Launching Prosocial Crowdfunding Campaigns: The Final Countdown

Fábio Duarte, Ricardo Emanuel-Correia, Sabrina Tomé and Ana Paula Matias Gama

Emerging Markets Finance and Trade, 2024, vol. 60, issue 6, 1209-1226

Abstract: Prosocial crowdfunding has achieved a growing audience by providing a financing source for entrepreneurs in the microfinance space. Using data from Kiva, a leading prosocial crowdfunding platform, we examined whether there is a right time to launch a crowdfunding campaign. This is the first study to unravel the role of temporal patterns in securing funds in emerging markets. Our results indicate a reverse turn-of-the-month effect on the fully funded campaigns. We further identified a “positive winter prosocial effect” and a “positive first-half-of-the-week effect” on successful fundraising. As such, our study highlights relevant similarities between financial markets and crowdfunding.

Date: 2024
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DOI: 10.1080/1540496X.2023.2278645

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