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.

Crowdfunding is a new type of financing favored by entrepreneurs in need of capital. Financing performance is a key concern for crowdfunding project initiators. Although a growing number of studies have investigated the factors that affect the financing performance of crowdfunding projects, there are still some issues that need to be further clarified. How does the investment behavior of backers, as the supply side of finance, affect the financing performance of project in reward-based crowdfunding? What are the moderating mechanisms of this influence by initiator characteristics and project attributes? Based on a panel data set from Zhongchou, a famous agri-food crowdfunding platform in China, this paper finds that the investment speed, the investment intensity, the number of early backers, the backers\' comments, and the number of selfless backers all have significant effects on financing performance. The core trust factors of initiator characteristics and project attributes play a moderating role in the relationship between backer investment behavior and financing performance, but there are differences in the moderating mechanisms. Based on the research conclusions, practical enlightenment is proposed for initiators, crowdfunding platforms, and regulators.

In recent years, there has been growing concern about prejudice in crowdfunding; however, empirical research remains limited, particularly in the context of medical crowdfunding. This study addresses the pressing issue of racial disparities in medical crowdfunding, with a specific focus on cancer crowdfunding on the GoFundMe platform.
This study aims to investigate racial disparities in cancer crowdfunding using average donation amount, number of donations, and success of the fundraising campaign as outcomes.
Drawing from a substantial data set of 104,809 campaigns in the United States, we used DeepFace facial recognition technology to determine racial identities and used regression models to examine racial factors in crowdfunding performance. We also examined the moderating effect of the proportion of White residents on crowdfunding bias and used 2-tailed t tests to measure the influence of racial anonymity on crowdfunding success. Owing to the large sample size, we set the cutoff for significance at P<.001.
In the regression and supplementary analyses, the racial identity of the fundraiser significantly predicted average donations (P<.001), indicating that implicit bias may play a role in donor behavior. Gender (P=.04) and campaign description length (P=.62) did not significantly predict the average donation amounts. The race of the fundraiser was not significantly associated with the number of donations (P=.42). The success rate of cancer crowdfunding campaigns, although generally low (11.77%), showed a significant association with the race of the fundraiser (P<.001). After controlling for the covariates of the fundraiser gender, fundraiser age, local White proportion, length of campaign description, and fundraising goal, the average donation amount to White individuals was 17.68% higher than for Black individuals. Moreover, campaigns that did not disclose racial information demonstrated a marginally higher average donation amount (3.92%) than those identified as persons of color. Furthermore, the racial composition of the fundraiser\'s county of residence was found to exert influence (P<.001); counties with a higher proportion of White residents exhibited reduced racial disparities in crowdfunding outcomes.
This study contributes to a deeper understanding of racial disparities in cancer crowdfunding. It highlights the impact of racial identity, geographic context, and the potential for implicit bias in donor behavior. As web-based platforms evolve, addressing racial inequality and promoting fairness in health care financing remain critical goals. Insights from this research suggest strategies such as maintaining racial anonymity and ensuring that campaigns provide strong evidence of deservingness. Moreover, broader societal changes are necessary to eliminate the financial distress that drives individuals to seek crowdfunding support.

OBJECTIVE: Online medical crowdfunding has gained popularity in recent years in China. The objective of this study was to identify unmet medical needs in the public healthcare system through analysis of Chinese medical crowdfunding data.
METHODS: Text information extraction and statistical analysis based on large-scale data.
METHODS: From 19 June 2011 to 15 March 2020, data from 30,704 medical crowdfunding projects were collected from Tencent GongYi, which is one of the largest Chinese medical crowdfunding platforms. Text mining methods were used to extract data on the medical conditions and locations of the applicants of medical crowdfunding. In addition, 125 medical crowdfunding projects initiated by leukaemia patients in Chongqing and Nanyang were further investigated through manual data extraction, and the factors impacting the fundraising goals were explored using a generalised linear model.
RESULTS: The most common conditions using medical crowdfunding to raise funds were as follows: cancer (31.87%), chronic conditions (18.14%), accidental injury (7.80%) and blood system-related conditions (7.75%). Treatments for cancer and blood system-related conditions are expensive and have serious long-term impacts on the lives of patients. Results showed that the cities of Nanyang and Chongqing had the largest number of crowdfunding projects.
CONCLUSIONS: This study found that the medical conditions that prompted individuals to apply for crowdfunding were those with long treatment cycles, complexities and expensive medical or non-medical costs. Furthermore, discrepancies in health insurance policies between different regions and residents seeking treatments outside their insurance locations were also important factors that triggered medical crowdfunding applications. Adjusting health insurance policies accordingly may improve the efficiency of utilising health insurance resources and reduce the financial burden on patients.

Sustainable crowdfunding has emerged as a significant factor in the quest for alternative funding streams in recent times. The process has entailed the removal of financial obstacles and intermediaries, facilitating proximity between entrepreneurs\' initiatives and fund providers, thereby initiating modifications in conventional investment and profitability criteria. The correlation between corporate social responsibility (CSR) and sustainable business returns is a significant metric that may enhance funding costs. CSR initiatives and crowdfunding possess the potential for mutually beneficial outcomes in terms of fundraising. However, fundraisers encounter obstacles and competition in their efforts to attain their donation objectives. As an illustration, CSR endeavors may provide a chance to raise capital via crowdfunding. Conversely, crowdfunding has the potential to serve as a means of micro-funding various social initiatives that align with a corporation\'s corporate social responsibility objectives. The present research investigates the correlation between efficacious donation fundraising campaigns in the context of crowdfunding endeavors that hold the possibility of transforming into corporate social responsibility initiatives. The present study investigates the correlation between the initial amount of funds raised on the first day of a fundraising campaign and the target amount of funds sought by the fundraiser, as well as the type of activities involved. The present study utilizes data derived from crowdfunding endeavors in Southeast Asian nations to scrutinize the funds amassed through donations by juxtaposing trends, cultures, and characteristics of fundraisers employing donation-based crowdfunding. The present investigation employs data collected between the period spanning from the beginning of September 2021 to the end of September 2021 in the economies of Southeast Asia, including Singapore, Indonesia, Malaysia, Thailand, and the Philippines. The present investigation utilizes the partial least squares structural equation modeling (PLS-SEM) approach for the estimation of the variables. The findings of the hypothesis indicate that there exists a positive correlation between crowdfunding, environmental nonprofit organizations, organizational profitability, and CSR.

Recent studies have analyzed the factors that contribute to variations in the success of crowdfunding campaigns for a specific cancer type; however, little is known about the influential factors among crowdfunding campaigns for multiple cancers.
The purpose of this study was to examine the relationship between project features and the success of cancer crowdfunding campaigns and to determine whether text features affect campaign success for various cancers.
Using cancer-related crowdfunding projects on the GoFundMe website, we transformed textual descriptions from the campaigns into structured data using natural language processing techniques. Next, we used penalized logistic regression and correlation analyses to examine the influence of project and text features on fundraising project outcomes. Finally, we examined the influence of campaign description sentiment on crowdfunding success using Linguistic Inquiry and Word Count software.
Campaigns were significantly more likely to be successful if they featured a lower target amount (Goal amount, β=-1.949, z score=-82.767, P<.001) for fundraising, a higher number of previous donations, agency (vs individual) organizers, project pages containing updates, and project pages containing comments from readers. The results revealed an inverted U-shaped relationship between the length of the text and the amount of funds raised. In addition, more spelling mistakes negatively affected the funds raised (Number of spelling errors, β=-1.068, z score=-38.79, P<.001).
Difficult-to-treat cancers and high-mortality cancers tend to trigger empathy from potential donors, which increases the funds raised. Gender differences were observed in the effects of emotional words in the text on the amount of funds raised. For cancers that typically occur in women, links between emotional words used and the amount of funds raised were weaker than for cancers typically occurring among men.

In this study, we examine how the prosocial ethical culture in audit firms, measured as their philanthropic contributions over gross revenues, influences auditor independence. Using 5,246 audits in the Chinese market between 2010 and 2012, we find that the level of ethical culture in audit firms is significantly negatively associated with the magnitude of earnings management and the frequencies of financial restatements of their client firms. We also find this association is even stronger when auditors provide services to clients that are economically important or when signing auditors bear school ties with at least one top executive of the client. Further evidence show that the ethical culture can both act as a mechanism that attract auditors with a compatible internal norm, and great a group norm in audit firms that directly shape auditor behavior. Collectively, our study suggests that ethical culture of audit firms can significantly improve auditor independence.

Since there is little progress being made in multinational climate discussions, climate finance is at a crossroads as lenders must come up with new plans for the \"Future of Environment Funds.\" The mission of effectively and efficiently distributing money to support the shift to low-carbon, climate-resilient economies has been given to climate finance organizations. Due to its purpose to contribute to a paradigm shift, the Green Climate Fund (GCF) is anticipated to help the most vulnerable populations adapt to and mitigate climate change. This research alters the premise of the Baumol and Oates public externality model to make it more appropriate for global climate governance analysis. This research then deduces the special pricing conditions to persuade the market to comply with Pareto optimality criteria by contrasting the Pareto optimality model of global climate governance and the market equilibrium model. The rules and potential approaches that must be followed for raising capital and allocating GCFs are then determined by taking into account global Pareto optimality and fiscal balance. The study finds that when each country assumes that the GCF aims to achieve Pareto optimality in climate governance globally and its own fiscal balance, the equilibrium results of the international climate game will not achieve both the financial balance of the GCF and global Pareto optimality simultaneously. The GCF may successfully finance non-bankable components of bigger \"almost bankable projects,\" according to our empirical analysis of the GCF portfolio structure and strategy in this research. This lends credence to an alternative interpretation of the GCF.

Many low-income and middle-income country (LMIC) researchers have disadvantages when applying for research grants. Crowdfunding may help LMIC researchers to fund their research. Crowdfunding organises large groups of people to make small contributions to support a research study. This manuscript synthesises global qualitative evidence and describes a Special Programme for Research and Training in Tropical Diseases (TDR) crowdfunding pilot for LMIC researchers.
Our global systematic review and qualitative evidence synthesis searched six databases for qualitative data. We used a thematic synthesis approach and assessed our findings using the GRADE-CERQual approach. Building on the review findings, we organised a crowdfunding pilot to support LMIC researchers and use crowdfunding. The pilot provided an opportunity to assess the feasibility of crowdfunding for infectious diseases of poverty research in resource-constrained settings.
Nine studies were included in the qualitative evidence synthesis. We identified seven findings which we organised into three broad domains: public engagement strategies, correlates of crowdfunding success and risks and mitigation strategies. Our pilot data suggest that crowdfunding is feasible in diverse LMIC settings. Three researchers launched crowdfunding campaigns, met their goals and received substantial monetary (raising a total of US$26 546 across all three campaigns) and non-monetary contributions. Two researchers are still preparing for the campaign launch due to COVID-19-related difficulties.
Public engagement provides a foundation for effective crowdfunding for health research. Our evidence synthesis and pilot data provide practical strategies for LMIC researchers to engage the public and use crowdfunding. A practical guide was created to facilitate these activities across multiple settings.

Medical crowdfunding provides opportunities for individuals who lack financial resources to access the health services that they need. Despite the popularity of medical crowdfunding, the current understanding of the success of medical crowdfunding campaigns is fragmented and inadequate.
We aimed to comprehensively investigate which factors lead to the success of medical crowdfunding campaigns.
A search was conducted in PubMed, PsycINFO, Web of Science, ACM Digital Library, and ScienceDirect from 2010 to June 2020. Papers directly and indirectly related to the success of medical crowdfunding campaigns were included. Two reviewers independently extracted information on the success of medical crowdfunding campaigns.
Our search yielded 441 articles, of which 13 met the inclusion criteria. Medical crowdfunding is increasingly attracting academic attention, and most studies leverage text analysis as their research methods; however, there is a lack of consensus on the definition of medical crowdfunding among researchers. Four categories of factors that affect the success of medical crowdfunding were identified: platforms, raisers, donors, and campaigns.
Although some limitations exist in our systematic review, our study captured and mapped literatures of the success of medical crowdfunding campaigns systematically, which can be used as the basis for future research on this topic.