Structural Determinants of Crowdfunding Adoption Across Countries
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Technická Univerzita v Liberci
Technical university of Liberec, Czech Republic
Technical university of Liberec, Czech Republic
Abstract
This study is focused on the structural determinants influencing crowdfunding volumes (total digital capital raising) across countries using macroeconomic and institutional variables. A dataset was consisted of 31 countries over a three-year period, the analysis investigates how GDP per capita (PPP), Ease of Doing Business Score, income inequality (GINI coefficient), digital infrastructure, and innovation capacity affect the intensity of digital capital raising per capita. Pearson correlation and multiple linear regressions were employed to assess the explanatory power of each factor. Results show that economic development, ease of doing business, and income inequality are significant predictors of crowdfunding activity, while online banking penetration and the Global Innovation Index did not show statistical significance. The findings suggest that crowdfunding adoption is shaped primarily by systemic and structural readiness rather than narrow technological access. The study contributes to the literature by highlighting the compensatory role of crowdfunding in more unequal societies and using credit card penetration as a proxy of credit market.
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Digital Finance, Alternative Financing, Crowdfunding
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978-80-7494-747-6