Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies

Abstract The trend towards digitalisation and technological innovation has reshaped the cultural creative industries (CCIs) by changing existing funding models structures. aim of this article is to explore impact dimensions policies on adoption reward-based crowdfunding as a new form finance for firms in CCIs 12 different European countries during 2015–2019 period. Our results show that national significantly affect demand crowdfunding. Specifically, broader individualistic societies characterised higher uncertainty avoidance, indulgence, short-term orientation, lower levels discrimination between genders. Furthermore, we find liberal welfare state model, limited government interference, market privatisation focus self-responsibility, Southern based weak inefficient state, increase CCIs. presence central ministry with competence also increases findings U-shaped relationship grants crowdfunding, mainly driven high or low involvement within these sectors. We identify moderation effect EU adoption, suggesting magnitude depends amount awarded specific country. As robustness check, run set Poisson regressions correlated random effects (CREs), confirming our main results.