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Open AccessArticle

Corporate Social Responsibility and Crowdfunding: The Experience of the Colectual Platform in Empowering Economic and Sustainable Projects

1
Department of Accounting and Finance, Faculty of Economics and Business Sciences, University of Granada, 18071 Granada, Spain
2
Department of Accounting and Finance, Faculty of Economics and Business Sciences, University of Complutense de Madrid, 28223 Madrid, Spain
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(13), 5251; https://doi.org/10.3390/su12135251
Received: 25 May 2020 / Revised: 18 June 2020 / Accepted: 27 June 2020 / Published: 29 June 2020
(This article belongs to the Special Issue Corporate Social Responsibility and Financial Risk Management)
In recent years, sustainable crowdfunding has been one of the key elements in the search for new sources of financing. This has involved eliminating financial barriers and intermediaries, bringing entrepreneurs’ projects closer to fund providers, and thus instigating changes in traditional investment and profitability parameters. Among these indicators, the sustainable business return and its relationship with Corporate Social Responsibility (CSR) could be a relevant factor to improve the cost of funding, to explain the return on assets (ROA), and, consequently, impacting on the return on equity (ROE). In this context, this paper takes as a reference 101 projects that are part of Colectual’s lending. We analyze factors such as sustainability—the application of CSR across a social responsibility index; the financial characteristics of the company—liquidity, leverage, and solvency; and the characteristics of the loans related to crowdfunding—amount, maturity, and charge rate of the loan. Our study provides empirical evidence that, besides financial characteristics, the commitment to CSR can improve collective lending and the management of resources, as well as enhance the capital wealth of companies, by improving shareholder profitability or ROE. Investors consider not only financial risk but also sustainability factors. View Full-Text
Keywords: Corporate Social Responsibility; crowdfunding; companies; ranking; Colectual platform Corporate Social Responsibility; crowdfunding; companies; ranking; Colectual platform
MDPI and ACS Style

Flórez-Parra, J.M.; Rubio Martín, G.; Rapallo Serrano, C. Corporate Social Responsibility and Crowdfunding: The Experience of the Colectual Platform in Empowering Economic and Sustainable Projects. Sustainability 2020, 12, 5251.

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