni; Gualandri, Elisabetta; Pagliacci, Francesco; Pattaro, Anna Francesca; Pedrazzoli, Alessia; Pergetti, Silvia; Ranuzzini, Marco; Reverberi, Manuel; Solinas, Giovanni; Vezzani, Paola

Quali sentieri di sviluppo si attivano nei territori colpiti da disastri naturali? Disastri naturali come quelli che si sono verificati in Italia nel secondo dopoguerra e in particolare eventi sismici, alluvioni, frane ed esondazioni richiamano in misura crescente l’attenzione, non solo quella degli studiosi, sulla fragilità del territorio e sulla necessità di interventi di prevenzione per mitigare gli effetti economici e sociali dei disastri naturali. Le riflessioni proposte in questo saggio si basano su una prima lettura dei risultati del progetto di ricerca “Energie Sisma Emilia”. Avviato nel settembre 2014 da un vasto gruppo di ricerca dell’Università di Modena e Reggio Emilia, il progetto ha una duplice finalità: contribuire, con l’analisi degli effetti del terremoto sull’assetto economico e sociale della regione, all’accumulo e condivisione della conoscenza necessaria per favorire la maturazione di decisioni strategiche informate. Il ruolo dell’università nel processo di ricostruzione è esso stesso un elemento di innovazione nella fase che segue un disastro naturale: si tratta di un attore centrale perché potenzialmente capace di creare nuove conoscenze necessarie per rispondere alle domande che accompagnano la ricostruzione.

2015 - Finanziare la ricostruzione: attività e attori coinvolti nel sisma dell’Emilia Romagna [Working paper]
Gualandri, E.; Pedrazzoli, A.; Vezzani, P.

Il presente lavoro ha lo scopo di analizzare le modalità di finanziamento della ricostruzione e gli operatori finanziari coinvolti nel sisma dell’Emilia Romagna. In particolare, l’analisi si inquadra nell’ambito normativo e nelle iniziative individuali volte alla ricostruzione e alla ripresa del tessuto economico locale. Gli intermediari oggetto di indagine sono in primo luogo gli istituti di credito, intervenuti nel processo di erogazione dei finanziamenti e dei contributi regionali a favore di privati ed imprese. È stato inoltre approfondito l’effetto che il sisma ha avuto sulla struttura organizzativa bancaria, in termini di prodotti e strumenti per fronteggiare la prima emergenza e la ripresa dei servizi. In secondo luogo, un focus specifico è dedicato alle compagnie assicurative che grazie all’anticipo dell’indennizzo e alla celerità nella gestione delle pratiche hanno agevolato il processo della ripresa delle attività produttive. Successivamente è stato approfondito l’operato di Microcredito per l’Italia che durante il sisma ha erogato fondi per 5 milioni di euro verso famiglie e imprese. Infine, a fianco dei canali di finanziamento tradizionali è stato incluso lo strumento del civic crowdfunding utilizzato perlopiù per interventi di ricostruzione del patrimonio artistico e culturale nelle aree colpite. Pur nella consapevolezza dei limiti della possibilità di indagine sull’impatto economico degli aiuti finanziari, che emergono anche della letteratura disponibile, il lavoro oltre ad analizzare le modalità del finanziamento della ricostruzione post sisma, consente di sviluppare alcune considerazioni sulle criticità che tutt’ora rimango irrisolte e sugli effetti che in futuro, queste potranno avere nel tessuto economico locale e nazionale.