Purpose While equity crowdfunding (EC) has emerged as a transformative force in entrepreneurial finance, academic attention has largely centred on campaign-level factors, such as project quality and founder characteristics. In contrast, the platforms themselves – equity crowdfunding platforms (ECPs) – remain an overlooked yet critical component of the EC ecosystem. This study aims to address this significant gap by exploring how ECPs’ governance structures and digital visibility influence the success of fundraising campaigns. Design/methodology/approach The study adopts a quantitative approach, using a hand-collected data set of 801 EC campaigns launched between 2014 and 2022 on Italian ECPs registered with Commissione Nazionale per le Società e la Borsa. Logit regression models are used to assess the impact of board composition, gender diversity, female leadership and digital visibility on campaign success. Findings The results reveal that larger board size and greater gender diversity are positively associated with campaign success. In addition, digital visibility significantly enhances the likelihood of achieving funding goals. Practical implications The study underscores the strategic importance of strengthening internal governance, particularly through broad, gender-mixed boards and of enhancing digital visibility through Web presence, media coverage and search engine optimisation. Originality/value This study advances the literature on EC by shifting the unit of analysis from individual campaigns to the organisational characteristics of platforms. By introducing original variables, the paper contributes to a deeper understanding of how platforms reduce information asymmetries and enhance the fundraising performance of EC campaigns.
Bussoli et al. (Tue,) studied this question.