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Open Access
Article
Publication date: 23 September 2021

Song Ying, Daniele Leone, Antonella Francesca Cicchiello, Antonella Francesca Cicchiello and Amirreza Kazemikhasragh

The economic shock posed by the current COVID-19 outbreak brought out a worldwide public health emergency with a close relationship between the industrial marketing practices, the…

3547

Abstract

Purpose

The economic shock posed by the current COVID-19 outbreak brought out a worldwide public health emergency with a close relationship between the industrial marketing practices, the health level of society and its economic development. The purpose of this study is to analyse the industrial dynamics in health care and their impact on economic growth and health status.

Design/methodology/approach

To empirically investigate the relationship between growth and health, the authors use a data set drawn from 29 selected Organisation for Economic Co-operation and Development (OECD) countries over the period 2000 and 2019. Using panel regressions, the authors investigate the impact of the health-care industry measured in terms of health status, health expenditure, sales on pharmaceutical products, the number of persons working in health care and the coverage by private health insurances. Fixed effect and random effect regressions are used to estimate this model.

Findings

Overall, the results are suggestive of a nexus between the industrial marketing dynamics of health-care context and economic growth – both interacting and improving each other. As the quality of the health-care market enhances, the economy grows richer and the health status of the population improves considerably.

Practical implications

To support health-care markets in OECD countries, health policymakers need to formulate a long-term industrial health policy that addresses all the social and individual determinants of health.

Originality/value

To the best of the knowledge, this is the first study to provide a better understanding of the relationship between health-care industrial dynamics and economic growth in OECD countries along different dimensions.

Details

Journal of Business & Industrial Marketing, vol. 37 no. 8
Type: Research Article
ISSN: 0885-8624

Keywords

Open Access
Article
Publication date: 1 February 2022

Antonella Francesca Francesca Cicchiello and Amirreza Kazemikhasragh

Belonging to the financial technologies’ companies, equity-based crowdfunding platforms offer investors the opportunity to become shareholders through the purchase of small equity…

2802

Abstract

Purpose

Belonging to the financial technologies’ companies, equity-based crowdfunding platforms offer investors the opportunity to become shareholders through the purchase of small equity stakes of new innovative ventures. This paper aims to investigate gender-related differences in the behaviour of investors in firms seeking equity financing in Latin America.

Design/methodology/approach

Using a unique database, with combined information from different equity crowdfunding platforms in Brazil, Chile and Mexico, the authors study the population of 492 projects between 2013 and 2017. To analyse the relationship between investors’ gender-related differences and equity crowdfunding investment, this paper applies Poisson regression.

Findings

Results suggest that the probability that an investor finances a firm is based on gender bias. Investors prefer firms led by entrepreneurs that are similar to them in terms of gender. Furthermore, the authors find evidence that both female and male investors are risk-averse and are more likely to invest in the equity of firms that are older and offer a higher percentage of equity. However, female investors are associated with firms that are on average older and offer 0.02% more equity.

Practical implications

These findings have implications for crowdfunding platforms managers when selecting their target companies and policymakers when defining political actions to promote greater use of equity crowdfunding among female entrepreneurs and decrease barriers hindering women’s access to investment.

Originality/value

Unique in its proposition and data usage, this study sheds light on the relationship between investors and entrepreneurs in the Latin American equity crowdfunding market.

Details

European Business Review, vol. 34 no. 3
Type: Research Article
ISSN: 0955-534X

Keywords

Open Access
Article
Publication date: 5 July 2021

Antonella Francesca Cicchiello, Amirreza Kazemikhasragh and Stefano Monferra

Women’s entrepreneurial activity can significantly impact economic and social development globally, particularly in developing countries. The significant challenges…

2954

Abstract

Purpose

Women’s entrepreneurial activity can significantly impact economic and social development globally, particularly in developing countries. The significant challenges entrepreneurial women face draw the attention of researchers and policymakers. This paper aims to analyse the impact of gender disparity on the likelihood of obtaining equity financing through crowdfunding. The equity crowdfunding industry was selected because it is a non-traditional financial market where gender bias may act differently for women.

Design/methodology/approach

To investigate the relationship between gender and equity financing through crowdfunding, this paper applies ordinary least squares regression. The analysis is based on a unique data set of 492 equity crowdfunding campaigns launched between 2013 and 2017 on all existing platforms in Brazil, Chile and Mexico.

Findings

The analysis reveals that the involvement of at least one woman on the board of firms seeking equity financing increases campaign success rates in terms of the investors’ average pledge, the target amount reached at the end of the campaign and the percentage raised at the end of the campaign exceeding the initial fundraising goal. Altogether, this suggests that equity crowdfunding campaigns should be based on gender equality in the firms’ boards. The research finds evidence that there is no gender disparity in the likelihood of a campaign being financed by a greater number of investors.

Practical implications

These findings have implications for Latin American female entrepreneurs when selecting funding sources and policymakers when defining political actions to remove the barriers at the root of this historic inequality in female entrepreneurs’ access to finance.

Originality/value

To the best of the authors’ knowledge, this document analyses the gender disparity in the Latin American equity crowdfunding market, shedding light on women’s access to crowdfunding financing for the first time.

Details

Gender in Management: An International Journal , vol. 36 no. 8
Type: Research Article
ISSN: 1754-2413

Keywords

Open Access
Article
Publication date: 7 September 2020

Antonella Francesca Cicchiello, Maria Cristina Pietronudo, Daniele Leone and Andrea Caporuscio

The aim of this research is to contribute to the existing literature about the entrepreneurial conditions in crowd-based contexts by describing how different European countries…

2907

Abstract

Purpose

The aim of this research is to contribute to the existing literature about the entrepreneurial conditions in crowd-based contexts by describing how different European countries regulate equity crowdfunding market in order to incentive the investments and protect investors.

Design/methodology/approach

Based on a legal acts' analysis, we conduct a qualitative study comparing the crowdfunding regulation addressed to investors. In particular, we focus our analysis on the European countries with the highest concentration of crowdfunding platforms (i.e. the UK, Germany, France, Italy and Spain).

Findings

The results show that some countries, such as the UK, Germany and France, present an investor-oriented approach based on non-restrictive regulation, while other countries, such as Spain and Italy, have a restrictive approach that protects investors excessively and discourages them. In particular, the case study of France shows how the introduction of unrestricted regulation can produce positive effects on the volume of crowdfunding transactions.

Practical implications

The paper is addressed to investors, policymakers and intermediaries (platforms) to help the first in orienting themselves between the different crowdfunding regulations and the latter in aligning and orchestrating rules and norms.

Originality/value

This is the first study that analyses the role of investor-oriented regulations in the promotion of entrepreneurship through the identification of four key factors to monitor equity crowdfunding regulations.

Details

Journal of Entrepreneurship and Public Policy, vol. 10 no. 2
Type: Research Article
ISSN: 2045-2101

Keywords

Open Access
Article
Publication date: 25 August 2021

Antonella Francesca Cicchiello, Anna Maria Fellegara, Amirreza Kazemikhasragh and Stefano Monferrà

This study aims to investigate the influence of organisations’ board gender diversity on the adoption of the United Nations sustainable development goals (SDGs) and on the use of…

6461

Abstract

Purpose

This study aims to investigate the influence of organisations’ board gender diversity on the adoption of the United Nations sustainable development goals (SDGs) and on the use of external assurance.

Design/methodology/approach

The paper combines data from the Global Reporting Initiative’s Sustainability Disclosure Database and the Orbis database from Bureau van Dijk. The study uses logit models based on a sample of 366 large Asian and African companies which have addressed the SDGs in their sustainability reports published in 2017.

Findings

The results reveal that board gender diversity is positively associated with sustainability reporting and the involvement of an external assurance provider.

Originality/value

This study adds to the growing literature on the relationship between women’s participation on corporate boards and SDG reporting. Additionally, it addresses the understudied question of how the gender diversity of board resources affects the adoption of the external assurance of sustainability reporting.

Details

Gender in Management: An International Journal , vol. 36 no. 7
Type: Research Article
ISSN: 1754-2413

Keywords

Article
Publication date: 30 November 2020

Antonella Francesca Cicchiello, Amirreza Kazemikhasragh and Stefano Monferrà

The purpose of this paper aims to understand whether gender disparity has an impact on the likelihood of obtaining equity crowdfunding financing in Latin America.

Abstract

Purpose

The purpose of this paper aims to understand whether gender disparity has an impact on the likelihood of obtaining equity crowdfunding financing in Latin America.

Design/methodology/approach

The paper uses a unique database of 492 projects from different equity crowdfunding platforms in Latin America over a period of 2013–2017.

Findings

Results indicate that the involvement of at least one woman in the board of firms seeking equity financing increases campaigns' success significantly. Team gender has no impact on the project's likelihood to experience overfunding.

Originality/value

The paper sheds light on women's access to crowdfunding financing in Latin America, not yet considered so far.

Details

International Journal of Emerging Markets, vol. 17 no. 5
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 2 May 2023

Antonella Francesca Cicchiello, Amirreza Kazemikhasragh, Salvatore Perdichizzi and Andrea Rey

This paper aims to investigate whether the perceived level of corruption influences companies' decision to address principles and standards aimed, inter alia, at fighting…

Abstract

Purpose

This paper aims to investigate whether the perceived level of corruption influences companies' decision to address principles and standards aimed, inter alia, at fighting corruption [i.e. Sustainable Development Goals (SDGs), (2) United Nations Global Compact (UNGC), (3) International Standards Organisation (ISO) 26,000 and (4) Organisation for Economic Co-operation and Development (OECD) Guidelines] in companies' sustainability reporting.

Design/methodology/approach

The paper uses a sample of 1,171 sustainability reports published in the year 2017 by organisations from Asia and Africa's low- and middle-income countries.

Findings

Results from the Probit model reveal that corruption negatively affects corporate sustainability reporting activity. Indeed, the more companies are exposed to high levels of corruption, the less likely they appear to engage in sustainability reporting. Furthermore, the authors find clear regional and sector-level differences in the extent to which companies engage in sustainability reporting. The results show that Asian companies operating in the agricultural and financial services sectors exhibit significantly higher reporting activity, whilst those operating in the construction and mining sectors report less than the sectors' peers.

Research limitations/implications

The authors' findings provide important implications for understanding companies' behaviour in the sustainability reporting in emerging economies as well as for designing corporate social responsibility (CSR) disclosure initiatives in the future.

Originality/value

This paper provides a better understanding of the impact of corruption on companies' reporting behaviour in the context of emerging economies.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 4 September 2019

Antonella Francesca Cicchiello

The purpose of this paper is to assess the role that public policies may have in re-shaping entrepreneurial ecosystems and supporting the creation of functioning ecosystems based…

Abstract

Purpose

The purpose of this paper is to assess the role that public policies may have in re-shaping entrepreneurial ecosystems and supporting the creation of functioning ecosystems based on new forms of finance, i.e. the equity-based crowdfunding.

Design/methodology/approach

The paper first identifies and examines the European policies developed to encourage the use of equity crowdfunding in entrepreneurial finance from 2003 to 2018. Then, it reviews national regulatory frameworks for crowdfunding, and analyses the barriers that constrain the growth of national crowdfunding markets. Finally, the paper addresses the issue of regulatory harmonisation by underlining its importance in building an entrepreneurial ecosystem based on crowdfunding.

Findings

Building an entrepreneurial ecosystem based on crowdfunding requires better policy coordination between European countries and readiness to take concerted actions. National authorities must look at the crowdfunding phenomenon from a European perspective and align their policies. European policymakers must import best practices from thriving national ecosystems by implementing less bureaucratic policies and with greater impact on entrepreneurial activity.

Social implications

In a post-crisis economy, the architecture of entrepreneurial ecosystems must evolve and focus on new financing alternatives ensuring the survival of successful businesses.

Originality/value

The paper offers a new perspective on entrepreneurship looking at the formation and development of new ecosystems around equity crowdfunding platforms. It also provides a relevant starting point for subsequent studies into this field.

Details

Journal of Entrepreneurship and Public Policy, vol. 8 no. 3
Type: Research Article
ISSN: 2045-2101

Keywords

Content available
Article
Publication date: 21 June 2022

Francesco Schiavone and Daniele Leone

822

Abstract

Details

Journal of Business & Industrial Marketing, vol. 37 no. 8
Type: Research Article
ISSN: 0885-8624

Content available
Article
Publication date: 13 July 2021

Liya Palagashvili

Abstract

Details

Journal of Entrepreneurship and Public Policy, vol. 10 no. 2
Type: Research Article
ISSN: 2045-2101

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