Let others know who your friends are: The effect of collaborator disclosure on crowdfunding performance

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Finance Pub Date : 2023-10-25 DOI:10.1111/acfi.13190

Feng Chen, Song Chen, Jian Ding, Ercheng Shan, Pu Zhao

引用次数: 0

Abstract

Abstract Our analysis of 141,848 campaigns on the Kickstarter crowdfunding platform suggests that collaborator disclosure has a substantial positive impact on crowdfunding performance. This finding is consistently supported by a series of robustness tests. Collaborator disclosure alleviates backers' concerns about campaign risk, the competence of the fundraiser, and the fundraiser's lack of experience. Our findings highlight the significance of disclosing information about collaborators in financial markets with high levels of information asymmetry. In addition, our research adds to the existing literature on voluntary information disclosure and its ability to alleviate market frictions.

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让别人知道你的朋友是谁:合作者披露对众筹绩效的影响

通过对Kickstarter众筹平台上141,848个众筹项目的分析，我们发现合作者信息披露对众筹绩效有实质性的积极影响。这一发现得到了一系列稳健性测试的一致支持。合作者信息披露减轻了支持者对活动风险、筹资人能力和筹资人缺乏经验的担忧。我们的研究结果强调了在高度信息不对称的金融市场中披露合作者信息的重要性。此外，我们的研究补充了现有文献对自愿信息披露及其缓解市场摩擦能力的研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting and Finance BUSINESS, FINANCE-

CiteScore

5.10

自引率

7.70%

发文量

期刊介绍： Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal: • publishes significant contributions to the accounting, finance, business information systems and related disciplines • develops, tests, or advances accounting, finance and information systems theory, research and practice • publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance • publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis • applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting. Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.