Structural Determinants of Crowdfunding Adoption Across Countries

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dc.contributor.authorKrticka, Tomas
dc.contributor.authorSoukal, Ivan
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2025-10-02T10:24:24Z
dc.date.available2025-10-02T10:24:24Z
dc.description.abstractThis 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.en
dc.formattext
dc.identifier.doi10.15240/tul/009/lef-2025-08
dc.identifier.isbn978-80-7494-747-6
dc.identifier.urihttps://dspace.tul.cz/handle/15240/178030
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.isbasedonADAMEK, E., & JANKU, J. (2022). What drives small business crowdfunding? Impact of macroeconomic and financial factors. Czech Journal of Economics and Finance, 72(2), 172–196. https://doi.org/10.32065/CJEF.2022.02.04 ADJAKOU, O. J. L. (2021). Crowdfunding adoption in Benin: Influencing factors and recommendations towards an adapted model. Open Journal of Business and Management, 9(1), 233–254. https://doi.org/10.4236/ojbm.2021.91013 BABER, H. (2021). Financial inclusion and crowdfunding – A study of European countries. Review of Applied Socio-Economic Research, 22(2), 37–48. https://doi.org/10.54609/reaser.v22i2.104 CAI, W., POLZIN, F., & STAM, E. (2020). Legal institutions, social capital, and financial crowdfunding: A multilevel perspective. In Advances in crowdfunding (pp. 183–205). Springer International Publishing. https://doi.org/10.1007/978-3-030-46309-0_9 CAMELIO GROUP. (2001). Artist Share About Us. https://www.artistshare.com/about CICCHIELLO, A. F., GALLO, S., & MONFERRÀ, S. (2023). Financing the cultural and creative industries through crowdfunding: The role of national cultural dimensions and policies. Journal of Cultural Economics, 47(1), 133–175. https://doi.org/10.1007/s10824-022-09452-9 DI PIETRO, F., & BUTTICÈ, V. (2020). Institutional characteristics and the development of crowdfunding across countries. International Review of Financial Analysis, 71, 101543. https://doi.org/10.1016/j.irfa.2020.101543 DUSHNITSKY, G., & ZUNINO, D. (2018). The role of crowdfunding in entrepreneurial finance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3237356 HALIM, M. A. (2024). Does crowdfunding contribute to digital financial inclusion? Research in Globalization, 9,100238. https://doi.org/10.1016/j.resglo.2024.100238 KUKK, M.-L., & LAIDROO, L. (2020). Institutional drivers of crowdfunding volumes. Journal of Risk and Financial Management, 13(12), 326. https://doi.org/10.3390/jrfm13120326 MELTON, A., DAMRON, T., MCCARTHY, V., & RUPP, W. (2020). Leveraging technology through crowdfunding to ease barriers of entry into the marketplace. International Journal of Applied Management and Technology, 19(1). https://doi.org/10.5590/ijamt.2020.19.1.06 PAŠALIĆ, I., & PEPUR, S. (2022). Development of crowdfunding literature: A review study. Ekonomska Misao i Praksa, 31(1), 141–162. https://doi.org/10.17818/emip/2022/1.7 SHNEOR, R., FLÅTEN, B.-T., & ZHAO, L. (2020). The future of crowdfunding research and practice. In Advances in crowdfunding (pp. 499–519). Springer International Publishing. https://doi.org/10.1007/978-3-030-46309-0_21 WILLE, N. (2025). A comprehensive framework for understanding the influence of macroeconomic factors on crowdfunding and directions for future research. Journal of Economic Analysis, 4(3), 111–141. https://doi.org/10.58567/jea04030006 ZIEGLER, T., SHNEOR, R., & ZHANG, B. Z. (2020). The global status of the crowdfunding industry. In Advances in crowdfunding (pp. 43–61). Springer International Publishing. https://doi.org/10.1007/978-3-030-46309-0_3 ZIEGLER, T., SHNEOR, R., WENZLAFF, K., SURESH, K., DE CAMARGO PAES, F. F., MAMMADOVA, L., WANGA, C., KEKRE, N., MUTINDA, S., WANG, B. W., LÓPEZ CLOSS, C., ZHANG, B. Z., FORBES, H., SOKI, E., ALAM, N., & KNAUP, C. (2021). The 2nd global alternative finance market benchmarking report. Cambridge Centre for Alternative Finance, University of Cambridge. https://ssrn.com/abstract=3878065
dc.relation.ispartofLiberecké ekonomické fórum 2025cs
dc.relation.ispartofLiberec Economic Forum 2025en
dc.subjectDigital Financeen
dc.subjectAlternative Financingen
dc.subjectCrowdfundingen
dc.subject.classificationG23
dc.subject.classificationE44
dc.subject.classificationO57
dc.titleStructural Determinants of Crowdfunding Adoption Across Countriesen
dc.typeproceeding paperen
local.accessopen
local.citation.epage106
local.citation.spage95
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationLEFcs
local.relation.abbreviationLEFen
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