The life-cycle influence mechanism of the determinants of financing performance: an empirical study of a Chinese crowdfunding platform

Chen, Yue; Zhang, Wentao; Yan, Xing; Jin, Jiahua

doi:10.1007/s11846-018-0295-y

Cited by 26 publications

(19 citation statements)

References 58 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Research paper 1 belongs to this group. It was one of the first to assess equity crowdfunding campaign success drivers, thereby contributing to the then-nascent field of research (Ahlers et al, 2015;Li et al, 2016;Lukkarinen et al, 2016;Vismara, 2016;Vulkan et al, 2016) and building a foundation for more specific research on campaign performance (e.g., Block et al, 2018b;Chen et al, 2018;Horvát et al, 2018;Li et al, 2018;Mahmood et al, 2019;Malaga et al, 2018;Mamonov and Malaga, 2018;Oo et al, 2018;Piva and Rossi-Lamastra, 2018;Sokolova and Perez, 2017;Trinidade et al, 2017) and for research investigating individual-level decision making (Hsieh and Liu, 2017;Lukkarinen et al, 2017;Mahmood et al, 2019;Xiao and Yue, 2018) in different forms of crowdfunding.…”

Section: Contributions To Literaturementioning

confidence: 99%

Success drivers of online equity crowdfunding campaigns

Lukkarinen

Teich

Wallenius

et al. 2016

Decision Support Systems

359

343

View full text Add to dashboard Cite

Section: Contributions To Literaturementioning

confidence: 99%

Success drivers of online equity crowdfunding campaigns

Lukkarinen

Teich

Wallenius

et al. 2016

Decision Support Systems

359

343

View full text Add to dashboard Cite

“…Most of the crowdfunding platforms in China must not only face the policy changing, but also face challenges such as harsh market competition or low capital acquisition rate. Scholars have proffered several explanations for this development dilemma, including the shortage of product category, the ineffectiveness of supervision, or an imperfect operation model [10][11][12][13]. Moreover, some researchers have also noted that limited participation was crucial in determining the slowdown [14].…”

Section: Introductionmentioning

confidence: 99%

Developing and Validating a Theory-Based Model of Crowdfunding Investment Intention—Perspectives from Social Exchange Theory and Customer Value Perspective

et al. 2019

View full text Add to dashboard Cite

In order to improve public financing sustainability in China, the Chinese government has announced several administrative policies on crowdfunding, concerning platform construction and operation, in recent years. However, the existing policy scope rarely mentions the importance of social psychology, which also plays a decisive role in determining the participation and success rates of crowdfunding. Therefore, this study uses the knowledge from social exchange theory (SET) and customer value perspective (CVP) to develop and validate a conceptual model of the key determinants of the public’s intention in investing in crowdfunded projects in China. Based on the primary survey data, the SEM (structural equation modeling) estimations suggest that: (1) communication, shared values, investors’ perceived benefits, and perceived risk have significant effects on crowdfunding investors’ trust in fundraisers of a particular crowdfunding project, which in turn act on their commitment and intentions to invest in the project; (2) trust strengthens funding intentions through fulfilling commitments, whereas its direct effect on funding intentions is insignificant; (3) commitment has a direct and significant positive effect on the enhancement of funding intentions. These findings propose a new perspective of improving public policies to support small and micro enterprises (SMEs) and individual innovative projects in China.

show abstract

“…Also, providing detailed information about the project, the implementation plans and associated risks have a favorable influence on the chance to obtain financial resources (Ahlers et al, 2015 ). Chen et al ( 2020 ) classified the success factors in two cathegories, static and dynamic. Table 6 aim to complete the above mentioned classification with other factors as they have been identified in the literature.…”

Section: Resultsmentioning

confidence: 99%

“…When the amount of funds collected via a crowdfunding project/campaign exceeds the target amount, then the crowdfunding project can be deemed successful (Dikaputra et al, 2019). Chen et al (2020) classify the factors influencing the success of crowdfunding campaigns into two categories, i.e., static factors and dynamic factors, with different effects function of the campaign phase. Static factors refer to those elements that do not change during the fundraising campaign, such as the entrepreneurs' social capital, information about the projects' description and the funding goals.…”

Section: Success Factors In Crowdfunding Campaignsmentioning

confidence: 99%

See 1 more Smart Citation

Psychological Determinants of Investor Motivation in Social Media-Based Crowdfunding Projects: A Systematic Review

et al. 2020

View full text Add to dashboard Cite

Background: Using the power of Internet, crowdfunding platforms are currently changing the traditional landscape of fundraising. Social media-based IT platforms in particular are bringing the creators of crowdfunding projects closer than ever to potential investors. A large variety of factors function as determinants of individuals' intention to participate in crowdfunding and have an intertwined impact on funding as the ultimate project goal.Objectives: For a better understanding of investor behavior in social media-based crowdfunding projects, this paper covers identifying, analyzing, and classifying general and specific factors of investor motivation, based on the literature in the field.The main focus is the relationship between the affordances provided by social media-based crowdfunding platforms and the psychological determinants of investor motivation in innovative start-up projects.Methods: Using IEEE Explore, Clarivate Web of Science, ScienceDirect, and Scopus, we conducted a systematic review of the existing research on the emerging role of crowdfunding as a disruptive technology in financing the start-up innovative projects. The paper explores the main determinants of investor motivation and aims to streamline the success factors in crowdfunding campaigns.Results: A total of 1,216 publications were identified after searching the aforementioned databases and, upon refining the results, 515 articles were considered for the final sample. After reading the titles and abstracts, the sample was reduced to 78 articles that were read in-depth and synthesized in accordance with the defined research questions. The selected articles were clustered into three main categories: general studies, determinants of investor behavior, and success factors.Conclusions: In the new global economy, crowdfunding platforms have become the nexus between the emerging creators of innovative products and services and the necessary funding sources. This connection is possible via a cumulative collection of contributions from multiple investors recruited from the audience of the selected platform, without time or space constraints. However, the determinants of the investment decision are very different in the case of social media-based crowdfunding platforms compared to determinants in the mainstream environment. This paper surveys these motivators and reveals how platform features can be used to persuade individuals to make a financial contribution toward the success of a project.

show abstract

The life-cycle influence mechanism of the determinants of financing performance: an empirical study of a Chinese crowdfunding platform

Cited by 26 publications

References 58 publications

Success drivers of online equity crowdfunding campaigns

Success drivers of online equity crowdfunding campaigns

Developing and Validating a Theory-Based Model of Crowdfunding Investment Intention—Perspectives from Social Exchange Theory and Customer Value Perspective

Psychological Determinants of Investor Motivation in Social Media-Based Crowdfunding Projects: A Systematic Review

Contact Info

Product

Resources

About