Research on the performance factors of reward- based crowdfunding: evidence from China
Resumen
performance of reward-based crowdfunding has received extensive attention. The research on the
influencing factors of financing performance has
also become a research hotspot. In order to
further explore the influencing factors of the
financing performance of reward-based
crowdfunding, this paper uses 1,600 projects that have successfully financed on such platforms in
China and measures their financing performance
by the ratios of financing over goals. Through
statistical testing, this paper finds that some
independent variables with project information,
such as the number of project backers, project
progress, and the minimum investment amount of
the project, all of which have an impact on project performance. Regarding the independent variable
of social capital, the number of followers of the
project has a positive impact. On the contrary, the
results of items "likes" by platform users are
different from the general perception. Besides, it
is interesting that a macroeconomic environment indicator PCDI (Per Capita Disposable Income
Nationwide in China) introduced in this paper will
also affect the financing performance of the
project. The results will be described in detail in
the paper.
Palabras clave
Texto completo:
PDFReferencias
(China) January 2020 crowdfunding Industry Monthly Report. (2020).
Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions. Journal of Economics and Management Strategy, 24(2), 253–274.
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980.
Allison, T. H., Davis, B. C., Short, J. C., & Webb, J. W. (2015). Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory and Practice, 39(1), 53–73.
Bannerman, S. (2013). Crowdfunding Culture. Journal of Mobile Culture, 7(1), 1–30. Beier, M., & Wagner, K. (2014). Crowdfunding Success of Tourism Projects-Evidence
from Switzerland. Available at SSRN 2520925.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.
Belleflamme, P., Omrani, N., & Peitz, M. (2015). The economics of crowdfunding platforms. Information Economics and Policy, 33, 11–28. https://doi.org/10.1016/j.infoecopol.2015.08.003
Block, J., Hornuf, L., & Moritz, A. (2018). Which updates during an equity crowdfunding campaign increase crowd participation ? Small Business Economics, 50(1), 3–27.
Borst, I., Moser, C., & Ferguson, J. (2018). From friendfunding to crowdfunding : Relevance of relationships , social media , and platform activities to crowdfunding performance. New Media & Society, 20(4), 1396–1414.
Bretschneider, U., & Leimeister, J. M. (2017). Not just an ego-trip: Exploring backers’ motivation for funding in incentive-based crowdfunding. The Journal of Strategic Information Systems, 26(4), 246–260.
Brown, J., Broderick, A. J., & Lee, N. (2008). Interactions in Virtual Customer Environments. Journal of Interactive Marketing, 22(4), 1–12.
Burtch, G., Ghose, A., & Wattal, S. (2014). Cultural differences and geography as determinants of online prosocial lending. Mis Quarterly, 38(3), 773–794.
Carè, S., Trotta, A., Carè, R., & Rizzello, A. (2018). Crowdfunding for the development of smart cities. Business Horizons, 61(4), 501–509.
Cholakova, M. (2015). E T & P Does the Possibility Investments ? 145–172.
Clauss, T., Breitenecker, R. J., Kraus, S., Brem, A., Clauss, T., Breitenecker, R. J., Kraus, S., & Brem, A. (2018). Directing the wisdom of the crowd : the importance of social interaction among founders and the crowd during crowdfunding campaigns. Economics of Innovation and New Technology, 27(8), 709–729.
Cowden, B. J., & Young, S. L. (2020). The copycat conundrum: The double-edged sword of crowdfunding. Business Horizons, 63(4), 541–551.
Dellarocas, C. (2003). The digitization of word of mouth: Promise and challenges of online feedback mechanisms. Management Science, 49(10), 1407–1424.
Gafni, H., Marom, D., & Sade, O. (2019). Are the life and death of an early-stage venture indeed in the power of the tongue ? Lessons from online crowdfunding pitches. Strategic Entrepreneurship Journal, 13(1), 3–23.
Gallo, L. A., Hann, R. N., & Li, C. (2016). Aggregate earnings surprises, monetary policy, and stock returns. Journal of Accounting and Economics, 62(1), 103–120.
Gorczyca, M., & Hartman, R. L. (2017). The new face of philanthropy: The role of intrinsic motivation in millennials’ attitudes and intent to donate to charitable organizations. Journal of Nonprofit & Public Sector Marketing, 29(4), 415–433.
Guenther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance?— How investment decisions differ by investor type. Small Business Economics, 50(2),289–305.
Hobbs, J., Grigore, G., & Molesworth, M. (2016). Success in the management of
crowdfunding projects in the creative industries. Internet Research.
Hornuf, L., & Schwienbacher, A. (2018). Market mechanisms and funding dynamics in
equity crowdfunding. Journal of Corporate Finance, 50(C), 556–574.
Hsieh, H., Hsieh, Y., Huyen, T., & Vu, C. (2019). How social movements influence
crowdfunding success. Pacific-Basin Finance Journal, 53(C), 308–320.
Inbar, Y., & Barzilay, O. (2014). Community impact on crowdfunding performance.
Available at SSRN 2524910.
Jung, E., Susarla, A., & Sambamurthy, V. (2015). Community Engagement and
Collective Evaluation in Crowdfunding. Available at SSRN 2606449.
Koning, R., & Model, J. (2013). Experimental study of crowdfunding cascades: When
nothing is better than something. Available at SSRN 2308161.
Kunz, M. M., Bretschneider, U., Erler, M., & Leimeister, J. M. (2017). An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, 17(3), 425–461.
Kuppuswamy, V., & Bayus, B. L. (2018). Crowdfunding creative ideas: The dynamics of project backers. In The economics of crowdfunding (pp. 151–182). Springer.
Leicht, N., Durward, D., Haas, P., Zogaj, S., Blohm, I., & Leimeister, J. M. (2016). An empirical taxonomy of crowdsourcing intermediaries. Academy of Management Proceedings, 2016(1), 17518.
Liang, T. P., Wu, S. P. J., & Huang, C. (2019). Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective. Information and Management, 56(1), 70–84. https://doi.org/10.1016/j.im.2018.07.002
Liao, C., Zhu, Y., & Liao, X. (2015). The role of internal and external social capital in crowdfunding: Evidence from China. Revista de Cercetare Si Interventie Socialâ, 49, 187–204.
Lin, M., & Viswanathan, S. (2016). Home bias in online investments: An empirical study of an online crowdfunding market. Management Science, 62(5), 1393–1414.
Mahmood, A., Luffarelli, J., & Mukesh, M. (2019). What’s in a logo? The impact of complex visual cues in equity crowdfunding. Journal of Business Venturing, 34(1), 41–62.
McDonnell, M.-H., & King, B. (2013). Keeping up appearances: Reputational threat and impression management after social movement boycotts. Administrative Science Quarterly, 58(3), 387–419.
Meer, J. (2014). Effects of the price of charitable giving: Evidence from an online crowdfunding platform. Journal of Economic Behavior & Organization, 103, 113– 124.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.
Moss, T. W., Neubaum, D. O., & Meyskens, M. (2015). The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: A signaling theory perspective. Entrepreneurship Theory and Practice, 39(1), 27–52.
Parhankangas, A., & Renko, M. (2017). Linguistic style and crowdfunding success among social and commercial entrepreneurs. Journal of Business Venturing, 32(2), 215–236.
Pitschner, S., & Pitschner-Finn, S. (2014). Non-profit differentials in crowd-based financing: Evidence from 50,000 campaigns. Economics Letters, 123(3), 391–394.
Profatilov, D. A., Bykova, O. N., & Olkhovskaya, M. O. (2015). Crowdfunding: Online charity or a modern tool for innovative projects implementation? Asian Social Science, 11(3), 146.
Stiver, A. (2013). Crowdfunding and online community: maximising mutual benefit. Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding.
Small Business Economics, 46(4), 579–590.
Wang, Z., Li, H., & Law, R. (2017). Determinants of tourism crowdfunding performance:
an empirical study. Tourism Analysis, 22(3), 323–336.
Wash, R., & Solomon, J. (2014). Coordinating donors on crowdfunding websites. Proceedings of the 17th ACM Conference on Computer Supported Cooperative Work & Social Computing, 38–48.
Website “JINGDONG.” (2020). https://www.jd.com/
Website “NATIONAL BUREAU OF STATISTICS OF CHINA.” (n.d.).
http://www.stats.gov.cn/
Website “STATISTA.” (2020). https://www.statista.com/outlook/335/117/crowdfunding/china
Younkin, P., & Kashkooli, K. (2016). What problems does crowdfunding solve? California Management Review, 58(2), 20–43.
Copyright (c) 2023 Chang Jiang, Elena Urquía-Grande, Raquel Pérez Estébanez
Este obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial 4.0 Internacional.