Institutional characteristics and the development of crowdfunding across countries
Francesca Di Pietro and
International Review of Financial Analysis, 2020, vol. 71, issue C
The diffusion of crowdfunding among countries differs consistently, based, in part, on differences in national institutional environments. This study analyses the influence of formal and informal institutions in 27 different countries during the 2014–2017 period, on the development of crowdfunding. Our results show that the crowdfunding market – across all the different crowdfunding typologies- is larger in countries characterized by a business-friendly legal environment, and well-developed financial market in the case of lending crowdfunding. Individualistic societies register higher crowdfunding activity across the different typologies; lending crowdfunding is more widespread in countries characterized by higher uncertainty-avoidance and, together with equity crowdfunding, in long-term oriented societies.
Keywords: Crowdfunding; Institutional environment; Formal institutions; Informal institutions (search for similar items in EconPapers)
JEL-codes: F30 G20 G23 N20 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:71:y:2020:i:c:s1057521920301873
Access Statistics for this article
International Review of Financial Analysis is currently edited by B.M. Lucey
More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Catherine Liu ().