The impacts of fundraising periods and geographic distance on financing music production via crowdfunding in Brazil

Wesley Mendes‐Da‐Silva · Luciano Rossoni · Bruno Sanches Conte · Cristiane Chaves Gattaz · Eduardo R. Francisco

81 citations0/0 files storedJournal of Cultural Economics

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FinTech, Crowdfunding, Digital Finance Cultural Industries and Urban Development Private Equity and Venture Capital

Abstract

We conduct an analysis of 1835 pledges to 10 music production projects hosted on the largest Brazilian crowdfunding platform, namely the Catarse Web site, and we assess the relation between the fundraising accumulation period, the donor–entrepreneur distance and the propensity of donors to back projects. Our results suggest a significantly negative association between distance and the value of capital pledged to projects, which is consistent with the notion that the entrepreneur’s network of close contacts might play a central role in funding. Furthermore, our results contradict the idea that crowdfunding reduces the inhibiting effect of donor–entrepreneur distance. In addition, the results show that a long project exposure is associated with higher values of pledges. These results suggest practical implications for the study of crowdfunding as a financing platform. This study contributes to the literature on the use of crowdfunding as an alternative funding source in a major emerging market.

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References

2001Birds of a Feather: Homophily in Social Networks 1990Foundations of social theory 1998Social Capital, Intellectual Capital, and the Organizational Advantage 2013The dynamics of crowdfunding: An exploratory study 1998The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle 2013Crowdfunding: Tapping the right crowd 2005Brokerage and Closure 2001Syndication Networks and the Spatial Distribution of Venture Capital Investments

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