Crowdfunding in a shifting landscape: The impact of competition and exogenous shocks on platform dynamics

Yaşar B., Yılmaz I. S., Tekin Koru A.

Research in International Business and Finance, cilt.89, 2026 (SSCI, Scopus) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 89
  • Basım Tarihi: 2026
  • Doi Numarası: 10.1016/j.ribaf.2026.103454
  • Dergi Adı: Research in International Business and Finance
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, EconLit
  • Anahtar Kelimeler: Competition, COVID-19, Entrepreneurial finance, Exogenous shocks, Funding success, Kickstarter, Reward-based crowdfunding, Sustainability
  • TED Üniversitesi Adresli: Evet

Özet

Crowdfunding has emerged as a vital alternative financing tool for entrepreneurs. This paper analyzes the performance of reward-based crowdfunding using Kickstarter data from 2010 to 2022, focusing on its resilience in the face of rising platform competition and large-scale exogenous shocks. We find that competition initially lowered campaign success rates, but later improved outcomes as platform maturity increased trust and visibility. Using the COVID-19 pandemic as an exogenous shock, we identify structural breaks in campaign dynamics. While the pandemic accelerated digital finance adoption, it also introduced significant uncertainty. Government-imposed mobility restrictions positively affected small and medium-sized ventures, likely due to heightened prosocial behavior, while public panic negatively impacted campaign outcomes. Our findings highlight the complex interplay between platform-level dynamics and large-scale exogenous shocks, offering insights for entrepreneurs, platform providers, and policymakers working to strengthen the role of alternative finance during crises.