Investigating the impact of multidimensional social capital on equity crowdfunding performance

This research explores how social capital, in the multidimensional perspective using cognitive, relational and structural dimensions influences equity-crowdfunding (ECF) performance considering both the number of investors engaged and the funds collected. Our results demonstrate that cognitive dimensions in part affects ECF performance, in fact shared meaning has a little positive impact on both funding collected and the number of investors, while shared language has a negative effect on the investors involved. Both obligation and trustworthiness (relational dimension) positively influence ECF performance. Regarding the structural dimension, social network ties has positive effects on ECF performance, while social interactions has a positive impact on funding collected. The research contributes to the current literature on ECF and highlights new factors affecting ECF performance. The study has implications from both a theoretical and a practical perspective. The study findings will be relevant for entrepreneurs, platforms managers and policymakers and offers avenues for further research.