Title: The role of macro-indicators in crowdfunding success: empirical evidence from Latin America

Authors: Javier Ramos; Antonella Francesca Cicchiello; Maria Messina

Addresses: EAE-UNIE University, Madrid, Spain ' IAE Business School, Buenos Aires, Argentina ' Faculty of Economy and Administration (FCEA), Universidad de la Republica UDELAR, Montevideo, Uruguay

Abstract: This study aims to shed light on crowdfunding success in Latin-American economies. By using fsQCA methods, it explores the shared causal conditions explaining the highest and lowest amounts of money raised via crowdfunding as a result of the combined effects of macro-indicators. Although the literature on the determinants of crowdfunding success is abundant, most studies focus on micro-variables. Evidence on macro-variables such as wealth, the development of the digital society, the ease of doing business or the degree of comparative competitiveness of each economy has not been sufficiently analysed. Our results suggest different patterns of success in crowdfunding between wealthier and less prosperous economies and a threefold way of success - the Chilean, the Mexican and the Brazilian - that allow us to understand similarities with other economies following similar patterns of success.

Keywords: crowdfunding success; macro-indicators; Latin-America; QCA fuzzy-set analysis.

DOI: 10.1504/EJIM.2026.153177

European Journal of International Management, 2026 Vol.29 No.1, pp.95 - 113

Received: 24 May 2021
Accepted: 30 Sep 2021
Published online: 29 Apr 2026 *

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