我的钱支持我的活动：企业家自我承诺对众筹活动成功的影响

IF 10.9 1区管理学 Q1 ENGINEERING, INDUSTRIAL

Technovation Pub Date : 2025-07-17 DOI:10.1016/j.technovation.2025.103311

Liang Zhao , Zhe Sun , Carolyn Ngowi , Francis Donbesuur

{"title":"我的钱支持我的活动：企业家自我承诺对众筹活动成功的影响","authors":"Liang Zhao , Zhe Sun , Carolyn Ngowi , Francis Donbesuur","doi":"10.1016/j.technovation.2025.103311","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the influence of entrepreneurs' self-pledge (ESP)—personal financial contributions to their own campaigns—on the success of reward-based crowdfunding. Drawing on Impression Management (IM) theory, we explore how ESP functions as a strategic tactic to signal commitment and credibility, shaping backers' perceptions of campaign quality. Using a dataset of 1287 campaigns from Zhongchou, China's leading reward-based crowdfunding platform, our analysis reveals that ESP significantly enhances campaign success, measured by funding achievement, total pledges, and fundraising ratios. This effect is partially mediated by perceived campaign quality, reflected in signals like videos and descriptions. These findings extend IM theory by applying it to crowdfunding's unique emotional and symbolic context, providing actionable insights for entrepreneurs and platform operators to improve fundraising outcomes.</div></div>","PeriodicalId":49444,"journal":{"name":"Technovation","volume":"147 ","pages":"Article 103311"},"PeriodicalIF":10.9000,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"My money endorses my campaign: The influence of entrepreneur's self-pledge on crowdfunding campaign success\",\"authors\":\"Liang Zhao , Zhe Sun , Carolyn Ngowi , Francis Donbesuur\",\"doi\":\"10.1016/j.technovation.2025.103311\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the influence of entrepreneurs' self-pledge (ESP)—personal financial contributions to their own campaigns—on the success of reward-based crowdfunding. Drawing on Impression Management (IM) theory, we explore how ESP functions as a strategic tactic to signal commitment and credibility, shaping backers' perceptions of campaign quality. Using a dataset of 1287 campaigns from Zhongchou, China's leading reward-based crowdfunding platform, our analysis reveals that ESP significantly enhances campaign success, measured by funding achievement, total pledges, and fundraising ratios. This effect is partially mediated by perceived campaign quality, reflected in signals like videos and descriptions. These findings extend IM theory by applying it to crowdfunding's unique emotional and symbolic context, providing actionable insights for entrepreneurs and platform operators to improve fundraising outcomes.</div></div>\",\"PeriodicalId\":49444,\"journal\":{\"name\":\"Technovation\",\"volume\":\"147 \",\"pages\":\"Article 103311\"},\"PeriodicalIF\":10.9000,\"publicationDate\":\"2025-07-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Technovation\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0166497225001439\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ENGINEERING, INDUSTRIAL\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Technovation","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0166497225001439","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENGINEERING, INDUSTRIAL","Score":null,"Total":0}

引用次数: 0

摘要

本研究调查了企业家的自我承诺（ESP）——对他们自己的活动的个人财务贡献——对基于奖励的众筹成功的影响。根据印象管理（IM）理论，我们探讨了ESP如何作为一种战略策略来表明承诺和可信度，从而塑造支持者对活动质量的看法。利用中国领先的奖励型众筹平台众筹（Zhongchou）的1287个项目的数据集，我们的分析表明，ESP显著提高了项目的成功率，通过融资成就、总承诺和融资比率来衡量。这种影响部分是由感知到的活动质量所调节的，反映在视频和描述等信号中。这些发现扩展了IM理论，将其应用于众筹独特的情感和象征背景，为企业家和平台运营商提供了可操作的见解，以改善筹款结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

My money endorses my campaign: The influence of entrepreneur's self-pledge on crowdfunding campaign success

This study investigates the influence of entrepreneurs' self-pledge (ESP)—personal financial contributions to their own campaigns—on the success of reward-based crowdfunding. Drawing on Impression Management (IM) theory, we explore how ESP functions as a strategic tactic to signal commitment and credibility, shaping backers' perceptions of campaign quality. Using a dataset of 1287 campaigns from Zhongchou, China's leading reward-based crowdfunding platform, our analysis reveals that ESP significantly enhances campaign success, measured by funding achievement, total pledges, and fundraising ratios. This effect is partially mediated by perceived campaign quality, reflected in signals like videos and descriptions. These findings extend IM theory by applying it to crowdfunding's unique emotional and symbolic context, providing actionable insights for entrepreneurs and platform operators to improve fundraising outcomes.

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

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.