The power of family firm image in rewards-based crowdfunding

Thomas H. Allison and Aaron H. Anglin

Journal of Small Business Management, 2025, vol. 63, issue 6, 2569-2602

Abstract: Family business scholars continue to debate whether the display of a family firm’s image helps or hurts the firm’s reputation with stakeholders. We extend this debate to the lesser-studied areas of resource acquisition and rewards-based crowdfunding. Family firms seeking funding often avoid the sale of equity to retain control and avoid the use of debt, which may increase risk in difficult conditions. As such, rewards-based crowdfunding might seem like a useful alternative, as it poses no such threats. Yet, we know little about how the crowd may react to campaigns claiming an association with a family firm in this domain. Grounding our hypothesis development in the family firm branding literature, we argue that projecting a family firm image will improve crowdfunding performance due to positive reputational perceptions tied to family firms. We find that projecting a family firm image increases crowdfunding performance and lessens the influence of prior funding success.

Date: 2025
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DOI: 10.1080/00472778.2024.2439030

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