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

Kód výsledku v 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>

Nalezeny alternativní kódy

RIV/61989100:27510/22:10251446

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

<a href="/cs/project/GA17-25924S" target="_blank" >GA17-25924S: Komparativní studie crowdfundingových projektů v EU: Přístup k financím, rizika a regulace</a><br>

Návaznosti

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

Rok uplatnění

2022

Kód důvěrnosti údajů

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

Název periodika

Finance a úvěr-Czech Journal of Economics and Finance

ISSN

0015-1920

e-ISSN

—

Svazek periodika

72

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

25

Strana od-do

172-196

Kód UT WoS článku

000810458700004

EID výsledku v databázi Scopus

2-s2.0-85135265074