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Which sustainable development goals favor crowdfunding success?

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  • Bade, Marco
  • Reichenbach, Felix

Abstract

This study examines the impact of the framing of sustainable development goals (SDGs) in crowdfunding campaign descriptions on fundraising success. We compile a dataset of 25,799 Indiegogo campaigns and quantify their relative focus on the 17 United Nation's SDGs. We find that the amount raised and the number of backers increase by 17.3 % and 8.3 %, respectively, if the number of SDG-related sentences in the campaign description increases by one standard deviation. Additionally, focusing more on issues related to climate, energy, sustainable societies, and responsible consumption promotes whereas focusing on ending poverty or innovation, industry, and infrastructure reduces fundraising success.

Suggested Citation

  • Bade, Marco & Reichenbach, Felix, 2025. "Which sustainable development goals favor crowdfunding success?," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s154461232401482x
    DOI: 10.1016/j.frl.2024.106453
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