We investigate the role of community-level social capital in individuals’ investment decisions in equity crowdfunding. We exploit a hand-collected dataset of individual investments pledged to successful campaigns in Italy between 2014 and 2018. Individuals born in provinces with high social capital invest more substantially in riskier campaigns. Contrary to inborn social capital, social capital in the province where investors live has no impact. This evidence survives several robustness checks and highlights the crucial role of an individual's cultural traits in fostering investment in equity crowdfunding.

中文翻译：

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股权众筹中的社区社会资本与投资决策

我们调查了社区层面的社会资本在个人股权众筹投资决策中的作用。我们利用了 2014 年至 2018 年间承诺在意大利成功开展活动的个人投资数据集。出生在社会资本高的省份的个人在风险较高的活动中投入更多。与先天社会资本相反，投资者所在省份的社会资本没有影响。这一证据通过了几次稳健性检查，并突出了个人文化特征在促进股权众筹投资方面的关键作用。