Non-profit differentials in crowd-based financing: Evidence from 50,000 campaigns

Autor:	Stefan Pitschner, Sebastian Pitschner-Finn
Rok vydání:	2014
Předmět:	Finance Startup Economics and Econometrics Seed money business.industry Non-profit Economics Entrepreneur Non profit business Crowdfunding
Zdroj:	Economics Letters. 123(3):391-394
ISSN:	0165-1765
DOI:	10.1016/j.econlet.2014.03.022
Popis:	We use data from approximately 50,000 crowdfunding projects to assess the relative funding performance of for-profit and non-profit campaigns. We find that non-profit projects are significantly more likely to reach their minimum funding goals and that they receive more money from the average funding provider. At the same time, however, they have fewer funding providers and obtain lower total funding amounts. Our analysis shows that these results are driven by a small number of very successful for-profit projects. We argue that the findings are consistent with a simple selection mechanism in which entrepreneurs make the non-profit/for-profit decision based on expected project payoffs.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::a0b2938eb347a91903be6da3a0137279 Zobrazit plný text záznamu Full Text from ScienceDirect