Evaluation of Crowdfunding Effectiveness in Import Substitution of Agricultural Products
Elena Andreevna Vitsko, Iuliia Nikolaevna Zhuzhoma
Elena Andreevna Vitsko
Available Online 24 April 2020.
- https://doi.org/10.2991/aebmr.k.200423.016How to use a DOI?
- import substitution, agriculture, crowdfinancing, crowdfunding, online platforms, financing
- This article analyses the findings of the research aimed at study of crowdfunding application in agricultural industry subject to priority of this economic activity for import substitution policy. Within the investigation framework theoretical and practical aspects of crowdfunding application in current Russian conditions were studied, as well as crowdsourcing components as a tool of an alternative bank funding were considered. Besides, authors’ interpretation of crowdfunding is given and the conclusions concerning more effective application of this tool by small enterprises in agriculture of Russia are provided. In addition, the projects being implemented on Boomstarter and Planeta.ru online platforms were considered; conclusions and recommendations pertaining expansion of the crowdfunding range in domestic agriculture were made. Cobb-Douglas production function was applied to perform a study to identify contribution of influence effectiveness of main production factors on agricultural output. The resulting linear model of multiple regression showed an increasing effect from the production scale, with an insufficiently high impact of labour resources quantity and scientific and technological progress. The findings allow us to consider crowdfunding one of the tools of alternative financing of agricultural projects for small enterprises and job creation in rural areas.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Elena Andreevna Vitsko AU - Iuliia Nikolaevna Zhuzhoma PY - 2020 DA - 2020/04/24 TI - Evaluation of Crowdfunding Effectiveness in Import Substitution of Agricultural Products BT - Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020) PB - Atlantis Press SP - 69 EP - 73 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200423.016 DO - https://doi.org/10.2991/aebmr.k.200423.016 ID - Vitsko2020 ER -