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What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25840886%3A_____%2F22%3AN0000002" target="_blank" >RIV/25840886:_____/22:N0000002 - isvavai.cz</a>

  • Alternative codes found

    RIV/61989100:27510/22:10251446

  • Result on the web

    <a href="https://journal.fsv.cuni.cz/storage/1501_attachment.pdf" target="_blank" >https://journal.fsv.cuni.cz/storage/1501_attachment.pdf</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.32065/CJEF.2022.02.04" target="_blank" >10.32065/CJEF.2022.02.04</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors

  • Original language description

    This paper responds to the growing popularity of micro-finance platforms and the associated increasing volume of funding flowing through these platforms. This development also increases scientific attention to reward-based crowdfunding financing, an alternative to traditional bank loans and debt-based microloans. We choose a macroeconomic approach to look at the factors influencing the demand for crowdfunding funds in a particular country each year. Using a unique dataset extracted from the Crowdsurfer web service, we show that the volume of requested funds through reward-based crowdfunding projects in 27 OECD countries from 2009 to 2016 depends on the availability, effectiveness, and depth of the traditional banking sector institutions and financial markets. Our analysis also shows that macroeconomic variables such as GDP growth affect the demand for reward-based CF financing in the same way they influence demand for traditional bank loans. Finally, we suggest that the demand for reward-based CF loans is driven by similar motives as the demand for shadow banking loans in general.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50202 - Applied Economics, Econometrics

Result continuities

  • Project

    <a href="/en/project/GA17-25924S" target="_blank" >GA17-25924S: Comparative Study of Crowdfunding Projects in EU: Access to Finance, Risks and Regulation</a><br>

  • Continuities

    P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Others

  • Publication year

    2022

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Finance a úvěr-Czech Journal of Economics and Finance

  • ISSN

    0015-1920

  • e-ISSN

  • Volume of the periodical

    72

  • Issue of the periodical within the volume

    2

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    25

  • Pages from-to

    172-196

  • UT code for WoS article

    000810458700004

  • EID of the result in the Scopus database

    2-s2.0-85135265074