Journal
JOURNAL OF THE ASSOCIATION FOR INFORMATION SYSTEMS
Volume 22, Issue 3, Pages 773-796Publisher
ASSOC INFORMATION SYSTEMS
DOI: 10.17705/1jais.00679
Keywords
Crowdfunding; Elaboration Likelihood Model; Signaling; Online Communication
Funding
- National Science Foundation of China [71971101, 71972090]
- Key Project of Philosophy and Social Science Research in Colleges and Universities of Jiangsu Province [2019SJZDA032]
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This study examines how signals and the herding factor from multiple sources impact crowdfunding success, with a focus on the Chinese reward-based crowdfunding platform. The findings confirm that signals from campaigns and creators, as well as online communication between creators and backers, play significant roles in mitigating information asymmetry concerns and influencing project success.
This paper examines how signals and the herding factor originating from multiple sources complement or substitute for each other's effects in the crowdfunding context. Drawing on the elaboration likelihood model, we propose that signals from campaigns (videos) and creators (experience) can mitigate information asymmetry concerns about project quality and creator credibility and that creator-originating signals offset the effect of campaign-originating signals on crowdfunding success. Further, we posit that online communication between creators and backers (backer comments and creator replies) complements or substitutes for the effects of signals originating from the campaign or creator. We collected and analyzed objective data on 9,884 crowdfunding projects from a major reward-based crowdfunding platform in China and were able to confirm most of our hypotheses.
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