IDEAS home Printed from https://ideas.repec.org/a/spr/futbus/v11y2025i1d10.1186_s43093-025-00618-3.html
   My bibliography  Save this article

Success under pressure: the role of competitive and market forces in equity crowdfunding campaigns: evidence from Poland

Author

Listed:
  • Artur A. Trzebiński

    (Wroclaw University of Economics and Business)

  • Kamil Gemra

    (SGH Warsaw School of Economics)

Abstract

This study explores how competition and macroeconomic factors affect the success of equity-based crowdfunding campaigns (ECF). Using a dataset of 247 campaigns from multiple platforms in Poland, we use logistic, Tobit and fixed-effects panel regressions to evaluate the impact of within-platform and between-platform competition, as well as market indicators such as interest rates, the number of initial public offerings (IPOs) and the NewConnect index, on funding outcomes. Our results reveal that within-platform competition significantly decreases both the likelihood of campaign success and the percentage of the funding target achieved, suggesting fragmentation of investor attention. The effects of macroeconomic variables are mixed. While interest rates do not consistently impact success, both IPO frequency and the NewConnect index are positively associated with funding outcomes. This study contributes to the crowdfunding literature by incorporating competitive and macroeconomic dimensions and provides policy insights into improving investor engagement and campaign performance.

Suggested Citation

  • Artur A. Trzebiński & Kamil Gemra, 2025. "Success under pressure: the role of competitive and market forces in equity crowdfunding campaigns: evidence from Poland," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
    • Handle: RePEc:spr:futbus:v:11:y:2025:i:1:d:10.1186_s43093-025-00618-3
    DOI: 10.1186/s43093-025-00618-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1186/s43093-025-00618-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1186/s43093-025-00618-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:futbus:v:11:y:2025:i:1:d:10.1186_s43093-025-00618-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.