Vol. 11 No. 3 (2025)
September

Articles

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

Published 2025-09-30

  • Dominika Kordela
    • ,
  • Mariusz Kicia

Dominika Kordela
University of Szczecin

Mariusz Kicia
University of Maria Curie-Skłodowska

Abstract

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.

Keywords

entrepreneurship, equity crowdfunding, financial inclusion, crowdfunding campaign success , equity financing

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Author Biography

Dominika Kordela

Dominika Kordela, University of Szczecin, Poland, is currently an Assistant Professor at the Institute of Economics and Finance, where she has been a Scientific Council member since 2019. She received her PhD degree in economics. Her research interests include financial market innovations, alternative markets, alternative finance and SME financing.

Mariusz Kicia

Mariusz Kicia, University of Maria Curie-Skłodowska (UMCS), Poland, is currently an Associate Professor at the Institute of Economics and Finance, Department of Banking and Financial Markets. Member of the Industrial Council for Competences Modern Business Services in Poland. His research interests include behavioural finance, fintech, and agent-based modelling.

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