PDF(Pubmed)
Abstract：
Reward-based crowdfunding is a typical two-sided platform (fundraiser side and backer side) with high information asymmetry. While existing research indicates that signals from fundraisers and backers can impact crowdfunding performance, the interplay among these signals warrants further investigation. Drawing on signaling theory, this study adopts a configurational perspective and utilizes the fsQCA method and linear regression to investigate the combined effects of fundraiser engagement (update and fundraiser comment), third-party endorsement (backer comment and Facebook sharing), and project preparedness (video, image, and description) on crowdfunding performance. Drawing data from the reward-based crowdfunding platform Indiegogo, this research pointed out that these signals cannot generate better crowdfunding performance alone and examined substitution and complementary effects among different signals. Based on the linear regression and fsQCA results, configurations that lead to high crowdfunding performance are identified. We found that project preparedness must work with other signals to produce high crowdfunding performance. Besides, we summarized these configurations into two patterns that may lead to high crowdfunding performance: a fundraiser engagement-driven pattern and a third-party endorsement-driven pattern. This study contributes a configurational perspective and valuable insights into how signals can work together to mitigate information asymmetry in crowdfunding.
摘要：
基于奖励的众筹是一个典型的双向平台（筹款方和支持者方），信息不对称程度很高。虽然现有研究表明，来自筹款人和支持者的信号会影响众筹绩效，这些信号之间的相互作用值得进一步调查。借鉴信号理论，本研究采用配置视角，利用fsQCA方法和线性回归来研究筹款人参与(更新和筹款人评论)的综合影响，第三方认可(支持者评论和Facebook分享)，和项目准备(视频，image,和描述)关于众筹绩效。从基于奖励的众筹平台Indiegogo中提取数据，这项研究指出，这些信号不能单独产生更好的众筹绩效，并研究了不同信号之间的替代和互补效应。根据线性回归和fsQCA结果，确定了导致高众筹绩效的配置。我们发现，项目准备工作必须与其他信号一起工作，才能产生较高的众筹绩效。此外,我们将这些配置总结为两种模式，可能会导致高的众筹绩效：筹款人参与驱动模式和第三方认可驱动模式。这项研究为信号如何协同工作以减轻众筹中的信息不对称提供了一种可配置的观点和有价值的见解。
