Determinants of reward crowdfunding success: Evidence from Covid-19 pandemic

IF 11.1 1区 管理学 Q1 ENGINEERING, INDUSTRIAL
Zeinab Elrashidy , Roszaini Haniffa , Mohamed Sherif , Sarra Baroudi
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引用次数: 0

Abstract

This study examines the impact of quality signals as proxied by third party recognition, videos, photos, GIFs, online presence, and general disclosure; and signals of trust proxied by risk disclosure, location of fundraisers, team effort and recent funding success on reward crowdfunding success. In addition, the analysis investigates and provides new evidence on the moderating effects of the Covid-19 pandemic on the relationship between the two types of signaling and funding success. Using data from of 21,270 campaigns posted on Kickstarter over the period July 2019 to July 2020, logistic regression models indicate a statistically significant relationship between quality/trust signals and campaigns’ funding success. Interestingly, we find that using diverse multimedia content, providing extensive information disclosure, involving a team of creators and having a track record of previous successful funding are significant determinants of reward crowdfunding success. On the contrary, the use of photos and disclosure of online presence have significant adverse effect on the likelihood of funding success. The findings also suggest that the external shock of Covid-19 pandemic only has significant interactive effects on the reward crowdfunding success for two signaling proxies, viz. Extent of risk information disclosure and external URL presence. Our findings are robust to the Difference-in-Differences model check and a range of other robustness tests.

奖励性众筹成功的决定因素:科维德-19 大流行病的证据
本研究探讨了以第三方认可、视频、照片、GIF、在线存在和一般披露为代表的质量信号,以及以风险披露、筹款人所在地、团队努力和近期筹资成功为代表的信任信号对奖励众筹成功的影响。此外,分析还研究了科威德-19 大流行病对这两种信号与筹资成功之间关系的调节作用,并提供了新的证据。利用 2019 年 7 月至 2020 年 7 月期间在 Kickstarter 上发布的 21,270 个活动的数据,逻辑回归模型表明,质量/信任信号与活动的融资成功率之间存在统计意义上的显著关系。有趣的是,我们发现,使用多样化的多媒体内容、提供广泛的信息披露、创客团队参与以及拥有以往成功融资的记录是奖励众筹成功的重要决定因素。相反,使用照片和披露在线存在对融资成功的可能性有显著的不利影响。研究结果还表明,"Covid-19 "大流行病这一外部冲击只对两个信号代用指标(即风险信息披露程度和外部 URL 存在)的奖励众筹成功率有显著的交互影响。我们的研究结果在差分模型检验和一系列其他稳健性检验中都是稳健的。
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
Technovation
Technovation 管理科学-工程:工业
CiteScore
15.10
自引率
11.20%
发文量
208
审稿时长
91 days
期刊介绍: The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.
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