Carmelo Algeri

This study investigates the factors influencing the success of sustainability-oriented equity crowdfunding campaigns by analyzing a dataset of 771 campaigns from Italian platforms between 2014 and 2021. The findings indicate that while projects with a sustainability focus tend to achieve better outcomes, their success is contingent on variables such as the economic sector of the proposing company and investor concerns regarding misleading claims about environmental, social, and governance practices. Notably, professional investors play a critical role in early-stage financing, initiating information cascades that drive broader investor participation. Furthermore, the COVID-19 crisis appears to have heightened investor interest in sustainability, further solidifying equity crowdfunding as a viable financing tool for ventures with environmental and social objectives. By identifying the key factors that drive the success of sustainability-oriented campaigns, this study offers valuable insights for entrepreneurs, investors, and policymakers seeking to enhance the role of alternative finance in promoting sustainable innovation.

Income inequality is one of the key indicators used to measure social and economic disparities (among households and businesses) in a given area. This study analyzes the impact of the local banking system on income inequality in the municipalities of an Italian region situated in the center-north of the country, a dynamic and economically prosperous area. To this end, it employs a dynamic panel data model, estimated using the system generalized method of moments (GMM) estimator, to address the issue of endogeneity and ensure unbiased inferences. The investigated region represents a significant case study, as its banking system has undergone profound changes. The results of this analysis, based on municipal-level data, suggest that an increase in credit provision tends to reduce income inequality, while the accumulation of wealth in the form of deposits exacerbates it. Furthermore, the physical presence of credit cooperative banks (CCBs) and their relationship lending approach emerge as key factors in mitigating inequality. The closure of bank branches, in fact, could heighten social disparities. In terms of economic policies, the study concludes that access to credit, along with a banking system based on a relationship-based model such as that of the CCBs, is effective in promoting inclusive territorial development.

This paper provides the first in‐depth analysis of the effects of incorporating environmental, social, and governance (ESG) factors into the cost‐efficiency frontier of banks. Drawing on both shareholder and stakeholder theories, the research addresses the increasing regulatory and market pressures for banks to incorporate ESG components into their operational processes. Using data from 42 European listed banks spanning the 2006–2021 period and a stochastic frontier approach (SFA), the study introduces two novel ESG‐related variables in the stochastic frontier function: (i) a variable measuring the contribution of ESG factors to banking output production and (ii) a variable measuring the risks associated with ESG controversies. Additionally, it evaluates the impact of executive remuneration tied to ESG goals on cost efficiency, addressing a critical gap in the literature. The findings reveal that ESG‐related frontier variables significantly influence the banks' cost function. Furthermore, the results show that banks with a stronger commitment to ESG principles achieve higher cost efficiency in the long term, despite short‐term cost increases associated with ESG investments. Moreover, the results highlight that executive compensation linked to ESG targets negatively affects cost efficiency. By filling these gaps, the paper significantly contributes to the literature, offering valuable insights for bank managers tasked with balancing short‐term costs against long‐term efficiency gains through strategic ESG investments.

The present study examines the elements that influence Italians' willingness to pay a higher price for organic olive oil. As a result, a survey was conducted involving a heterogeneous sample of 332 consumers and their propensity to spend a surplus price was examined using a logit model. According to the study findings, consumers are willing to pay more for organic olive oil and this willingness to pay increases with age, education level, living in a smaller household, consumption of organic food and traditional sources such as producers, retailers and supermarkets. The empirical investigation demonstrates the convenience for farms of converting olive oil production from conventional to organic in order to fulfill customer needs. Companies are able to plan their medium-and long-term commercial activities when they can predict customer preferences. Indeed, consumer information may have a beneficial effect on the community as a whole due to the considerable quantity of positive environmental externalities associated with organic olive production.

This paper investigates the presence of spatial dependence in the non-performing loans (NPLs) ratio of small Italian cooperative banks. As these financial intermediaries operate in a delimited area, the strategies they adopt to recover NPLs can produce spatial spillover effects on the ability of neighbouring banks to recover credit. Furthermore, small banks’ reliance on the relationship lending technique to select and monitor borrowers suggests a similar ability to identify underperforming borrowers, which may have a negative impact on the community in which those banks operate. Our empirical estimations provide strong evidence for both spatial and spatial–temporal variables driving impaired loans in local banks. The results indicate different effects of the spatial terms, showing a direct positive effect of the contemporaneous spatial lag variable and a negative effect of the space–time autoregressive coefficient. Whereas the former effects can be ascribed to changes in the macroeconomic cycle, the latter confirms the insight that the recovery capacities of local banks can be harmed by neighbouring banks’ credit recovery policies.

This study examines the determinants of cooperative banks' diversification proclivity, with consideration of the spatial dependence effect. The empirical analysis demonstrates that Italian cooperative banks operate as a network with significant spillover effects that should not be ignored. Indeed, local banks compete in the same market segment, and any shift in their diversification strategy has a cascading effect on neighbouring cooperative banks as a result of customer migration. Finally, we observe that an increase in bank market power results in a decline in local bank lending activity.