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

This paper explores the influence of gender diversity on the success of equity crowdfunding (EC) campaigns, particularly focusing on the role of female presence on equity crowdfunding platform (ECP) boards. Drawing on a dataset of 823 EC campaigns launched across 30 Italian platforms from 2014 to 2021, this study investigates how the gender composition of ECP boards impacts campaign outcomes and innovation. Findings reveal that while the presence of female board members negatively correlates with campaign success, female CEOs are associated with a higher likelihood of innovative campaigns. The study contributes to the growing body of literature on EC, gender diversity, and sustainability, offering insights into the dynamics between board composition, innovation, and campaign performance. The implications of these results are discussed for entrepreneurs, managers, and policymakers aiming to address gender biases in crowdfunding and foster innovation.