Frequent entrepreneurial funding is a growing global trend in alternative finance market. This thesis investigates the reasons why backers finance multiple projects. Its key contribution is towards understanding the supply side of the market. Thus, the attribution of backers’ repeat funding commitment is considered as a crucial part of the market and used it as a base for supply-side analysis. This thesis aims to assess determinants of repeat project financing on a sample size of 3286 backers on Kickstarter and Indiegogo platforms who have contributed 10– 897 times as of year-end 2020 in 50 countries. Negative binomial regression model is applied to estimate cross-sectional count data. Estimations are done once for all countries in the sample, and by grouping into developed, less developed countries, and various sub-samples. The result indicates that frequent funding is consistently related in countries with higher number of men’s involvement and new created projects. Furthermore, individual effects of the predictor variable developed country (=backers in developed country) in all country in the sample, and in some sub-samples show positive results. Improved finance system indicates an upward relationship with frequent funding in all country in the sample, in advanced countries, as well as in certain sub-samples. Philanthropy has also a positive impact on frequent funding in less developed countries; while GDP per capita is adversely related in some groups. Gender pays gap indicate mixed results in developed, less developed countries and in some sub-samples. Whereas, PayPal, entrepreneurial culture, and digital culture indicate statistically insignificant influence on frequent funding.
The reward-based crowdfunding : determinants of backers’ repeat entrepreneurial project financing
Zewdu, A. (Author). Jul 2025
Student thesis: Doctoral Thesis