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Digitalization is an element capable of improving companies’ financial performance. Despite the relevance of the topic, the financial effects associated with extensive transparency in digitalization choices have rarely been explored in extant literature. This study aims to close this important gap by examining the effect of digitalization-related information on the cost of equity capital.

This study uses manual content analysis on a sample of 122 international listed firms to measure the level of transparency in digitalization choices and a regression model to test the effect of this transparency on the cost of equity capital.

The results show that broad transparency allows firms to benefit from a lower cost of equity capital. From this perspective, disseminating information about digitalization choices in a signaling theory key represents the signal that companies send to investors.

This study extends the knowledge about the potential of transparency to facilitate access to finance by examining the effect of another type of information, namely, those relating to digitalization choices, on the cost of equity capital.

Crowdfunding is a relatively new alternative method of raising capital for new ventures. In recent years, crowdfunding has also gained prominence within the food industry. On the basis of signaling theory, this study aims to analyze the success factors of vegan crowdfunding campaigns, which remains unexplored in academia.

This study employs a logistic regression analysis on a sample of 200 vegan crowdfunding campaigns launched in Europe between 2014 and 2021 on the popular crowdfunding platform Kickstarter.

The results show that the number of images, comments and updates as well as the readability of project descriptions positively impact the success rate of vegan crowdfunding campaigns. Furthermore, the length of the project description has a negative effect, whereas the number of videos has no bearing on the success of vegan crowdfunding campaigns.

To the best of the authors' knowledge, this study pioneers examining the success factors of vegan crowdfunding campaigns. This study enriches the literature in several ways. First, this study contributes to an open debate on the success factors of crowdfunding. Second, this study provides knowledge about the factors that can favor the success of vegan initiatives. Third, this study confirms the usefulness of signaling theory as a theoretical framework for understanding vegan crowdfunding.

This study examines the effect that environmental, social and governance (ESG) disclosure generates on the cost of equity capital in the food and beverage (F&B) sector.

This study analyses a sample of 171 international listed firms pertaining to the F&B sector and headquartered in North America, Western Europe and Asia Pacific (developed), forming an unbalanced panel of 1,316 observations, spanning the period 2010–2019. We run a fixed-effects panel regression model to test the relationship between ESG disclosure and the cost of equity capital.

Our empirical outcomes suggest a significant negative relationship between ESG disclosure and the cost of equity capital. We find support for the notion that increased levels of ESG disclosure are linked to an improved access to financial resources for firms.

This is the first study that analyses the impact of ESG disclosure on the cost of equity capital in the F&B sector, taking existing literature a step further into more detailed and specific aspects of the relationship of focus.

In recent years, crowdfunding is assuming an increasingly central role in the development of business projects as an alternative financing tool to traditional sources. This study analyses the role of communication in the success of crowdfunding campaigns in the restaurant sector in the European context.

This study conducts a regression analysis on a sample of 442 European restaurant crowdfunding projects launched on the Kickstarter platform in a time period spanning from 2014 to 2021. More specifically, this study uses a logistic regression model to test the impact of communication on the success of restaurant crowdfunding projects.

Empirical results suggest a strong impact of communication, declined in its different forms, on the success of restaurant crowdfunding campaigns. More specifically, they highlight a positive impact of the number of images, number of videos, readability and community orientation of the project description, number of comments and number of updates on the success of restaurant crowdfunding projects.

To the best of the authors’ knowledge, this study represents the first research that examines the effect of the communication on the success of restaurant crowdfunding projects conducted in the European context.

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

The aim of this study is to analyse the relationship between firms' sustainable practices and corporate financial performance during the COVID-19 pandemic. Specifically, this study aims to analyse the effect of sustainable practices on firms' stock returns during and after the first COVID-19 pandemic emergency.

A quantitative study was conducted to determine the impact of sustainable practices on firms' stock returns, using a sample of 1,418 European listed firms. In particular, we tested the effect of environmental (E) and social (S) scores, providing a multi-sectoral analysis in order to consider sector specificities.

The empirical outcomes indicate the existence of a negative (weak) or null relationship between sustainable practices and stock returns, failing to provide evidence that these practices are able to protect shareholders value during times of crisis.

The results obtained made it possible to highlight significant implications for investors and practitioners. They may have particular attention in evaluating firm's sustainable practices trying to understand more precisely the value that such practices can have for the company and its shareholders.

This article is part of the stream of studies that analysed the impact of sustainable practices on stock returns during a period of crisis in order to contribute to filling the gap due to the lack of consensus and the mixed results in the literature.

The purpose of this study is to examine the impact of intellectual capital disclosure on the cost of equity capital in the context of integrated reporting, which represents the ultimate frontier in the field of corporate disclosure.

The authors employ content analysis to measure intellectual capital disclosure levels along with a panel analysis on a sample of 164 integrated reports.

Empirical outcomes indicate that intellectual capital disclosure levels have a significantly negative association with the cost of equity capital.

This study's major contribution lies in its originality in terms of empirical examination of the relationship between intellectual capital disclosure in integrated reports and the cost of equity capital.

The purpose of this paper is to analyse the financial consequences of the level of human capital (HC) information disclosed by firms through integrated reports. Specifically, this work examines the effect of HC information on the cost of capital and firm value.

A manual content analysis is used to measure the level of HC information contained in integrated reports. A fixed-effects regression model is used to analyse 375 observations (a balanced panel of 125 firms for the period 2017–2019) and test the financial consequences of HC disclosure.

The empirical outcomes indicate that HC disclosure has a significant and negative effect on the cost of capital and a positive impact on firm value. Our results show that companies can reduce investors' perceived firm risk by improving HC disclosure, leading to a lower cost of capital. Moreover, our findings support the notion that increased levels of HC disclosure are linked to firms' improved access to external financial resources, consequently enhancing firm value.

This study is the first contribution to examine the financial consequences of HC disclosure and is one of the first to examine the level of HC information within integrated reports.