Abstract
Crowdfunding inevitably must deal with information asymmetry and uncertainty, which makes the timeline especially noteworthy as it is closely related to the crowdfunding journey and is a significant factor in the decision process of investors. However, how a fundraiser should present timeline information to overcome those issues faced by investors remains unknown. Applying signaling theory, this article focused on the timelines presented in crowdfunding campaigns, particularly their clarity, which measures whether timeline information is clear and complete. Data on 20 090 reward-based crowdfunding campaigns for technology category on Kickstarter from 2009 to 2018 were analyzed to find evidence of an inverted U-shaped relationship between timeline clarity and crowdfunding success. The project timeline and delivery timeline, which, respectively, reflect the number of temporal cues fundraisers use to introduce their projects and the planned interval from the end of the campaign to estimated reward delivery, were also found to be influential. Those two timelines, reflecting substantive content, were found to affect the effectiveness of a fundraiser's rhetoric of clarity. These findings provide new insights into the emerging literature of crowdfunding success and timeline research and also contribute to signaling theory and entrepreneurship.
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