دانلود رایگان مقاله لاتین تصمیم گیری در مورد سرمایه گذاریاز سایت الزویر
عنوان فارسی مقاله:
تاثیر اطلاعات آنلاین در تصمیم گیری در مورد سرمایه گذاری مبتنی بر پاداش مبتنی بر مخارج
عنوان انگلیسی مقاله:
The influence of online information on investing decisions of reward-based crowdfunding
سال انتشار : 2017
برای دانلود رایگان مقاله تصمیم گیری در مورد سرمایه گذاری اینجا کلیک نمایید.
بخشی از مقاله انگلیسی:
2. Literature review
2.1. Crowdfunding and reward-based crowdfunding The research community has paid attention to crowdfunding due to its popularity in practice. The preliminary research findings focus on the following three areas. First, some studies have discussed the definition of crowdfunding and the crowdfunding business model. The concept of crowdfunding originated from crowdsourcing, a broader concept, which refers to using the crowd to obtain ideas, feedback, and solutions to develop corporate activities (Belleflamme, Lambert, and Schwienbacher, 2014; Bayus, 2013; Kleemann, Voß, and Rieder, 2008). In one of the few published overviews of the topic, Schwienbacher and Larralde (2010) defined crowdfunding as “an open call, essentially through the Internet, for the provision of financial resources either in form of donation or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes.” Buysere, Gajda, Kleverlaan, and Marom (2012) stated that crowdfunding could be defined as “a collective effort of many individuals who networked and pooled their resources to support efforts initiated by other people or organizations.” However, Mollick (2014) argued that for academics examining new ventures and entrepreneurial finance where crowdfunding is particularly salient, a narrower definition of the term is preferable. He gave this definition of crowdfunding: “Crowdfunding refers to the efforts by entrepreneurial individuals and groups cultural, social, and for profit to fund their ventures by drawing on relatively small contributions from a relatively large number of individuals using the internet, without standard financial intermediaries.” After clarifying the definition of crowdfunding, Hemer (2011) argued that the categorization of the four main types of crowdfunding (donation-based, reward-based, lending, and equity) is based on what, if anything, investors receive for their contributions, and the legal complexity and the degree of information asymmetry between fundraiser and investor differ significantly depending on the type of crowdfunding. Second, some studies have explored the motivations of entrepreneurs and sponsors to participate in crowdfunding activities. Gerber et al. (2012), through a qualitative exploratory study of creators and funders on three popular crowdfunding platforms, found that creators are motivated to participate to raise funds, receive validation, connect with others, replicate successful experiences of others, and expand awareness of work through social media. Funders are motivated to participate in order to seek rewards, support creators and causes, and strengthen connections with people in their social networks. Third, some scholars have investigated the influential factors on crowdfunding performance. Mollick (2014) summarized that personal networks and underlying project quality are associated with the success of crowdfunding efforts. Zheng et al. (2014) conducted a comparative study using objective data collected from China and the U.S., and found that an entrepreneur's social network ties, obligations to fund other entrepreneurs, and the shared meaning of the crowdfunding project between the entrepreneur and the sponsors had significant effects on crowdfunding performance in both China and America. Agrawal, Catalini, and Goldfarb (2010) focused on crowdfunding more specifically. They examined the geographic origin of consumers who invest on the Sella Band platform and observed that “the average distance between artist-entrepreneurs and investors is about 3000 miles, suggesting a reduced role for spatial proximity.” However, they established that distance still plays a role insofar as “local investors invest relatively early, and they appear less responsive to decisions by other investors.” Mollick (2014) also examined the geography of crowdfunding using data from Kickstarter to examine the determinants of success in crowdfunding ventures. Kuppuswamy and Bayus (2013) examined funded projects listed on Kickstarter and showed that social information (i.e., other crowdfunders' funding decisions) plays a key role in the success of a project. Ahlers et al. (2015) stressed in turn the importance of information going from the entrepreneur to the crowd. Using Australian data, they analyzed equity crowdfunding (i.e., crowdfunding involving equity issuance), presenting evidence that successful crowdfunding initiatives rely on credible signals, quality of the start-up, and sound information disclosure to the crowd.
برای دانلود رایگان مقاله تصمیم گیری در مورد سرمایه گذاری اینجا کلیک نمایید.
کلمات کلیدی:
22222
