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.

(2026). 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
2026-01-01

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.
articolo
8-set-2025
2026
Inglese
cartaceo
online
32
1
336
358
esperti anonimi
Settore IEGE-01/A - Ingegneria economico-gestionale
Settore ECON-07/A - Economia e gestione delle imprese
Settore ECON-08/A - Organizzazione aziendale
Settore ECON-09/A - Finanza aziendale
digital finance; equity crowdfunding; ethnic; gender; inclusive
   Growing Resilient Inclusive And Sustainable (GRINS)
   GRINS
   MUR - MINISTERO DELL'UNIVERSITA' E DELLA RICERCA - Segretariato generale Direzione generale della ricerca - Ufficio IV
Butticè, Vincenzo; Lo Monaco, Valerio; Montanaro, Benedetta; Vismara, Silvio
info:eu-repo/semantics/article
open
(2026). 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
Non definito
4
1.1 Contributi in rivista - Journal contributions::1.1.01 Articoli/Saggi in rivista - Journal Articles/Essays
262
File allegato/i alla scheda:
File Dimensione del file Formato  
Euro Fin Management - 2025 - Butticè - Are Digital Finance Markets Inclusive Evidence From Equity Crowdfunding Investors.pdf

accesso aperto

Versione: publisher's version - versione editoriale
Licenza: Creative commons
Dimensione del file 1.46 MB
Formato Adobe PDF
1.46 MB Adobe PDF Visualizza/Apri
Pubblicazioni consigliate

Aisberg ©2008 Servizi bibliotecari, Università degli studi di Bergamo | Terms of use/Condizioni di utilizzo

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/314967
Citazioni
  • Scopus 1
  • ???jsp.display-item.citation.isi??? 0
social impact