Individual crowdfunding practices

被引:282
作者
Belleflamme, Paul [1 ,2 ,3 ]
Lambert, Thomas [2 ]
Schwienbacher, Armin [4 ]
机构
[1] Catholic Univ Louvain, Ctr Operat Res & Econometr, Louvain, Belgium
[2] Catholic Univ Louvain, Louvain Sch Management, Louvain, Belgium
[3] CESifo Res Network, Munich, Germany
[4] Univ Lille Nord France SKEMA Business Sch, Lille, France
关键词
crowdfunding; nonprofit; pre-ordering;
D O I
10.1080/13691066.2013.785151
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This study investigates characteristics of individual crowdfunding practices and drivers of fundraising success, where entrepreneurs can tailor their crowdfunding initiatives better than on standardized platforms. Our data indicate that most of the funds provided are entitled to receive either financial compensations (equity and profit-share arrangement) or nonfinancial benefits (final product and token of appreciation), while donations are less common. Moreover, crowdfunding initiatives that are structured as nonprofit organizations tend to be significantly more successful than other organizational forms in achieving their fundraising targets, even after controlling for various project characteristics. This finding is in line with theoretical arguments developed by the contract failure literature which postulates that nonprofit organizations may find it easier to attract money for initiatives that are of interest for the general community due to their reduced focus on profits.
引用
收藏
页码:313 / 333
页数:21
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