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

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  • Yasar, Burze
  • Yılmaz, Işıl Sevilay
  • Tekin-Koru, Ayça

Abstract

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.

Suggested Citation

  • Yasar, Burze & Yılmaz, Işıl Sevilay & Tekin-Koru, Ayça, 2026. "Crowdfunding in a shifting landscape: The impact of competition and exogenous shocks on platform dynamics," Research in International Business and Finance, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:riibaf:v:89:y:2026:i:c:s0275531926001819
    DOI: 10.1016/j.ribaf.2026.103454
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