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Despite references to crowdfunding as a community-embedded phenomenon, few studies explore the antecedents and implications of crowdfunding communities. This study suggests community identification and trust as two core aspects of crowdfunding communities, while aiming to identify their antecedents and implications for crowdfunding campaign information-sharing intentions and behavior. Information-sharing is a necessary condition for successful entrepreneurial fundraising when using crowdfunding. For this purpose, we use survey data collected from users of Finland’s leading reward crowdfunding website,, while analyzing it using structural equation modelling. Our findings show that community identification and trust are both positively associated with crowdfunding contribution attitudes and with information-sharing intentions. However, only community identification is associated with information-sharing behaviors. Enjoyment, homophily, and community outcome expectations are antecedents of both community identification and trust. Tie strength and normative pressures are antecedents of community identification. Finally, information-sharing intentions mediate the effect of community trust on information-sharing behavior. We discuss explanations for these findings and their implications for crowdfunding research and practice.

Download of journal version available HERE

Baah-Peprah, P., Shneor, R., and Munim, Z. H. (2024), "“In this together”: on the antecedents and implications of crowdfunding community identification and trust", Venture Capital: An International Journal of Entrepreneurial Finance , Vol. ahead-of-print No. ahead-of-print.

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Crowdfunding represents digital fundraising channels that may enhance participation of females in project fundraising. The current study aims to analyze the gender differences in effects exerted by cognitive antecedents of financial contribution intentions (CCI) in the context of reward crowdfunding. Specifically, survey data was collected in Ghana, where crowdfunding is at its infancy, and where gender inequality is socially prevalent. Overall, 403 responses are included in the analysis. Data was analyzed using structural equation modelling (SEM), while examining associations between variables in male and female samples separately. First, when using an equality of means test, we show that females exhibit significantly higher levels of CCI, perceived risk, homophily, and prosocial orientation, as well as significantly lower levels of self-efficacy. Second, when using a between-group analysis comparing unstandardized betas, we observe that: (1) self-efficacy has stronger effects on CCI in males; (2) homophily has stronger effects on CCI in females; (3) prosocial orientation's effect on CCI does not differ between genders; (4) a stronger effect of susceptibility to social influence on CCI in females is partially evident; and surprisingly, (5) perceived risk has a stronger negative effect on CCI in males. The results, possible explanations, and implications are then discussed.

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Serwaah, P.,  Shneor, R., Nyarko, S.A., Nielsen, K. R. (2024), "Explaining gender differences in crowdfunding contribution intentions", Technology in Society, Vol. 76, March 2024, 102425.

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The purpose of this study is to identify motivations for the uptake of crowdfunding by micro-entrepreneurs in an emerging economy and the extent to which these vary by entrepreneur characteristics, sector and crowdfunding model.


The authors conduct qualitative analyses of data collected in interviews with 57 micro-entrepreneurs in Morocco, all of whom used crowdfunding in fundraising.


The authors identify six key motives for crowdfunding adoption by micro-entrepreneurs including financing needs, legitimacy seeking, sense of achievement, network-building, entrepreneurial and marketing competence enhancements. They also find evidence for moderation effects of fundraiser characteristics on likelihood of adoption, including gender, age, education, training experience and sectoral affiliation. Furthermore, the authors show that the relative importance of different motives varies by the type of crowdfunding model used.


The original aspects of the study include the examination of adoption motives in an emerging market context and the distinguishing between entrepreneurs’ adoption motives based on different gender, age, education, training experience, sectoral affiliation and crowdfunding model used. Moreover, the authors show that enhancement of competencies is a more dominant motive in the emerging market context than mentioned in earlier studies in developed contexts.

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Meghouar, H., Ezzahid, H.-A. and Shneor, R. (2023), "What drives the use of crowdfunding by micro-entrepreneurs in Morocco? – exploring fundraiser motives and characteristics", Journal of Entrepreneurship in Emerging Economies, Vol. ahead-of-print No. ahead-of-print.

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Despite promises of financial democracy, studies find differences between males and females in both the scale of their crowdfunding backing behavior and the factors impacting it. These are often explained by social feminist theory claiming that gender differences arise from dissimilar life experiences or socialization. In the current study we identify the most pervasive of gender differences and examine whether they apply in a relatively more gender equal society, where dissimilar life experiences or socialization should be minimal. Here, crowdfunding is assumed to remove traditional structural and technical barriers, while gender equality is assumed to remove socio-normative barriers for women’s engagement in venture funding. Accordingly, we test related hypotheses based on survey data collected from users of a reward crowdfunding platform in Finland, a society ranking high on gender equality. For both males and females, findings show that self-efficacy has a positive association with intentions; and that risk perceptions and susceptibility to social influence are not associated with intentions. Homophily is positively associated with intentions in females only, while pro-social orientation is positively associated with intentions in males only. Intentions are positively associated with behavior in both genders, and that effects on behavior mediated by intentions follow the same patterns.

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Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.


The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.


The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.


This study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

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Efrat, K., Gilboa, S., Wald, A. and Shneor, R. (2023), "Loyalty and well-being explain serial crowdfunding backing behavior: an empirical test of complementary theories", Internet Research, Vol. ahead-of-print No. ahead-of-print.

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Earlier research into crowdfunding adoption has drawn on social psychology, trust, signaling and well-being theories. Despite its wide appeal and use, the technology acceptance model (TAM) has received little attention in terms of explaining the adoption of crowdfunding platforms. The current study examines the applicability of two versions of this framework: the original TAM1 and the extended TAM2 frameworks.


Data were collected through a survey distributed to the users of Finland's leading reward crowdfunding website, Mesenaatti, who have backed crowdfunding campaigns previously. The authors employed structural equation modelling (SEM–lavaan package) and conducted a series of quality tests to alleviate concerns with certain biases.


Analyses of 556 observations exhibit support for all hypotheses underlying both TAM frameworks, with two exceptions. Contrary to expectations, voluntariness does not moderate the effect of subjective norms on contribution intentions, and the effect of perceived ease-of-use is primarily mediated by perceived usefulness, rather than directly influencing intentions.


First, the study extends the generalizability of TAM to the context of crowdfunding and with respect to financial contribution behavior. Second, it shows that backers' perceptions of platform usefulness and ease-of-use are important antecedents of crowdfunding contribution behavior, and that the former exerts greater influence than the latter. Third, it further clarifies the influences of relevant antecedents of crowdfunding backers' contribution intentions and behaviors. Specifically, the authors show that experience only weakly moderates the influence of subjective norms on contribution intentions, and voluntariness does not moderate this association. The authors discuss explanations for these findings and their implications for research and practice.

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Baah-Peprah, P. (2023), Explaining reward crowdfunding backers' intentions and behavior, Baltic Journal of Management, Vol. 18 No. 2, pp. 262-281.

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This study examines the association among relationship types, their strength, and contribution behavior in reward crowdfunding. We analyzed data on 568 relational dyads between fundraisers and backers from successful campaigns on KarolinaFund. We collected data from fundraisers and classified the relations they had with backers before the campaign, and their strength. Our findings show that pre-existing relations contribute to a greater extent than previously unknown backers. Among backers with whom relations exist prior to the campaigns, those that have stronger relations with the fundraiser make higher contributions. Strength of relations negatively moderates the association between purely private relations and contribution extent, and positively moderates the association between professional relations and contribution extent. When comparing sub-samples of early and late contributors, we find that private relations contribute to a significantly greater extent at earlier stages, and professional relations contribute to a significant lesser extent in later stages.

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Shneor, R., L. Zhao, and J. Fabian Michael Goedecke, On relationship types, their strength, and reward crowdfunding backer behavior. Journal of Business Research, 2023. 154: p. 113294 DOI:

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The equity crowdfunding industry has grown significantly in the past decade. Industry life cycle theory suggests that growth dynamics and relations between stakeholders change as industries mature. The present study examines the characteristics and implications of maturation in the equity crowdfunding industry via the lens of industry life cycle theory. Specifically, we explore whether the industry is reverting to traditional entrepreneurial finance practice, or whether it retains its original distinguishing characteristics. Accordingly, we first assess changes with respect to users (investors) and products (campaigns and investment objects). Second, we assess the implications of these changes by comparing the determinants of fundraising campaign success in earlier and later industry stages. We use a longitudinal database and survey data sourced from a long-standing European equity crowdfunding platform. We show that equity crowdfunding seems to be converging towards traditional entrepreneurial finance practice, yet maintaining certain unique features stemming from digitality, platform nature, and investor diversity. Specifically, we show that (1) fundraising ventures and their campaigns have become larger and more professional, and (2) engaged investors became more knowledgeable and return-oriented. Accordingly, traditional investment criteria, such as team and commercial terms ratings, have become more important predictors of campaign success, and easily observable campaign characteristics, such as B2C business models, and minimum investment thresholds, less so. The findings support platform managers and entrepreneurs as they plan for campaigns seeking to attract investors in the industry's later stages.

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Lukkarinen, A., Shneor, R., & Wallenius, J. (2022). Growing pains and blessings: Manifestations and implications of equity crowdfunding industry maturation. Decision Support Systems, 157, 113768. doi:

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This article focuses on entrepreneurs’ self-funding behavior in the reward crowdfunding context and its relation to crowdfunding success. Theoretically anchoring our discussion in signaling theory, we argue that self-funding sends similar information to that conveyed by quick-fix bootstrapping efforts. Accordingly, we hypothesize that self-funding behavior is positively associated with crowdfunding success as it can help alleviate uncertainties around a fundraiser’s intent and quality as perceived by prospective backers. To show this, we use a sample of 1,583 campaigns collected from Zhongchou, the largest Chinese reward-based crowdfunding platform, to test our hypotheses. Our results demonstrate that entrepreneurs' direct self-funding is positively associated with crowdfunding success. Moreover, this effect is partially mediated by the quality of campaigns’ content elements.

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Zhao, L., Shneor, R., & Sun, Z. (2022). Skin in the game: Self-funding and reward crowdfunding success. Business Horizons, 65(1), 89-100. https://doi.orh/10.1016/j.bushor.2021.09.007

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Crowdfunding research often understates the campaign marketing dynamics that are at play. In this paper, we develop a trust-based crowdfunding campaign marketing framework (TCMF). Since trust underlies online transactions our framework highlights four trust conditions (trust deficit, information trust deficit, relationship trust deficit, and trust surplus) fundraisers face when launching their campaigns, each requiring a different marketing strategy (minimalist, technician, influencer, and innovator) for enhancing trust between fundraisers and prospective funders. Moreover, we compare the TCMF with earlier theoretical frameworks, while highlighting its unique contributions. Finally, we suggest the application of big data analytics in practical use of the TCMF.

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Baah-Peprah, P., & Shneor, R. (2022). A trust-based crowdfunding campaign marketing framework: theoretical underpinnings and big-data analytics practice. International Journal of Big Data Management, 2(1), 1-24.

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The intersection of gender and entrepreneurship has received growing attention in recent years from academics, practitioners, and policy makers. The current paper reviews research on what influences women’s demand for- and supply of entrepreneurial finance, while suggesting a conceptual approach untangling contradictory findings in earlier studies. This is achieved through a systematic literature review of 113 carefully selected papers, published between 1989 and 2019. Specifically, the review includes 77 studies dedicated to female access to finance, 32 studies on female investment behaviour, and 4 studies addressing both. We find that inconsistent findings can be traced to a combination of wide theoretical plurality in one-half of the studies and an absence of theoretical anchoring in the other half, calling for conceptual integration of existing theories with feminist critiques. Accordingly, we propose integrative conceptual frameworks highlighting the roles of explicit and symbolic factors impacting women’s access to- and investment of- financial resources. This approach led us to suggest that refocusing research on symbolic and intangible factors may help uncover new associations, otherwise obscured in earlier research. Furthermore, the inclusion of interaction terms with gender-related variables may also help untangle existing inconsistencies.

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Serwaah, P., & Shneor, R. (2021). Women and entrepreneurial finance: a systematic review. Venture Capital, 23(4), 291-319.

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Crowdfunding, gender and the promise of financial democracy: a systematic review


The purpose of this study is to review the literature at the intersection of crowdfunding and gender, while examining the extent to which crowdfunding has enhanced female financial inclusion and participation.


A systematic literature review was conducted across 47 studies from 2011 to April 2021.


Most studies suggest that the likelihood of success or failure of female-led campaigns depends on external factors associated with opportunities. The study points to a general trend where although female participation has not achieved its full potential, it is greater than in other channels, while enjoying higher chances of success for female fundraisers. The study highlights gaps in the literature and the associated opportunities for future research emerging from them.


This study is the first attempt to summarise and sensitise the literature on crowdfunding and gender. The study highlights the importance of analysing the impact of context on the conceptualisation of gender in alternative finance.

Download of journal version available HERE

Serwaah, P. (2021). Crowdfunding, gender and the promise of financial democracy: a systematic review. International Journal of Gender and Entrepreneurship, ahead-of-print(ahead-of-print).

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Individualism, collectivism and reward crowdfunding contribution intention and behavior

The study examines the role of the individualism-collectivism (IDV) cultural dimension in reward crowdfunding contribution intentionality and behavior. An extended Theory of Planned Behavior framework is used for comparative analysis using survey data collected from users of national platforms from opposing cultures along the IDV dimension – China and Finland. Main findings suggest that: attitudes are positively associated with information sharing and financial contribution intentions in both cultures; collectivism enhances the effects of subjective norms on both intentions; behavior control is more strongly observed in individualistic cultures; and information sharing intentions are more strongly associated with contribution behavior in collectivistic cultures.

Electronic Commerce Research and Applications


Free download of journal version available HERE

Shneor, R., Munim, Z. H., Zhu, H., & Alon, I. (2021). "Individualism, collectivism and reward crowdfunding contribution intention and behavior". Electronic Commerce Research and Applications, 47, 101045. doi:

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Internet Research


The transition from novice to serial crowdfunders: behavioral antecedents and well-being drivers

Purpose - Serial crowdfunders are vital to the advancement of crowdfunding, either by launching subsequent campaigns or by mentoring novice (first-time) crowdfunders. However, research on crowdfunders’ drivers has focused on either novice crowdfunders’ motivations or the factors contributing to serial crowdfunders’ success. The present study aims to complement existing knowledge on serial crowdfunders by exploring behavioral and well-being aspects that drive novice crowdfunders to become serial crowdfunders.


Design/methodology/approach - Data on crowdfunders were retrieved through in-depth interviews with 42 novice and 17 serial crowdfunders on a list provided by the largest crowdfunding platform in Israel. Complementary data were collected from interviews with the chief executive officers (CEOs) of two leading rewards and donations platforms in Israel and from the contents of the pages of crowdfunding campaigns. A four-stage process of content analysis was applied.


Findings - Novice and serial crowdfunders follow different logics. While novice crowdfunders’ motivations and behavior can mostly be explained by the theory of planned behavior (TPB) and follow a more rational process, serial crowdfunders’ motivations and behavior are guided by aspects of well-being.


Originality/value - The findings show that the more rational process described by the TPB and the dimensions of well-being interacts in a circular way to motivate serial operations by crowdfunders. Well-being is also manifested in the maintenance of social ties and the development of social capital, which are crucial for serial entrepreneurs.

For journal version please contact Prof. Efrat Kalanit or see HERE

Efrat, K.Wald, A. and Gilboa, S. (2021), "The transition from novice to serial crowdfunders: behavioral antecedents and well-being drivers ", Internet Research, Vol. ahead-of-print No. ahead-of-print.

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Electronic Markets 


The role of social trust in reward crowdfunding campaigns’ design and success

Trust is critical for successful participation in online marketplaces. In crowdfunding, fundraisers seek to win the trust of potential supporters towards contributing to their projects despite risks of non-delivery or deviations from campaign promises. This study explores how cultural differences in social trust proclivities influence reward crowdfunding campaign design and success. Specifically, we analyze data about 700 campaigns from a relatively high social trust society (HTS) – Finland, and 700 campaigns from a relatively low social trust society (LTS) – Poland. We find that sharing campaign information via social media is positively associated with campaign success in both contexts. Building on the Elaboration Likelihood Model, we show that central route cues to persuasion are more prevalent in campaigns from LTS vs. HTS, and that some peripheral cues are more prevalent in campaigns from HTS than LTS. Finally, we find partial support that central route cues are more important for campaign success in LTS.

Free download of journal version available HERE

Shneor, R., Mrzygłód, U., Adamska-Mieruszewska, J. and Fornalska-Skurczyńska, A. (2021) "The role of social trust in reward crowdfunding campaigns’ design and success". Electron Markets.

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International Journal of Entrepreneurial Behavior and Research


The emergence of well-being in crowdfunding: a study of entrepreneurs and backers of reward and donation campaigns

Purpose - The current study explores the emergence of well-being, a fundamental human goal, in the crowdfunding process by investigating entrepreneurs and backers' interactions within reward and donation campaigns.


Design/methodology/approach - The study is based on interviews with 64 entrepreneurs and 50 backers of rewards and donation campaigns.


Findings - The analysis revealed that the crowdfunding experience triggers all three aspects of well-being––hedonic, eudaimonic and social––for both entrepreneurs and backers. These aspects emerged in the course of the campaign's life stages.


Originality/value - The study establishes well-being as a core aspect of entrepreneur–backer interaction and shows how entrepreneurs' well-being feeds back into backers' well-being and vice versa. Furthermore, it illustrates how well-being, in its various aspects, develops during the different stages of the crowdfunding process to facilitate a full well-being experience and a sense of accomplishment for both types of participants.

For journal version please contact Prof. Efrat Kalanit or see HERE:

Efrat, K.Gilboa, S. and Wald, A. (2021), "The emergence of well-being in crowdfunding: a study of entrepreneurs and backers of reward and donation campaigns", International Journal of Entrepreneurial Behavior & Research, Vol. 27 No. 2, pp. 397-415.

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International Journal of Emerging Economies


Determinants of crowdfunding intention in a developing economy: ex-ante evidence from Bangladesh

Purpose - SME funding gaps in developing economies are substantial. Crowdfunding is an innovative way to raise funds that may be part of the solution for closing such gaps. The purpose of this study is to investigate the determinants of crowdfunding contribution intentions in the context of a developing country –Bangladesh.

Design/methodology/approach -The authors collect data by using a structured questionnaire distributed through Facebook. The analysis is based on data collected from 252 valid responses and uses the ordered probit regression for estimation. For robustness, the authors also estimate the hypothesized model using ordered logistic regression and OLS regression finding identical results.


Findings - The authors find that liking the campaign idea and positive media coverage of a crowdfunding campaign have a positive association with crowdfunding contribution intention. Surprisingly, personal relations, others' recommendation and the location of the campaign's owner were not significantly associated with crowdfunding contribution intention in our study. Moreover, respondents' location in Bangladesh (vs. abroad) and their age are positively associated with contribution intention, while education is negatively associated with intention.


Originality/value - Earlier studies focused on the determinants of ex post crowdfunding intentions in developed and more mature crowdfunding markets. The authors contribute by examining ex ante crowdfunding contribution intentions in the developing economy of Bangladesh, which is at the market's inception stage.

For journal version please contact authors or see HERE

Munim, Z.H.Shneor, R.Adewumi, O.M. and Shakil, M.H. (2020), "Determinants of crowdfunding intention in a developing economy: ex-ante evidence from Bangladesh", International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print.

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Baltic Journal of Management


Crowdfunding success: a systematic literature review 2010–2017

Purpose - The paper takes stock of accumulated knowledge on factors impacting the success of online crowdfunding (CF) campaigns while suggesting opportunities for future research development.


Design/methodology/approach - A Systematic Literature Review of 88 academic papers published between 2010 and 2017. Papers were collected from four academic databases and published in 65 different journals. The review addresses issues related to theory, methods, context, findings and gaps. Overall, the paper presents an analysis of 1,718 associations between 111 aggregated independent variables (from 927 variables) with six main aggregated success indicators.

Findings - Most research involves quantitative analyses of public data collected from reward-CF platforms. More research is required in equity, lending, donation and other CF contexts. Existing studies are mostly anchored in theories of signaling, social capital and elaboration likelihood. There is a need for wider conceptualization of success beyond financial indicators. And based on aggregated summaries of effects, the paper suggests a series of CF success models, while outlining an agenda for future research.

Research limitations/implications - Studied phenomenon is in its early days of existence, and hence biased by the circumstances of a new industry. Moreover, the current review only covers published journal articles in English.


Practical implications - Findings of factors impacting campaign success can inform fundraisers in building campaigns, as well as platforms in adjusting systems and services toward responsibly enhancing campaign success. Moreover, identified gaps can inform on what has not been sufficiently documented and may be a source of competitive advantage.


Originality/value - A comprehensive review of research on CF success factors at factor level, a coherent agenda for future research development and a series of evidence-based models on most prevalent factors impacting CF success by CF model

Free download of accepted paper available HERE

For journal version please contact authors or see HERE

Shneor, R. and Vik, A.A. (2020), "Crowdfunding success: a systematic literature review 2010–2017", Baltic Journal of Management, Vol. 15 No. 2, pp. 149-182. doi:

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Baltic Journal of Management


The role of supporter engagement in enhancing crowdfunding success

Purpose - Recent research has addressed the marketing aspects incorporated in crowdfunding activity, establishing their relevance to campaign success. In line with this, research has begun to explore the behavioral aspects of crowdfunding participants, drawing on the buyer–seller interaction. The purpose of this paper is to expand on this trend by investigating the role of supporter engagement and its link to campaign success.

Design/methodology/approach - The proposed model was tested using structural equation modeling analysis. Data collection was based on a survey of 116 supporters, combined with outcome data of 530 crowdfunding campaigns.


Findings - The study’s findings revealed that supporters distinguish between their engagement to the campaign and to the campaign’s creator. However, both aspects of engagement affect community establishment and supporters’ promotion efforts. The authors also found that these indicators of engagement are associated with campaign success.


Originality/value - Research on crowdfunding supporters have focused to date on criteria contributing to campaigns success, exploring the motivational aspects associated with such activity. The current study expands this perspective by examining supporters’ engagement, differentiating between engaging with the creator and engaging with the campaign. Recommendations for creators include making efforts to establish supporter engagement to facilitate active promotion and shape future support intentions, thus facilitating enhanced outcomes for both current and future campaigns.

For a copy please contact Prof. Kalanit Efrat. Limited access download available HERE


Efrat, K.Gilboa, S. and Sherman, A. (2020), "The role of supporter engagement in enhancing crowdfunding success", Baltic Journal of Management, Vol. 15 No. 2, pp. 199-213.

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Baltic Journal of Management


Pure donation or hybrid donation crowdfunding: Which model is more conducive to prosocial campaign success?

Purpose - Despite the growing research exploring the possibility and feasibility of financing socially oriented projects through crowdfunding, relatively little research examines which crowdfunding model is better to serve such purpose. The purpose of this paper is to offer novel insights to mitigate this research gap.

Design/methodology/approach - A unique data set collected from the largest Chinese crowdfunding platform is used to test the hypotheses. To solve the perceived self-selection problem, the propensity score matching method is adopted in this paper. Based on this approach, the results of similar prosocial campaigns in two different models (pure donation and hybrid donation) are compared.

Findings - The empirical results show that the hybrid donation model is negatively associated with the status of success and the extent of success of prosocial campaigns. Specifically, compared to the pure donation model, hybrid donation model leads to a lower probability of success, fewer contributors, a lower funding amount and a lower completion ratio.

Originality/value - The paper contributes to a relatively understudied theme in crowdfunding, namely, donations. It does so by introducing the concepts of pure vs hybrid donation models and investigates the model selection problem in financing social projects through crowdfunding based on cognitive evaluation theory.

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Editorial: Advancing crowdfunding research: new insights and future research agenda

Purpose – The editorial introduces the papers included in the special issue by highlighting their contributions to advancing crowdfunding research and identifying remaining gaps to be addressed in future research.


Design/Methodology/Approach – A review of the papers included in the special issue supplemented by suggestions for future research.


Findings – While mostly covering the aspects directly or indirectly related to campaign success, the papers included in this special issue provide insights from less studied contexts and address relatively underexplored factors impacting crowdfunding practice. The papers focus on understanding backer-fundraiser relationships and behavior, platform and model choice, as well as industry self-regulation. Triggered by emerging insights, the editorial highlights three important themes for future research, i.e. relationship with traditional finance, ethical practice and decision-making, and internationalization of platforms.


Originality/value - This editorial and special issue cover new research advancing understanding of crowdfunding practice, motivation, success, and industrial organization. It provides new insights from both widely and less studied contexts, while exploring the role of important factors in the crowdfunding process, which have thus far been underexplored.

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Electronic Markets


Relationship approach to crowdfunding: how creators and supporters interaction enhances projects’ success

Crowdfunding has become a popular course for early-stage financing for a variety of campaigns. Research had focused mainly on factors contributing to campaigns’ success, examining the creators and the supporters discretely. The current study contributes to the literature by exploring the interaction between creators and supporters. This interaction comprises a central contribution to campaign success. Relationship marketing was adopted to facilitate a better understanding of the relationship-based aspects of the interaction. The study combines survey-based data collection from samples of creators and supports, and success measures retrieved from the crowdfunding platforms. Our findings revealed significant differences in views between creators and supporters regarding the role of communication, commitment, bonding, and trust in their interaction. These differences can impact campaigns’ success rates.

For a copy please contact Prof. Kalanit Efrat. Limited access download available HERE

Efrat, K., Gilboa, S., & Sherman, A. (2020). Relationship approach to crowdfunding: how creators and supporters interaction enhances projects’ success. Electronic Markets, 30, 899-911. doi:10.1007/s12525-019-00391-6

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Journal of Business Research


Reward crowdfunding contribution as planned behaviour: An extended framework

Reward crowdfunding is a popular channel for entrepreneurial fundraising, whereby backers receive non-monetary benefits in return for monetary contributions while accepting risks of non-delivery on campaign pitch promises. To understand contribution behavior in this context, we apply the Theory of Planned Behavior (TPB) for analyzing contribution intentionality and behavior, as well as their antecedents. We use survey data from 560 users of Finland's leading reward crowdfunding platform– Mesenaatti. Our findings show that an extended TPB model holds for reward crowdfunding and that both financial-contribution intentions and information-sharing intentions predict behavior. This highlights the dual nature of reward crowdfunding-contribution intentions and behavior, where information sharing helps reduce information asymmetry and serves as a quality signal in support of financial contribution. This paper also presents significant differences in attitudes, self-efficacy, financial contribution and information-sharing intentions between high-sum and low-sum contributors.

Free download available HERE

Shneor, R. & Munim, Z. H. (2019). Reward crowdfunding contribution as planned behaviour: An extended framework. Journal of Business Research, Vol. 103, No. ahead of print, pp. 56-70. doi:


Chinese Management Studies


Guanxi, trust and reward-based crowdfunding success: a Chinese case

Purpose - This paper aims to examine different hypotheses concerning the effects of guanxi on the reward-based crowdfunding project fundraising. Specifically, this study provides new insights into how guanxi and guanxi intensity may affect reward-based crowdfunding success and project performance in the Chinese context.

Design/methodology/approach - The research data including 989 crowdfunding projects were collected from which is the largest reward-based crowdfunding platform in a one-year period (2014.1-2014.12). The hypotheses are tested by using robust OLS regressions and robust logistic regressions. Robustness check was also conducted to test the validation of the results.

Findings - This paper found that project developers’ guanxi-establishing behavior conducted before launching their own projects such as being fans of other projects and supporting other projects are positively related to project success. In addition, the intensity of guanxi-establishing behavior positively influences project performance in a significant way. Besides, the establishment and maintenance of project developers’ guanxi with funders during the fundraising process are also positively associated with project success and fundraising performance.

Originality/value - Based on the theory of trust, this paper offers an interesting and novel perspective to investigate reward-based crowdfunding success in the Chinese context by taking guanxi and guanxi intensity into consideration.

For a copy please contact Dr. Liang Zhao. Limited access download available HERE

Liang Zhao and Tsvi Vinig (2019) "Guanxi, trust and reward-based crowdfunding success: a Chinese case", Chinese Management Studies, Vol. 14, No. 2, pp. 455-472. doi:


Review of Behavioral Finance


Hedonic value and crowdfunding project performance: a propensity score matching-based analysis

Purpose - In the existing literature on crowdfunding project performance, previous studies have given little attention to the impact of investors’ hedonic value and utilitarian value on project results. In a crowdfunding setting, utilitarian value is somehow hard to satisfy due to information asymmetry and adverse selection problem. Therefore, the projects with more hedonic value can be more attractive for potential investors. Lucky draw is a method to increase consumer hedonic value, and it can influence investors’ behavior as a result. The authors hypothesize that projects with hedonic treatment (lucky draw) may have higher probability to win their campaign than others. The paper aims to discuss these issues.

Design/methodology/approach - A unique self-extracted two-year Chinese crowdfunding platform real data set has been applied as the analysis sample. The authors first employ propensity score matching methods to control for the endogeneity of hedonic treatment adoption (lucky draw). The authors then run OLS regression and probit regression in order to test the hypotheses.

Findings - The analysis suggests a significant positive relationship not only between project lottery adoption and project results but also between project lottery adoption and project popularity.

Originality/value - The results suggest that an often ignored factor – hedonic treatment (lucky draw) – can play an important role in crowdfunding project performance.

For a copy please contact Dr. Liang Zhao. Limited access download available HERE

Zhao, L. & Vinig, T. (2017). Hedonic value and crowdfunding project performance: a propensity score matching-based analysis. Review of Behavioral Finance, Vol. 9, No. 2, pp. 169-186. doi:

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