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Author
Pinkow Felix (Technische Universität Berlin, Germany)
Title
The Impact of Common Success Factors on Overfunding in Reward-Based Crowdfunding: An Explorative Study and Avenues for Future Research
Source
Journal of Entrepreneurship, Management and Innovation (JEMI), 2022, vol. 18, nr 1, s. 131-167, tab., bibliogr. s. 158-165
Issue title
Entrepreneurship and Innovation in the Age of Digital Transformation
Keyword
Finansowanie społecznościowe, Przedsiębiorczość, Analiza statystyczna
Crowdfunding, Entrepreneurship, Statistical analysis
Note
JEL Classification: G24, L26, M1
streszcz., summ.
Abstract
CEL: Chociaż istnieje bogata literatura na temat kluczowych czynników warunkujących sukces finansowania społecznościowego opartego na nagrodach, niewiele badań poświęcono projektom finansowania społecznościowego, które nie tylko odnoszą sukces, ale otrzymują znacznie więcej środków niż początkowo zakładano w określonym celu finansowania. Niniejsze badanie ma na celu rzucenie światła na ten bardzo zaniedbany temat w badaniach finansowania społecznościowego. METODYKA: Opierając się na bogatym zbiorze danych 338 projektów crowdfundingowych opartych na nagrodach, w badaniu zastosowano dwuetapową analizę statystyczną. Po pierwsze, przeprowadzono analizy regresji w celu określenia odpowiednich czynników sukcesu finansowania społecznościowego, aby potwierdzić istniejącą literaturę i podkreślić, że dane właściwie odzwierciedlają już zidentyfikowane kluczowe ustalenia dotyczące sukcesu finansowania społecznościowego. W drugim kroku te same czynniki zostały zbadane w przypadku projektów nadmiernie finansowanych, wykorzystując analizy regresji logistycznej i dekompozycję Blindera-Oaxaca. WYNIKI: Chociaż to badanie potwierdziło wyniki wcześniejszych badań dotyczących czynników zwiększających prawdopodobieństwo sukcesu projektów crowdfundingowych, te same czynniki okazały się nie wyjaśniać pojawienia się nadmiernego finansowania projektów. Na przykład, chociaż twórcy projektów mogą dostarczać aktualizacje, większą liczbę różnych nagród lub wykorzystywać strony mediów społecznościowych w celu zwiększenia prawdopodobieństwa sukcesu, to czynniki te nie przyczyniają się do wyjaśnienia zjawiska nadmiernego finansowania projektów. IMPLIKACJE: Wyniki tego badania podkreślają, że aby zrozumieć nadmierne finansowanie projektów crowdfundingowych, przyszłe badania muszą wykraczać poza podstawowe czynniki sukcesu finansowania społecznościowego. Opierając się na koncepcji teorii dwóch czynników, odkrycia sugerują, że czynniki przyczyniające się do sukcesu można uznać za czynniki higieny, które są niezbędne do odniesienia sukcesu w pierwszej kolejności. Jednak te czynniki nie motywują tłumu do dalszego finansowania już udanego projektu. Stąd czynniki motywujące pozostają niezauważone w zachowanej literaturze. W praktyce oznacza to, że zespoły projektowe osiągające swój cel finansowania nie mogą polegać na tych samych czynnikach, które pomogły w zachęceniu tłumu do dalszego finansowania. Zróżnicowanie czynników higienicznych i motywujących do nadmiernego finansowania w finansowaniu społecznościowym opartym na nagrodach oferuje bogate możliwości dla przyszłych badań. Sugeruje się, że istotną rolę w przypadku nadmiernego finansowania projektów odgrywają bardziej subiektywne czynniki, takie jak indywidualne postrzeganie przez członków społeczności projektów crowdfundingowych. ORYGINALNOŚĆ/WARTOŚĆ: Badając nadmierne finansowanie projektów, niniejsze badanie uwzględnia lukę badawczą dotyczącą czynników przyczyniających się do pojawienia się nadmiernego finansowania projektów. Niewiele jest dowodów na charakterystykę nadmiernie finansowanych projektów crowdfundingowych, a zatem niniejsze badanie dostarcza niezbędnych podstaw teoretycznych i empirycznych dla przyszłych badań, które będą opierać się na wynikach tego badania. (abstrakt oryginalny)

PURPOSE: While there is abundant literature on the key determinants of reward-based crowdfunding success, little research is dedicated to crowdfunding projects that are not only successful but receive significantly more funds than initially targeted through the defined funding goal. This study seeks to shed light on this vastly neglected topic in crowdfunding research. METHODOLOGY: Drawing on a rich dataset of 338 reward-based crowdfunding projects, this study applied a two-step statistical analysis. First, regression analyses to determine relevant crowdfunding success factors were conducted in order to corroborate extant literature and to highlight that the data properly reflects the already identified key findings on crowdfunding success. In a second step, the very same factors were investigated for the case of overfunded projects, utilizing logistic regression analyses and a Blinder-Oaxaca Decomposition. FINDINGS: Although this study confirmed the findings of previous research considering the factors that increase the success probability of crowdfunding projects, the very same factors turned out to not explain the emergence of project overfunding. For instance, while project founders can provide updates, a higher number of different rewards, or utilize social media pages to increase the likelihood for success, these factors do not contribute to explain the phenomenon of project overfunding. IMPLICATIONS: The results of this study emphasize that in order to understand overfunding of crowdfunding projects, future research must go beyond the basic crowdfunding success factors. Building on the notion of the Two-Factor Theory, the findings suggest that the factors contributing to success can be considered hygiene factors that are required to succeed in the first place. However, these factors do not motivate the crowd to provide further funding to an already successful project. Hence the motivating factors remain yet unobserved in extant literature. In practice, this means that project teams achieving their funding goal cannot rely on the same factors that were helpful to succeed to encourage further funding from the crowd. The differentiation of hygiene and motivating factors for overfunding in reward-based crowdfunding offers rich opportunities for future research. More subjective factors, such as the individual perception of crowd members towards crowdfunding projects, are suggested to play an important role for the occurrence of project overfunding. ORIGINALITY/VALUE: By investigating project overfunding, this study addresses the research gap concerning the factors contributing to the emergence of project overfunding. There is little evidence on the characteristics of overfunded crowdfunding projects, and thus this study provides essential theoretical and empirical groundwork for future research to build upon this study's results. (original abstract)
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ISSN
2299-7075
Language
eng
URI / DOI
https://doi.org/10.7341/20221815
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