Launching prosocial crowdfunding campaigns: The final countdown

• Main Author: Duarte, F.
• Publication Date: 2024
• Other Authors: Emanuel-Correia, R., Tomé, S., Gama, A. P. M.
• Format: Article
• Language: eng
• Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
• Download full: http://hdl.handle.net/10071/32122
• topic: Microfinance; Prosocial lending crowdfunding; Time effects; Calendar anomalies; Kiva

Prosocial crowdfunding has achieved a growing audience by providing a financing source for entrepreneurs in the microfinance space. Using data from Kiva, a leading prosocial crowdfunding platform, we examined whether there is a right time to launch a crowdfunding campaign. This is the first study to unravel the role of temporal patterns in securing funds in emerging markets. Our results indicate a reverse turn-of-the-month effect on the fully funded campaigns. We further identified a “positive winter prosocial effect” and a “positive first-half-of-the-week effect” on successful fundraising. As such, our study highlights relevant similarities between financial markets and crowdfunding.