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The work was supported by the Comunidad de Madrid Ministerio de Economia, Industria y Competitividad, Gobierno de Espana

Analysis of institutional authors

Mendoza, CarmenAuthorParra Oller, Isabel MaríaAuthorSuarez, NuriaCorresponding Author

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October 21, 2022
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Investment crowdfunding has little faith in sustainability! At least for the moment

Publicated to:Venture Capital. 25 (1): 91-115 - 2023-01-01 25(1), DOI: 10.1080/13691066.2022.2129510

Authors: Mendoza, Carmen; Oller, Isabel Maria Parra; Rezola, Madrid Alvaro; Suarez, Nuria

Affiliations

Univ Autonoma Madrid, Collisio Technol Financiac & Invest Comercial, Madrid, Spain - Author
Univ Autonoma Madrid, Financiac & Invest Comercial, Madrid, Spain - Author

Abstract

We analyze the influence of sustainability on the probability of achieving successful investment crowdfunding offerings. We use a sample of 1,741 investment crowdfunding offerings launched by 1,569 firms in the US during the period May 2016-September 2019 under the Form-C requirements of the JOBS Act. After accounting for potential endogeneity concerns affecting the degree of sustainability of each offering, results show that sustainability-related factors do not boost the chances of successful investment crowdfunding offerings. This result is not homogeneous across firms, operations, or financial environments. We obtain evidence on the influence of firm characteristics and on how offering affects the extent to which sustainability impacts success. Moreover, alternative funding sources and the market structure for funding portals also shape the influence of sustainability on offering success. Results are robust to considering both firm- and offering-level factors traditionally linked with success, as well as to different specifications of the econometric model, and to additional robustness tests.

Keywords

BoardsCrowdEquityFirmFirm, offering and market characteristicsInvestment crowdfundingOffering and market characteristicsSizeSuccessSustainabilityVentures

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Venture Capital due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2023, it was in position 67/233, thus managing to position itself as a Q2 (Segundo Cuartil), in the category Business, Finance. Notably, the journal is positioned en el Cuartil Q2 para la agencia Scopus (SJR) en la categoría Business and International Management.

From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 2.36, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Jul 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-07-21, the following number of citations:

  • WoS: 3
  • Scopus: 4
  • Google Scholar: 3

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-07-21:

  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 31 (PlumX).

It is essential to present evidence supporting full alignment with institutional principles and guidelines on Open Science and the Conservation and Dissemination of Intellectual Heritage. A clear example of this is:

  • The work has been submitted to a journal whose editorial policy allows open Open Access publication.
  • Assignment of a Handle/URN as an identifier within the deposit in the Institutional Repository: https://repositorio.uam.es/handle/10486/709438

Leadership analysis of institutional authors

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: First Author (MENDOZA RESCO, CARMEN) and Last Author (SUAREZ SUAREZ, NURIA).

the author responsible for correspondence tasks has been SUAREZ SUAREZ, NURIA.