Communication and the role of third-party endorsement in social crowdfunding

ABSTRACT

Many studies have underlined the role of updates, pictures, videos, and narrative sections in reducing information asymmetry and producing positive signaling effects for crowdfunding projects. However, research on the role of external entities that partially co-finance projects and thus mitigate information asymmetry problems is almost non-existent. Based on fuzzy-set qualitative comparative analysis (fsQCA), this study focuses on two groups of factors capable of mitigating asymmetric information problems: content communication (measured by words, videos, pictures, and updates) and endorsement from third-party. The study sample consists of 114 successful social crowdfunding projects posted on Eppela, an Italian crowdfunding platform launched in 2011. The study provides new evidence of the role of third-party investors. In social crowdfunding, the relevance of content communication seems to vary depending on the presence or absence of a third-party investor. The study also highlights the role of a broad content communication approach in fundraising in the social crowdfunding market.

众多最新研究通过图片、视频和论证性分析对减少信息不对称和引导促进众筹项目的正向作用方面做出了不少的贡献。但对从缓解信息不对称角度开展部分合作筹资项目的外部性实体研究近乎不存在。本文基于模糊集定性比较分析(fsQCA) 对能够缓解信息不对称问题的两大类因素：通过文字、视频、图片和更新来度量的沟通交流和第三方资助开展分析研究。本研究基于2011年成立的意大利众筹平台Eppela上的114个成功的社会众筹项目研究样本分析。这项研究为第三方众筹资助者的作用提供了新的证据。在社会众筹中，主题传播的相关性似乎取决于第三方投资者的存在与否。该研究还强调了在社会众筹市场中广泛的主题传播方法在筹资中的作用。

KEYWORDS:

• Crowdfunding
• content communication
• fuzzy-set qualitative comparative analysis (fsQCA)
• co-funding
• social ventures

关键词:

• 众筹、主题传播、模糊集定性比较分析(fsQCA)、联合融资、社会创业

Disclosure statement

No potential conflict of interest was reported by the author(s).