Michele Meoli|Alice Rossi|Silvio Vismara
Financial literacy and security?based crowdfunding
University of Bergamo|University of Bergamo|University of Bergamo
abstract research questionissue study investigates relationship financial literacy survival profile securitybased crowdfunding platforms securitybased crowdfunding recently emerged novel market allows small investors engage directly financing entrepreneurial ventures however certain level financial literacy required understand manage digital finance tools better understanding impact financial literacy therefore central development markets achievement inclusive potential research findingsinsights using data universe 432 securitybased crowdfunding platforms 37 oecd countries 2007 2019 find higher platforms survival profiles level financial literacy high financial literacy however needs combine specific platform characteristics take full effect matters platforms deliver voting rights provide poorer valueadded services crowdfunding investors theoreticalacademic implications study provides empirical support role governance mechanisms platform level differences level financial literacy across countries contributes literature financial literacy corporate governance additionally extends previous research crowdfunding platform level practitionerpolicy implications study calls attention policymakers interested development crowdfunding markets importance financial literacy varies presence governance mechanisms information production platformlevel