Hedonic Signals in Crowdfunding: A Comparison across Crowdfunding Platform Types
Journal
Business & Information Systems Engineering
Type
journal article
Date Issued
2024-02-12
Author(s)
Research Team
IWI7
Abstract
This study draws on signaling theory to investigate the effect of hedonic signals in crowdfunding projects on funding performance. It compares the effect of hedonic signals across reward-, equity-, and donation-based crowdfunding platforms by combining archival data from 18 platforms and a large-scale panel of 64 experts that rate the strength of hedonic signals in 108 crowdfunding projects. Through the application of mixed linear modeling, the findings indicate a positive influence of stronger hedonic signals on funding performance. However, there are substantial differences across platform types. Increasing the strength of hedonic signals by one standard deviation increases funding performance by 28.9% on reward platforms, while there are no systematic effects on equity and donation platforms. This study contributes to existing crowdfunding research by clarifying the role of hedonic signals in crowdfunding and shedding light on the increasing need to better consider the characteristics of different crowdfunding platforms in crowdfunding research.
Language
English
Keywords
Crowdfunding
Crowdfunding Platforms
Signaling Theory
Hedonic Value
Comparison
HSG Classification
contribution to scientific community
Refereed
yes
Publisher
Springer
Volume
Accepted for publication
File(s)![Thumbnail Image]()
Name
BlohmEtAl_HedonigSignalsCrowdfunding_2024.pdf
Size
599.16 KB
Format
Adobe PDF
Checksum (MD5)
73ef3cc72790216999a7fea964fda0e4