Research on the Influencing Factors of Crowdfunding Project Financing Performance: Based on the Six Basic Theories of Finance

Abstract

Crowdfunding has emerged as a popular method for financing innovative projects. This study examined the impact of six basic theories of finance on the success of Kickstarter crowdfunding projects in the creative and innova-tion categories, with a funding goal between $10,000 and $1,000,000. Col-lected data on a sample of 5,270 successfully funded projects and used web scraping techniques to extract the relevant information, along with conduct-ing interviews with the project creators to gather additional information. The six basic finance theories were operationalized as time value of money, risk and return, diversification, asset allocation, market efficiency, and behavior-al finance. Used a multiple regression model to analyze the data and found the time value of money, return, diversification, behavioral finance, and as-set allocation have a positive impact on the success of crowdfunding, while risk and market efficiency have a negative impact on the success of crowd-funding, albeit weak. This study contributes to the existing literature on crowdfunding and provides insights for project creators and investors on op-timising crowdfunding success.