Trust is critical for successful participation in online marketplaces. In crowdfunding, fundraisers seek to win the trust of potential supporters towards contributing to their projects despite risks of non-delivery or deviations from campaign promises. This study explores how cultural differences in social trust proclivities influence reward crowdfunding campaign design and success. Specifically, we analyze data about 700 campaigns from a relatively high social trust society (HTS) – Finland, and 700 campaigns from a relatively low social trust society (LTS) – Poland. We find that sharing campaign information via social media is positively associated with campaign success in both contexts. Building on the Elaboration Likelihood Model, we show that central route cues to persuasion are more prevalent in campaigns from LTS vs. HTS, and that some peripheral cues are more prevalent in campaigns from HTS than LTS. Finally, we find partial support that central route cues are more important for campaign success in LTS.

The results obtained for the average cumulative abnormal returns corroborate the findings reached for the average cross-sectional abnormal returns in the case of the first dividend and dividend increase subsamples. However, the average cross-sectional abnormal returns calculated within the eleven-day-long event window around the dividend payment day turn out to be statistically insignificant. The obtained results provide evidence that the Polish stock market reaction to dividend announcements is positive and immediate. However, the market does not significantly react to dividend payouts, which may lead to the conclusion that the WSE directly incorporates news on dividends into stock prices. Moreover, the reaction of the market for dividend announcements is consistent with the sign of the dividend change: dividend-increase (-decrease) announcements are interpreted as a positive (negative) signal by the investors. Such results support both the informational content of the dividend hypothesis and the dividend signaling hypothesis. Considering that the observed abnormal market behavior disappears within two days at most after the announcement date, the results of the study can be useful for financial practitioners only with regard to short-term investment decisions.

ABSTRACT. Protection of privacy in the information age is a growing challenge. Corporations and other institutions collect data and utilize them for various purposes, not all of which may be in favour of individuals. Yet still little is known of how individuals perceive the value of privacy and what is the individuals' awareness of costs and benefits associated with data sharing. This article presents the experimental research on factors determining privacy behavior of consumers. We provide evidence, that the need of privacy protection depends on gender and is affected by priming. On the other hand, nor the type of purchased good nor the decision-making method had the significant impact in our study on willingness to disclose private data.

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