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An empirical investigation of signaling in reward-based crowdfunding

Michael Marcin Kunz (michael.kunz@uni-kassel.de), Ulrich Bretschneider, Max Erler and Jan Marco Leimeister
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Michael Marcin Kunz: University of Kassel
Ulrich Bretschneider: University of Kassel
Max Erler: University of Kassel
Jan Marco Leimeister: University of Kassel

Electronic Commerce Research, 2017, vol. 17, issue 3, No 5, 425-461

Abstract: Abstract Start-ups often face the challenge of a shortage of capital, the so-called funding gap, which can be overcome by raising small amounts of money from a large number of individuals. As crowdfunding suffers from a continuous rise in failure rates, the aim of this article is to contribute to the research concerning success factors in reward-based crowdfunding campaigns by focusing on signaling theory. Based on data retrieved from the crowdfunding platform Kickstarter, our results indicate that social ties, investment preparation and presentation, the supply of multiple rewards as well as endeavors to communicate and interact with the crowd positively influence the probability of success of a reward-based crowdfunding campaign. In contrast, the funding goal, a campaign’s runtime and the estimated time of delivery for the rewards have a negative impact on the successful completion of a campaign.

Keywords: Success factors; Data analysis; E-business; Signaling; E-commerce; Crowdfunding (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (42)

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DOI: 10.1007/s10660-016-9249-0

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