{"id":18225,"date":"2023-03-29T12:44:17","date_gmt":"2023-03-29T09:44:17","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=18225"},"modified":"2023-03-29T12:44:17","modified_gmt":"2023-03-29T09:44:17","slug":"civic-crowdfunding-as-a-form","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/civic-crowdfunding-as-a-form\/","title":{"rendered":"Volosovych S., Vasylenko A., Mykytyuk I., Humynska M. Civic crowdfunding as a form of the public-private partnership"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: \u041544; G19; G20; H56
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-05<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Svitlana Volosovych, <\/strong>Doctor of Economics, Professor of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-3143-7582<\/a>
\ne-mail: <\/strong>s.volosovych@knute.edu.ua<\/a><\/p>\n

Antonina Vasylenko, <\/strong>PhD (Economics), Associate Professor of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-2028-9748<\/a>
\ne-mail: <\/strong>a.vasylenko@knute.edu.ua<\/a><\/p>\n

Ihor Mykytyuk, <\/strong>PhD (Economics), Associate Professor of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-5523-0485<\/a>
\ne-mail: <\/strong>i.mykytiuk@knute.edu.ua<\/a><\/p>\n

Maryna Humynska, <\/strong>Senior Lecturer of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-5849-8452<\/a>
\ne-mail: <\/strong>m.humynska@knute.edu.ua<\/a><\/p>\n

<\/h2>\n

Civic Crowdfunding as a Form of the Public-Private Partnership<\/strong><\/h2>\n

\u00a0\u00a0<\/strong><\/p>\n

Abstract. Introduction<\/strong>. Mechanism of civic crowdfunding allows financing both private and public projects, so it becomes especially relevant as alternative way of financing some projects in addition to the funds of the state and local budgets. Civic crowdfunding provides both financing of projects and participation of citizens in public life.<\/p>\n

Purpose.<\/strong> The purpose of the study is to identify the features of civic crowdfunding as a form of public-private partnership.<\/p>\n

Results.<\/strong> The article highlights functional, resource and institutional approaches to understanding civic crowdfunding. The factors influencing the decision-making of citizens regarding participation in the financing of public projects are disclosed, in particular, the presence of an active public position, the possibility of access to technical means, the presence of political interest. Funding models for public projects based on funds raised through crowdfunding are identifed: co-financing by the state or local authority and full financing at the expense of citizens’ collected funds. SWOT-analysis of civic crowdfunding as a form of public-private partnership was carried out, defined that civic crowdfunding can provide opportunities to intensify the implementation of projects in the field of culture, science, increasing the defense capability of Ukraine, social assistance, regional development.<\/p>\n

Conclusions.<\/strong> Proposed to consider civic crowdfunding as an innovative state service, with the help of which, on the one hand, citizens realize their political interests, and on the other hand, satisfy their needs for participation in public administration and get satisfaction from helping other people, saving the environment or cultural heritage. Revealed that the basis of civic crowdfunding as a form of public-private partnership is financial technology tools.<\/p>\n

Keywords:<\/strong> crowdfunding; civic crowdfunding; investment project; public-private partnership.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Miglo, \u0410. (2020). Crowdfunding in a competitive environment. Journal of Risk and Financial Management<\/em>, 13 (3)<\/em>. DOI: https:\/\/doi.org\/10.3390\/jrfm13030039 [in English].<\/li>\n
  2. Mayer, M. (2019) Examining Community Dynamics of Civic Crowdfunding Participation. Computer Supported Cooperative Work<\/em>,<\/em> 28, 961-975. DOI: https:\/\/doi.org\/10.1007\/s10606-018-9307-3 [in English].<\/li>\n
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  6. Brent, D. & Lorah, K. (2019). The economic geography of civic crowdfunding. Cities<\/em>, 90, 122-130. Retrieved from https:\/\/blog.ioby.org\/wp-content\/uploads\/2022\/08\/Economic-Geography.pdf [in English].<\/li>\n
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  9. Chun-Sing Cheung, J. & Rogers, J. M. (2021) Civic crowdfunding for social work research: Opportunities, challenges and strategies. The British Journal of Social Work<\/em>,<\/em> 51, 7, 2782-2801. DOI: https:\/\/doi.org\/10.1093\/bjsw\/bcaa008 [in English].<\/li>\n
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  13. Civic Crowdfunding Programme (2023). Retrieved from https:\/\/www.london.gov.uk\/programmes-strategies\/business-and-economy\/supporting-londons-sectors\/smart-london\/civic-crowdfunding-programme [in English].<\/li>\n
  14. Spacehive – Crowdfunding civic projects (2023). Retrieved from https:\/\/www.londoncouncils.gov.uk\/our-key-themes\/our-projects\/london-ventures\/current-projects\/crowdfund-civic-projects [in English].<\/li>\n
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  18. NBU Opens Special Account to Raise Funds for Ukraine\u2019s Armed Forces (2022). Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-vidkriv-spetsrahunok-dlya-zboru-koshtiv-na-potrebi-armiyi [in Ukrainian].<\/li>\n
  19. NBU Opens Fundraising Account for Humanitarian Assistance to Ukrainians Affected by Russia\u2019s Aggression (2022). Retrieved from https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-vidkriv-rahunok-dlya-gumanitarnoyi-dopomogi-ukrayintsyam-postrajdalim-vid-rosiyskoyi-agresiyi [in Ukrainian].<\/li>\n
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    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 01 February 2023<\/p>\n

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    Volosovych S., Vasylenko A., Mykytyuk I., Humynska M. (2023). Civic crowdfunding as a form of the public-private partnership.. Modern Economics, 37(2023), 31-36. DOI: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-05.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: \u041544; G19; G20; H56 DOI: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-05 [\/vc_column_text][vc_column_text]Svitlana Volosovych, Doctor of Economics, Professor of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine ORCID ID: 0000-0003-3143-7582 e-mail: s.volosovych@knute.edu.ua Antonina Vasylenko, PhD (Economics), Associate Professor of the Finance, State University of Trade and Economics Department, Kyiv, Ukraine ORCID ID: 0000-0003-2028-9748 e-mail: a.vasylenko@knute.edu.ua
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