Progetti di Ateneo

angle-left Can Environmental, Social and Governance (ESG) Profiles Improve Credit Risk Disclosure Provided by Lending-based Crowdfunding Platforms? Empirical Evidence from Italy and Europe
Codice Progetto o altro Identificativo
CUP J53D23004160008
Denominazione Progetto
Can Environmental, Social and Governance (ESG) Profiles Improve Credit Risk Disclosure Provided by Lending-based Crowdfunding Platforms? Empirical Evidence from Italy and Europe
Tipologia di finanziamento
Pubblica
Tipologia ambito della fonte di finanziamento
Ministeriale
Fonte di finanziamento
Ministero dell'Università e della Ricerca (MUR)
Call e/o Bando specifici
Progetti di Ricerca d Rilevante Interesse Nazionale – Bando 2022 Prot. 202288NZT7
Referente Scientifico (nome e cognome)
Valeria Stefanelli (PI)
Compagine Progettuale
Valeria Stefanelli, Matteo Cotugno, Vittorio Boscia, Stefano Monferrà, Federica De Leo, Luca Anzilli, Antonella Francesca Cicchiello, Greta Benedetta Ferilli
Data inizio
28/09/2023
Data fine
27/09/2025
Keywords
Digital Lending, Lending-based Crowdfunding, Disclosure Environmental, Social, Governance (ESG), Credit Risk, SMEs Financing
Abstract
European SMEs still experience varying degrees of credit rationing due to their significant problems of information asymmetry (IA) and opacity, especially in uncertain contexts (pandemic, war, etc.). In particular, rationing is a serious Italian problem. Over the last few years, crowdfunding has proven its ability to provide for a more efficient allocation of resources and thereby a higher level of capital productivity and economic growth, providing funding opportunities, especially for SMEs with market access problems of traditional capital. The crowdfunding industry has expanded significantly around Europe nevertheless the Italian market comparatively is underdeveloped, even for a banco-centric culture. Despite the importance of crowdfunding, caution is required due to the adverse effects of IA on investors, in terms of transparency and quality of the projects offered. In this sense, European regulators are promoting the disclosure of the platform and focus on Environmental, Social and Governance (ESG) issues in financial intermediation (EBA, 2020). In this project, we investigate how and to what extent the disclosure of the Lending-based Crowdfunding (LBC) platforms, in terms of credit risk assessment, can be explained by greater attention to ESG factors. In particular, first, we analyse the willingness of LBC platforms to publish information on ESG profiles; secondly, for each platform, we analyse the disclosure level in terms of credit risk assessment and internal governance (in line with EBA’s Regulatory Technical Standards); and finally, we analyse to what extent the disclosure on credit risk assessment, governance and management processes is explained by the ESG profiles of the platforms. Our methodological approach is based on the multi-criteria decision analysis in which the problem is addressed using a series of suitably selected individual indicators which are subsequently aggregated to construct composite indicators. Fuzzy logic techniques and non-linear aggregation operators are used, respectively, to manage the qualitative judgments provided by the experts and the interaction between indicators. According to this approach, in the first and second phases of the project, every sample platform is evaluated with respect to each ESG dimension and, moreover, on the basis of the disclosure gap with respect to the standards required by the regulatory authorities. In the third phase, using linear regression models and clustering techniques, the possible causal relationships between the variables identified in the previous phases are explored. We expect that a greater development of the platform's ESG profiles corresponds to greater disclosure of the credit risk of the
Ambito tecnologico produttivo
Digital Lending e Crowdfunding, Disclosure e trasparenza
Altro
Industrial beneficiaries benefit from our research include: o Small and Medium Enterprises (SMEs), financially constrained firms; o Fintech, Crowdfunding platforms, banks, asset management companies; · Firms offering risk analysis and management; o Firms offering financial products or services; o Firms offering financial consultancy; Political institutions and governments benefit from our research include: o Government and related organisations involved in policy making o Supervisory authorities Individuals and communities can have important benefits from our research: o the Research Associates working on this project, together with undergraduate students who work on related projects · householders and savers o society in general, in terms of improvement of Environmental and Social aspect of business o graduate students, and others studying related courses.