Hedonic Signals in Crowdfunding

Ivo Blohm (), Moritz Schulz () and Jan Marco Leimeister ()
Additional contact information
Ivo Blohm: University of St. Gallen
Moritz Schulz: University of St. Gallen
Jan Marco Leimeister: University of St. Gallen

Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, 2024, vol. 66, issue 6, No 6, 757-775

Abstract: Abstract This study draws on signaling theory to investigate the effect of hedonic signals in crowdfunding projects on funding performance. It compares the effect of hedonic signals across reward-, equity-, and donation-based crowdfunding platforms by combining archival data from 18 platforms and a large-scale panel of 64 experts that rate the strength of hedonic signals in 108 crowdfunding projects. Through the application of mixed linear modeling, the findings indicate a positive influence of stronger hedonic signals on funding performance. However, there are substantial differences across platform types. Increasing the strength of hedonic signals by one standard deviation increases funding performance by 28.9% on reward platforms, while there are no systematic effects on equity and donation platforms. This study contributes to existing crowdfunding research by clarifying the role of hedonic signals in crowdfunding and shedding light on the increasing need to better consider the characteristics of different crowdfunding platforms in crowdfunding research.

Keywords: Crowdfunding; Crowdfunding platforms; Signaling theory; Hedonic value; Comparison (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s12599-024-00854-x Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:binfse:v:66:y:2024:i:6:d:10.1007_s12599-024-00854-x

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/12599

DOI: 10.1007/s12599-024-00854-x

Access Statistics for this article

Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK is currently edited by Martin Bichler

More articles in Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK from Springer, Gesellschaft für Informatik e.V. (GI)
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().