Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding

•Examines the value of dual-class equity crowdfunding as a digital governance model.•Uses a sample of 491 offerings on the UK platform Crowdcube in the period 2011–2015.•Finds that separation between ownership and control lowers the probability of success of the offering.•Finds that separation between ownership and control lowers the probability of post-campaign success.•Finds that professional investors care about implementation of thresholds for the attribution of voting rights.