The joint production of confidence – self-regulation in European crowdfunding markets

Odorović, Ana; Wenzlaff, Karsten

doi:10.1108/bjm-04-2019-0119

Cited by 10 publications

(6 citation statements)

References 39 publications

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“…Notably, as crowdfunding backers are often not able to judge the quality of platforms' services before their usage of the platform (Odorović and Wenzlaff, 2020), our data were collected mostly from backers who have contributed to crowdfunding campaigns before, where contribution was measured based on backer's total amount contributed over all campaigns in the past year. Observations with missing data or those suspected of monotonous response bias were removed from the dataset.…”

Section: Methodsmentioning

confidence: 99%

“…Earlier research by Hoegen et al (2018) confirmed that platform contextthat is, the affordances, general features and functionality of the platform (including which and how campaigns are visually presented to the potential investors)affects the flow of backers' contribution processes. Furthermore, evidence from various lenses including sustainability and cultural and arts sectors confirms that the choice of crowdfunding platform as funding technology by a fund-seeker is more complex (Maehle, 2020;Rykkja et al, 2020) and should not be based on intuitions (Baah-Peprah and Shneor, 2022) as these platforms ultimately influence behaviors (Odorovi c and Wenzlaff, 2020), such as backers' contribution behaviors on the platform (Ordanini et al, 2011). Also, other theoretical papers intuiting relationships between certain variables and crowdfunding acceptance lack empirical support and most have not been tested directly (Miglo, 2022).…”

Section: Introductionmentioning

confidence: 99%

“…More specifically, we explore whether backers' contribution behavior, as evidence of acceptance, will depend on known antecedents as outlined by the TAM frameworks? Several studies have emphasized the importance of crowdfunding platforms (Odorović and Wenzlaff, 2020; Deng et al ., 2022) as one of the three main actors in crowdfunding process and the providers of the “rules of the game” for backers and entrepreneurs (Maehle, 2020), as well as enacting codes of conduct (Odorović and Wenzlaff, 2020) and ensuring due diligence (Belleflamme et al ., 2015).…”

Section: Introductionmentioning

confidence: 99%

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Explaining reward crowdfunding backers' intentions and behavior

Peprah

2023

BJM

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PurposeEarlier research into crowdfunding adoption has drawn on social psychology, trust, signaling and well-being theories. Despite its wide appeal and use, the technology acceptance model (TAM) has received little attention in terms of explaining the adoption of crowdfunding platforms. The current study examines the applicability of two versions of this framework: the original TAM1 and the extended TAM2 frameworks.Design/methodology/approachData were collected through a survey distributed to the users of Finland's leading reward crowdfunding website, Mesenaatti, who have backed crowdfunding campaigns previously. The authors employed structural equation modelling (SEM–lavaan package) and conducted a series of quality tests to alleviate concerns with certain biases.FindingsAnalyses of 556 observations exhibit support for all hypotheses underlying both TAM frameworks, with two exceptions. Contrary to expectations, voluntariness does not moderate the effect of subjective norms on contribution intentions, and the effect of perceived ease-of-use is primarily mediated by perceived usefulness, rather than directly influencing intentions.Research limitations/implicationsAnalyses of 556 observations show support for all of the hypotheses that underlie both TAM frameworks, with two exceptions. Contrary to expectations, voluntariness does not moderate the effect of subjective norms on contribution intentions, and the effect of perceived ease-of-use is primarily mediated by perceived usefulness, rather than directly influencing intentions.Originality/valueFirst, the study extends the generalizability of TAM to the context of crowdfunding and with respect to financial contribution behavior. Second, it shows that backers' perceptions of platform usefulness and ease-of-use are important antecedents of crowdfunding contribution behavior, and that the former exerts greater influence than the latter. Third, it further clarifies the influences of relevant antecedents of crowdfunding backers' contribution intentions and behaviors. Specifically, the authors show that experience only weakly moderates the influence of subjective norms on contribution intentions, and voluntariness does not moderate this association. The authors discuss explanations for these findings and their implications for research and practice.

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Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Explaining reward crowdfunding backers' intentions and behavior

Peprah

2023

BJM

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“…, 2017). Institutional environments dictate the legal and ethical boundaries for the campaign content, financial formalities to be followed and legal protections (Odorović and Wenzlaff, 2020; Kshetri, 2015). Furthermore, fundraisers may enjoy and even need to meet with other stakeholders as part of the fundraising process.…”

Section: Engagementmentioning

confidence: 99%

The reward crowdfunding campaign management process: an engagement perspective

Arshad,

Shneor,

Berndt

2023

IJEBR

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PurposeCrowdfunding is an increasingly popular channel for project fundraising for entrepreneurial ventures. Such efforts require fundraisers to develop and manage a crowdfunding campaign over a period of time and several stages. Thus, the authors aim to identify the stages fundraisers go through in their crowdfunding campaign process and how their engagement evolves throughout this process.Design/methodology/approachFollowing a multiple case study research design analysing six successful campaigns, the current study suggests a taxonomy of stages the fundraisers go through in their crowdfunding campaign management process while identifying the types of engagement displayed and their relative intensity at each of these stages.FindingsThe study proposes a five-stage process framework (pre-launch, launch, mid-campaign, conclusion and post-campaign), accompanied by a series of propositions outlining the relative intensity of different types of engagement throughout this process. The authors show that engagement levels appear with high intensity at pre-launch, and to a lesser degree also at the post-launch stage while showing low intensity at the stages in between them. More specifically, cognitive and behavioural engagement are most prominent at the pre- and post-launch stages. Emotional engagement is highest during the launch, mid-launch and conclusion stages. And social engagement maintains moderate levels of intensity throughout the process.Originality/valueThis study focuses on the campaign process using engagement theory, thus identifying the differing engagement patterns throughout the dynamic crowdfunding campaign management process, not just in one part.

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“…Platforms have created self-regulation frameworks, which are designed to induce trust in domestic platforms and possibly to establish a market entry barrier for foreign platforms. However, even selfregulation documents as enshrined in codes of conduct and ethics adopted by various industry organization across Europe exhibit significant differences in terms of scope, ambition, and oversight (Odorović and Wenzlaff 2020).…”

Section: Regulation and European Crowdfunding Market Fragmentationmentioning

confidence: 99%

Crowdfunding in Europe: Between Fragmentation and Harmonization

Wenzlaff¹,

Odorović²,

Ziegler

et al. 2020

Advances in Crowdfunding

Self Cite

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The European crowdfunding market is growing rapidly, especially in continental Europe. At the same time, cross-border activities are still constrained. Fragmented markets, especially caused by differences in regulation, are an obstacle to growth of crowdfunding platforms. The European Union introduced the European Crowdfunding Service Provider (ECSP) Regime in 2019. This harmonized regime applies to crowdfunding platforms intermediating equity and debt investments between businesses and retail investors. This chapter discusses evidence on the fragmented nature of the European crowdfunding market, while presenting the ECSP directive, as a critical regulatory initiative towards harmonization in Europe, and the boosting of cross-border crowdfunding in the region.

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The joint production of confidence – self-regulation in European crowdfunding markets

Cited by 10 publications

References 39 publications

Explaining reward crowdfunding backers' intentions and behavior

Explaining reward crowdfunding backers' intentions and behavior

The reward crowdfunding campaign management process: an engagement perspective

Crowdfunding in Europe: Between Fragmentation and Harmonization

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