Journal Articles

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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

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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.

Shneor and Maehle.jpg

Baltic Journal of Management


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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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.


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.


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.

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