Essays on crowdfunding

Bukashisha, Alanoud (2026) Essays on crowdfunding. PhD thesis, University of Glasgow.

Abstract

This thesis consists of three independent chapters: I examine the role of crowdfunding as an alternative financing tool, with a particular focus on the impact of external shocks, industry-specific responses, and the role of sustainable crowdfunding campaigns.

The first chapter investigates the influence of the COVID-19 pandemic on crowdfunding campaigns in the UK, analysing key metrics such as success rates, number of backers, campaign duration, funds raised, and campaign’s location. It uses crowdfunding data from Crowdfunder, FundRazr, Indiegogo, and Kickstarter, COVID-19-related data from the Official Coronavirus Disease Situation Dashboard, and population data from the Office for National Statistics. Using OLS and LPM, the findings reveal that the pandemic did not lead to an increase in the number of backers or the raised amount; however, campaigns with shorter durations and lower goal amounts had higher success rates.

The second chapter extends this analysis by examining the differential impact of COVID-19 on campaigns requiring physical gathering. I then investigate the impact of the pandemic across various crowdfunding industries, including cultural, creative, and entertainment sectors, using a DiD model and data from four major crowdfunding platforms—Crowdfunder, FundRazr, Indiegogo, and Kickstarter. The chapter reveals that campaigns reliant on physical gatherings show a decrease in funds raised, while entertainment campaigns report an increase. This chapter offers new insights into how external shocks, such as a global pandemic, influence crowdfunding campaigns differently across industries. Heterogeneity analysis suggests the following: (1) campaigns following keep-it-all raised fewer funds, had fewer backers, and had a lower success rate; (2) campaigns with higher duration raised less money, had a lower success rate, and had fewer backers; (3) campaigns with higher goal amount had no impact on the raised amount, number of backers, or the success rate.

The third chapter explores the role of crowdfunding in supporting sustainable campaigns, focusing on campaigns aimed at promoting environmental and social responsibility. I further investigate whether sustainable campaigns initiated by females have increased the success, the raised amount, or the number of backers of campaigns. Despite growing global interest in sustainable development, such initiatives often face challenges securing traditional funding. This chapter applies OLS and LPM and uses data from UK-based crowdfunding campaigns between 2018 and 2022 to investigate whether campaigns with a sustainability focus are more likely to succeed in crowdfunding markets. The findings indicate that while sustainable campaigns do not necessarily outperform others in terms of success rates or raised amounts, campaigns initiated by women face particular challenges.

Overall, this thesis contributes to the literature by providing a comprehensive understanding of how crowdfunding responds to external shocks, industry-specific variations, and the growing need for financing sustainable ventures. Chapters two and three used manual classification to provide a unique dataset. The findings offer practical implications for both policymakers and practitioners interested in leveraging crowdfunding for social, economic, and environmental sustainability.

• Item Type: Thesis (PhD)
• Qualification Level: Doctoral
• Additional Information: Supported by funding from the Qatar University Scholarship Office.
• Subjects: H Social Sciences > HG Finance
• Colleges/Schools: College of Social Sciences > Adam Smith Business School
• Funder's Name: Qatar University Scholarship Office
• Supervisor's Name: Spaliara, Professor Marina and Baskaya, Professor Soner
• Date of Award: 2026
• Depositing User: Theses Team
• Unique ID: glathesis:2026-85694
• Copyright: Copyright of this thesis is held by the author.
• Date Deposited: 16 Jan 2026 11:42
• Last Modified: 16 Jan 2026 11:48
• Thesis DOI: 10.5525/gla.thesis.85694
• URI: https://theses.gla.ac.uk/id/eprint/85694