Abstract
Different from most of the existing studies, this paper analyzes the financing performance of crowdfunding projects in an asymmetric way. Qualitative comparative analysis has been conducted for antecedent conditions extracted from previous studies using the objected data collected from a Chinese leading crowdfunding platform, JD Crowdfunding. We find that all the antecedent conditions exercise both main and contrarian effects on the financing performance. In addition, progress updates number and history investments number are the most important positive factors, meanwhile financing goal and the minimum pledge amount the most important negative ones. The impact of a single antecedent factor on the financing performance has been proved to depend on the attribute combination it exists rather than remain the same. This study helps expand the crowdfunding performance research field by adopting the QCA method and provides a clearer understanding of the configurational impact on financing performance from asymmetrical perspective. Finally, implications for both research and practice have been discussed.DOI: http://dx.doi.org/10.5755/j01.ee.28.1.15422
Highlights
Crowdfunding, which stems from the conceptions such as micro-finance and crowdsourcing, aims to help entrepreneurs fund their enterprises by drawing on relatively small contributions from a large number of individuals via the internet
Main Conclusions Personal networks, underlying project quality and geography are significantly associated with the successful fundraising
Based on the study on the underlying dynamics among CF projects where the project data have been employed on the Kickstarter, personal networks are significantly associated with the successful fundraising (Mollick, 2014)
Summary
Crowdfunding, which stems from the conceptions such as micro-finance and crowdsourcing, aims to help entrepreneurs fund their enterprises by drawing on relatively small contributions from a large number of individuals via the internet. Mollick, (2014) regards CF goal, duration, project update and the number of Facebook fans as influencing factors of CF performance. Research done by Mollick (2014) and Zheng et al (2014) shows that the number of social media fans affects the performance of the CF projects positively, while Liao et al (2015) claim that the financing performance is negatively correlated with the number of the fans. These contradictions give rise to the central questions of our research: What effect do the influencing factors exactly have on CF performance? The data set used in this study is the information of the successfully financed reward-based
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