Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding

Abstract

This study provides a comparative analysis of the success factors of equity and reward‐based crowdfunding. We find that information signals related to venture/project quality are important determinants of both equity‐based and reward‐based crowdfunding success. However, signals on founder information matter only for equity‐based but not for reward‐based crowdfunding. Our study exemplifies the varying role of success factors that depend on the type of crowdfunding projects and provides a basis for further research to compare different forms of crowdfunding.