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초록

Crowdfunding is a widely used means of fundraising in microfinance, but little is known about the relationship between crowdfunding outcomes and the funding model used. Utilizing project-level data from Kiva, a prominent microfinance-focused crowdfunding platform, we study the consequences of Kiva's funding model expansion, which allowed borrowers to raise funds through either a fixed or flexible funding model. We find that the expansion decreased both the target and actual funding amounts, with heterogeneous effects across different funding purposes. We conclude that the choice of a funding model can significantly influence both borrowers' and lenders' funding-related decisions.

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