Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis

• We examine the sustainability orientation of crowdfunding platforms and whether it matters for their performance. • The analysis relies on a longitudinal dataset (2008–2023) of 573 crowdfunding platforms established across 37 OECD countries. • Social-oriented crowdfunding platforms perform better than their counterparts. • Crowdfunding platforms in countries with a more individualist and masculine culture gain less 1 , 2 from their social orientation. • Crowdfunding platforms and cultural contexts matter for sustainable development. Crowdfunding platforms are increasingly sensitive to sustainable practices. However, the connections between these platforms and sustainability remain under-researched. This study examines how the sustainability orientation of equity crowdfunding platforms influences their performance. Conducting a longitudinal analysis based on 573 platforms in 37 OECD countries over the 2008–2023 period, we document that social-oriented platforms outperform their counterparts. Platforms operating in countries with a more individualist and masculine culture gain less from their social orientation. We contribute to research and inform practitioners by showing that crowdfunding platforms benefit from engaging with sustainability issues and that cultural contexts matter for promoting sustainable crowdfunding.