Social Sustainability in Equity Crowdfunding: The Role of Women in the Platforms’ Boards

This study aims to investigate whether and how the presence of female members or female CEO on the board of directors of equity crowdfunding platforms (ECP) affects the campaigns’ success and the launch of innovative campaigns on the platforms. The analysis conducted on all the campaigns launched on all the Italian platforms reveals a negative role played by the female presence on the boards of the ECP on both campaigns’ success and innovation. Conversely, the presence in the ECP boards of female CEOs is related to a higher presence of innovative campaigns. Results highlight a general mistrust of creators and investors towards female-run ECP and offer theoretical and practical insights for scholars, entrepreneurs, managers, and policymakers.