The Influence of Campaign Presentation Cues on Crowdfunding Performance – Reviewing the Empirical Reward-Based Crowdfunding Literature

IF 2.4 Q2 INFORMATION SCIENCE & LIBRARY SCIENCE Pacific Asia Journal of the Association for Information Systems Pub Date : 2023-09-01 DOI:10.17705/1pais.15304
Maximilian Raab
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Abstract

Abstract Background: Reward-based crowdfunding (RBCF) is an established funding mechanism for entrepreneurs, in which they present their ideas through campaign presentations to persuade backers. Compared to investors, who focus more on the merits of the information presented, crowdfunding backers pay attention to cues such as the entrepreneurs’ characteristics and the appeal of the campaign. Accordingly, researchers investigated cues, i.e., snippets of information embedded within different communication modalities that facilitate the interpretation of the campaign and entrepreneur. Thus, knowledge of how cues affect decision-making and funding performance has become important for researchers and practitioners. However, current research often investigated cues in isolation that are fragmented across literature and does not provide a straightforward understanding of how cues embedded in campaign presentations affect funding performance. Method: This review synthesizes past RBCF literature to provide a comprehensive concept-centric categorization of how cues affect funding performance. Results: The review analyzed 71 articles and identified three main research topics, namely “communication strategies”, “perceived entrepreneurs' characteristics”, and “appeal to emotions”. The review developed 14 corresponding concept-centric sub-categories of cues and reported their effects on funding performance (significant negative, non-significant, significant positive, inverted U-shaped). Vote-counting shows that some sub-categories tend to have overall positive or negative effects, with first indications of an often-neglected inverted U-shape effect. Yet, the effect’s direction is not straightforward for all sub-categories. Also, further research is necessary to explore what specific combinations of cues moderate, complement, or substitute for each other’s effects, including non-linear assumptions. Also, there is room to investigate fruitful, not yet analyzed, cues and theoretical lenses. Conclusion: This review contributes to the RBCF literature by providing detailed insights into the effects of cues embedded within the campaign presentation on funding performance. Such a better understanding can benefit all involved parties.
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活动呈现线索对众筹绩效的影响——基于奖励的实证众筹文献回顾
背景:基于奖励的众筹(Reward-based crowdfunding, RBCF)是一种成熟的创业者融资机制,创业者通过活动演讲的方式来展示自己的想法,说服支持者。投资者更关注所提供信息的优点,而众筹支持者更关注企业家的特点和活动的吸引力等线索。因此,研究人员调查了线索,即嵌入在不同沟通方式中的信息片段,这些信息片段有助于对竞选活动和企业家的解释。因此,了解线索如何影响决策和资助绩效对研究人员和实践者来说变得很重要。然而,目前的研究往往是孤立地调查线索,这些线索分散在文献中,并不能直接理解活动演示中嵌入的线索如何影响融资绩效。方法:本综述综合了过去的RBCF文献,以概念为中心对线索如何影响资助绩效进行了全面的分类。结果:本综述分析了71篇文章,确定了三个主要研究主题,即“沟通策略”、“感知企业家特征”和“情感诉求”。本综述开发了14个相应的以概念为中心的线索子类别,并报告了它们对融资绩效的影响(显著负向、不显著、显著正向、倒u型)。计票结果显示,一些子类别往往总体上有积极或消极的影响,这是一种经常被忽视的倒u形效应的初步迹象。然而,影响的方向并不是对所有子类别都是直接的。此外,还需要进一步的研究来探索哪些特定的线索组合可以调节、补充或替代彼此的影响,包括非线性假设。此外,还有空间去调查富有成果的、尚未分析的线索和理论镜头。结论:本综述为RBCF文献提供了关于活动演示中嵌入的线索对筹资绩效影响的详细见解。这种更好的理解可以使所有有关各方受益。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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33.30%
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