Crowdfunding in Europe: Determinants of Platform Creation across Countries
研究了15个欧洲国家众筹平台创建的差异，发现国家层面的因素（如经济、法律环境）会影响平台创建，且不同众筹模式（捐赠、回报、借贷、股权）的影响因素有所不同。
While the crowdfunding phenomenon has attracted considerable practitioner and scholarly attention, existing research predominantly reflects a U.S.-centric perspective. This article examines crowdfunding platform creation in 15 European countries. Despite the omnipresent reach of the internet, national boundaries shape the evolution of the European crowdfunding industry. Specifically, crowdfunding platform creation varies across countries and distinct national patterns emerge for crowdfunding activity in general. Moreover, econometric analyses suggest that country-level factors influence platform creation in European countries, with interesting variations across four crowdfunding models: Donation, Reward, Lending, and Equity.