Digital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examines individual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy's largest ECF platform. We analyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: women and ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptions about digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers.
(2025). Are Digital Finance Markets Inclusive? Evidence From Equity Crowdfunding Investors [journal article - articolo]. In EUROPEAN FINANCIAL MANAGEMENT. Retrieved from https://hdl.handle.net/10446/314967
Are Digital Finance Markets Inclusive? Evidence From Equity Crowdfunding Investors
Lo Monaco, Valerio;Vismara, Silvio
2025-09-08
Abstract
Digital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examines individual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy's largest ECF platform. We analyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: women and ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptions about digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers.| File | Dimensione del file | Formato | |
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Butticè Lo Monaco Montanaro Vismara EFM25 Are Digital Finance Markets Inclusive Evidence.pdf
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