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Crowdfunding and social influence: an empirical investigation

Grazia Cecere (), Fabrice Le Guel and Fabrice Rochelandet ()
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Fabrice Le Guel: RITM - Réseaux Innovation Territoires et Mondialisation - UP11 - Université Paris-Sud - Paris 11
Fabrice Rochelandet: IRCAV - IRCAV - Institut de Recherche sur le Cinéma et l'Audiovisuel - EA 185 - Université Sorbonne Nouvelle - Paris 3 - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris - Université Sorbonne Paris Nord

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Abstract: The literature so far provides no in-depth investigation of the determinants of decisions to contribute to crowdfunding platforms. The present article draws on work measuring the decisions and prosocial behaviours of individuals in relation to public goods, and uses survey data on crowdfunding behaviour. We surveyed an original sample of individuals in France to explore individual decisions and amounts of funding chosen to support a creative project. We show that in non-equity crowdfunding contributing money is associated with altruism. Our findings suggest that the ‘warm glow' effect influences the level of the contribution; we show also those monetary incentives could ‘crowd out' the decisions to contribute of crowdfunders. Our study has some implications for business strategy since understanding why people contribute adds to our knowledge about the incentives that might encourage them to increase their contributions, and allows predictions about how changes to how crowdfunding platforms are managed might affect individual incentives to give.

Keywords: Non-equity crowdfunding; Warm glow; Cultural goods (search for similar items in EconPapers)
Date: 2017
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Published in Applied Economics, Taylor & Francis (Routledge), 2017, 49 (57), pp.5802-5813. ⟨10.1080/00036846.2017.1343450⟩

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DOI: 10.1080/00036846.2017.1343450

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