危机后的借贷行为:来自自然实验的证据

IF 4.8 3区 管理学 Q1 ENGINEERING, MANUFACTURING
Zhiyi Wang, Lusi Yang, Varun Karamshetty, Jungpil Hahn
{"title":"危机后的借贷行为:来自自然实验的证据","authors":"Zhiyi Wang, Lusi Yang, Varun Karamshetty, Jungpil Hahn","doi":"10.1177/10591478231224931","DOIUrl":null,"url":null,"abstract":"Natural disasters and disease outbreaks cause substantial social turbulence and economic damage. The survival and continued operation of local small businesses and entrepreneurs are critical to the development activities in post-disaster recovery. However, these small businesses and entrepreneurs face greater challenges in accessing funding through traditional channels during a crisis. Crowdlending, also known as peer-to-peer microfinancing, has been successfully used to bypass traditional channels and raise funds directly from crowd lenders. However, it is unclear if such platforms can also be effectively used in the aftermath of crises, given that disasters induce both prosocial motivations and risk considerations in lender responses. To understand the operational implications of crowdlending for small businesses, we examine how crowdlenders respond to loan requests during a crisis and what factors moderate their responses. Drawing on the literature on disaster management and crowdlending, we hypothesize that lenders respond positively to loan requests from crisis-affected areas, and such responses are moderated by fundraising objectives and the lender's national culture. With observational data from an influential crowdlending platform and the 2014 Ebola outbreak as the treatment in a natural experiment design, we find that, on average, lenders respond positively to loan requests from crisis-affected areas, and they tend to favor loan requests emphasizing economic rather than social objectives. Furthermore, lenders from collectivistic cultures are more likely to respond positively during a crisis than lenders from individualistic ones. Our study contributes to research and practice in disaster management, particularly small business operations management during crises, by showing that crowdlending can be a useful fundraising channel for small businesses, which is meaningful for post-disaster economic development and recovery. We also offer implications for the recent conversation on the coronavirus disease 2019 (COVID-19) pandemic by analyzing and discussing the similarities and differences between the Ebola outbreak and the COVID-19 pandemic.","PeriodicalId":20623,"journal":{"name":"Production and Operations Management","volume":null,"pages":null},"PeriodicalIF":4.8000,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Crowdlending Behaviors in the Aftermath of a Crisis: Evidence From a Natural Experiment\",\"authors\":\"Zhiyi Wang, Lusi Yang, Varun Karamshetty, Jungpil Hahn\",\"doi\":\"10.1177/10591478231224931\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Natural disasters and disease outbreaks cause substantial social turbulence and economic damage. The survival and continued operation of local small businesses and entrepreneurs are critical to the development activities in post-disaster recovery. However, these small businesses and entrepreneurs face greater challenges in accessing funding through traditional channels during a crisis. Crowdlending, also known as peer-to-peer microfinancing, has been successfully used to bypass traditional channels and raise funds directly from crowd lenders. However, it is unclear if such platforms can also be effectively used in the aftermath of crises, given that disasters induce both prosocial motivations and risk considerations in lender responses. To understand the operational implications of crowdlending for small businesses, we examine how crowdlenders respond to loan requests during a crisis and what factors moderate their responses. Drawing on the literature on disaster management and crowdlending, we hypothesize that lenders respond positively to loan requests from crisis-affected areas, and such responses are moderated by fundraising objectives and the lender's national culture. With observational data from an influential crowdlending platform and the 2014 Ebola outbreak as the treatment in a natural experiment design, we find that, on average, lenders respond positively to loan requests from crisis-affected areas, and they tend to favor loan requests emphasizing economic rather than social objectives. Furthermore, lenders from collectivistic cultures are more likely to respond positively during a crisis than lenders from individualistic ones. Our study contributes to research and practice in disaster management, particularly small business operations management during crises, by showing that crowdlending can be a useful fundraising channel for small businesses, which is meaningful for post-disaster economic development and recovery. We also offer implications for the recent conversation on the coronavirus disease 2019 (COVID-19) pandemic by analyzing and discussing the similarities and differences between the Ebola outbreak and the COVID-19 pandemic.\",\"PeriodicalId\":20623,\"journal\":{\"name\":\"Production and Operations Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-02-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Production and Operations Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1177/10591478231224931\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ENGINEERING, MANUFACTURING\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Production and Operations Management","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/10591478231224931","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENGINEERING, MANUFACTURING","Score":null,"Total":0}
引用次数: 0

摘要

自然灾害和疾病爆发会造成巨大的社会动荡和经济损失。当地小企业和企业家的生存和持续经营对灾后恢复的发展活动至关重要。然而,这些小企业和企业家在危机期间通过传统渠道获得资金面临着更大的挑战。众借贷(也称为点对点小额融资)已被成功用于绕过传统渠道,直接从众借贷者那里筹集资金。然而,鉴于灾难会诱发出借人的亲社会动机和风险考虑,目前还不清楚此类平台是否也能在危机发生后得到有效利用。为了了解众包贷款对小企业运营的影响,我们研究了众包贷款人在危机期间如何应对贷款请求,以及哪些因素影响了他们的反应。借鉴有关灾难管理和众借贷的文献,我们假设贷款人会对来自受危机影响地区的贷款请求做出积极回应,而这种回应会受到筹款目标和贷款人民族文化的影响。通过一个有影响力的众借平台的观察数据和 2014 年埃博拉疫情作为自然实验设计中的处理,我们发现,平均而言,贷款人会对来自受危机影响地区的贷款请求做出积极回应,而且他们倾向于支持强调经济目标而非社会目标的贷款请求。此外,在危机期间,来自集体主义文化的贷款人比来自个人主义文化的贷款人更有可能做出积极回应。我们的研究表明,众筹可以成为小企业有用的筹款渠道,这对灾后经济发展和恢复很有意义,从而为灾害管理,尤其是危机期间小企业的运营管理方面的研究和实践做出了贡献。我们还通过分析和讨论埃博拉疫情与 COVID-19 大流行之间的异同,为近期有关 2019 年冠状病毒病(COVID-19)大流行的讨论提供了启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Crowdlending Behaviors in the Aftermath of a Crisis: Evidence From a Natural Experiment
Natural disasters and disease outbreaks cause substantial social turbulence and economic damage. The survival and continued operation of local small businesses and entrepreneurs are critical to the development activities in post-disaster recovery. However, these small businesses and entrepreneurs face greater challenges in accessing funding through traditional channels during a crisis. Crowdlending, also known as peer-to-peer microfinancing, has been successfully used to bypass traditional channels and raise funds directly from crowd lenders. However, it is unclear if such platforms can also be effectively used in the aftermath of crises, given that disasters induce both prosocial motivations and risk considerations in lender responses. To understand the operational implications of crowdlending for small businesses, we examine how crowdlenders respond to loan requests during a crisis and what factors moderate their responses. Drawing on the literature on disaster management and crowdlending, we hypothesize that lenders respond positively to loan requests from crisis-affected areas, and such responses are moderated by fundraising objectives and the lender's national culture. With observational data from an influential crowdlending platform and the 2014 Ebola outbreak as the treatment in a natural experiment design, we find that, on average, lenders respond positively to loan requests from crisis-affected areas, and they tend to favor loan requests emphasizing economic rather than social objectives. Furthermore, lenders from collectivistic cultures are more likely to respond positively during a crisis than lenders from individualistic ones. Our study contributes to research and practice in disaster management, particularly small business operations management during crises, by showing that crowdlending can be a useful fundraising channel for small businesses, which is meaningful for post-disaster economic development and recovery. We also offer implications for the recent conversation on the coronavirus disease 2019 (COVID-19) pandemic by analyzing and discussing the similarities and differences between the Ebola outbreak and the COVID-19 pandemic.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Production and Operations Management
Production and Operations Management 管理科学-工程:制造
CiteScore
7.50
自引率
16.00%
发文量
278
审稿时长
24 months
期刊介绍: The mission of Production and Operations Management is to serve as the flagship research journal in operations management in manufacturing and services. The journal publishes scientific research into the problems, interest, and concerns of managers who manage product and process design, operations, and supply chains. It covers all topics in product and process design, operations, and supply chain management and welcomes papers using any research paradigm.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信