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
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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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
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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