Greenhorns or old stagers: Is equity crowdfunding in Poland inclusive?

Objective: The article aims to indicate whether equity crowdfunding (ECF) in Poland is inclusive and whether the attributes of inclusivity influence the campaign’s success. Research Design & Methods: The research covers all ECF campaigns in Poland from 2012-2022. The data collection includes details on equity offers, the companies’ top management teams (TMT) structure, and crowdfunding campaign results. We implemented the ANOVA analysis to verify the hypotheses, and further, based on the data obtained, we built the regression models. Findings: Most of the surveyed entities are characterized by a lack of inclusive attributes. The dominant part of entities founded by ECF are companies located in Warsaw or the capitals of voivodships, managed by men aged between 31-59. Implications & Recommendations: The results show that there is no reason to believe that issuers who are gender inclusive will be more successful in ECF. Moreover, there is no evidence to reject the claim that the inclusiveness of the issuer measured by the age of the CEO can affect the success of the issue. However, the location of the issuer can affect the success of an ECF offer. Contribution & Value Added: Previous research on inclusivity has been conducted mainly in countries with high ethnic diversity. This research identifies the attributes of inclusiveness appropriate for ethnically homogeneous countries. Moreover, we conducted a comprehensive analysis of companies active in the ECF market in Poland.