49 research outputs found

    The Antecedents and Consequences of Crowdfunding Investors’ Citizenship Behaviors – an Empirical Research on Motivations and Stickiness

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    This study investigates the antecedents (internal and external motivations) and consequences (stickiness intentions) of crowdfunding investors’ citizenship behavior. In addition, this study examines the moderating effects of investors’ perceived project novelty on the relationships between motivations and citizenship behavior. Based on a sample of 226 crowdfunding investors, results indicate that internal and external motivations significantly influence investors’ citizenship behavior, which further affect investors’ stickiness intentions. Furthermore, results show that investors’ perceived project novelty moderates the relationships between internal/ external motivation and citizenship behavior

    HOW DOES THE LAW PROTECT THE CROWD? ABOUT CROWD INVESTOR PROTECTION MECHANISMS INTRODUCED BY THE EU REGULATION 2020/1503

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    Crowdfunding services provide an unconstrained pool of investors who all receive investment proposals at the same time, and they mainly entail the raising of capital from individual people, including those who are not high-net-worth individuals. Crowdfunding allows a company to raise capital without conducting a formal public offering procedure. Equity crowdfunding, as a relatively new form of raising capital for business ventures, raises many doubts in the field of corporate governance. The fundamental advantage of crowdfunding from an entrepreneur’s perspective is that the founder of the company does not have to cede as many rights to crowd investors as he or she would if the investor were a venture capital or private equity fund. As a result, a crowd investor is a passive investor by definition. To unify rules among Member States and create mechanisms of protection for this completely new type of investor, the Regulation (EU) 2020/1503 was enacted. This paper aims to analyze the main investor protection mechanisms included in Regulation 2020/1503 and compare them with MIFID II provisions, which constitute the main protection mechanisms for traditional retail investors. This analysis enables an answer to whether crowd investors are offered a higher level of protection than traditional retail investors. The author of this paper claims that protection mechanisms introduced by Regulation 2020/1503 regarding non-sophisticated investors are an example of increasing paternalism in the financial markets. However, the characteristic of the equity crowdfunding market justifies a higher-level paternalism and intervention in order to protect non-sophisticated investors

    Crowdfunding in German association football clubs: identifying supporters’ drivers to invest

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    This thesis analyses the potential of crowdlending and crowdinvesting to be a valuable financial alternative for professional football clubs in Germany. Given the increasing importance of crowdfunding in other business areas and the necessity for German football clubs to access alternative approaches to financing, the perception of football clubs and supporters with regard to crowdfunding was investigated. The question is whether the fans, who are associated with the club due to their loyalty, could become financing partners. By applying Commitment-Trust Theory, this study examines the antecedents of supporters behavioural intentions to invest and their effect on the key mediating variables of Fan Loyalty and Trust. Semi-structured interviews with financial managers of the football clubs and an online survey with fans (n = 712) were conducted. This sample data was analysed using Structural Equation Modelling. Among three rival models, the partial-mediating model was able to explain 81.4 % of the variance of the sample data. According to the results, the key driver for supporters’ Willingness to Invest is the intrinsic, other-orientated motivation called Perceived Meaningful Contribution. This study has added knowledge to theory by applying the Commitment-Trust framework to crowdfunding motivation within the context of professional German football. Furthermore, the practical contribution is derived from the recommendations for football clubs on how to frame crowdfunding campaigns by highlighting the rewarding feeling of helping their club and the meaningfulness of projects

    Essays on Individuals’ Information Assessment, Information Disclosure, Participation, and Response Behaviors in Online Health Communities

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    The emergence of online health communities (OHCs) has enabled the use of information technologies to address some social and health needs including but not limited to emotional, social, and health-related issues. This information age has encouraged user generated (UG) content, which facilitates both peer-to-peer and business-to-peer interconnections. This rich and active information epoch (i.e., OHCs) is distinct in that value is generated when peers or participants—who may be content generators and/or content consumers—interact together by exchanging information and receiving supports aimed at addressing their specific needs; and this is made possible through the online platforms or support groups acting as the intermediary among users. In this dissertation, I explore the dynamics that take place in OHCs by answering varied sets of questions and addressing and stretching different scholarly discourses including individuals’ information assessment, information disclosure, participation, and response behaviors in OHCs from a variety of theoretical perspectives including disclosure decision-making model and social presence theory, using diverse methodologies such as text analytics, two-stage least squares regression technique, decision trees analysis, and vector autoregression models in the OHC context. The overarching research question is: How does assessment of information and receiver influence patients’ disclosure ability and what user information disclosure mechanisms elicit effective support behaviors in online health communities? Patients with different disease types visit OHCs to get support and this support is made possible because patients participate by interacting with peers and providing responses to each other’s discussion. Support behaviors, especially in the OHC context, is a concept that covers facets such as, provision of response; interactivity or participation in discussions; relationship management; and offering helpful, appropriate, and relevant feedback responses to meet specific information, social, or emotional needs (Huang et al., 2019; Nambisan et al., 2016; Chen et al., 2019). By exploring the research question and with the unique features that these OHC platforms exhibit—the sharing of information, participation, and receiving of supports—these essays make the following contributions. Theoretically, the findings reveal that a patient’s disease type, the sensitivity of information being disclosed, and patient’s expectation of a response show unique effects on disclosure efficacy. These factors constitute mechanisms by which patients in OHCs are motivated to disclose health information in granular forms that elicit effective community responses and feedback. This information exchange mechanisms thereby, facilitate active community participation through giving or receiving of support, and thus, fostering a dynamic interplay between individuals’ disclosure and response behaviors in the online context. Practically, online health community managers can design their platforms to provide automated and customizable tools that improve patients’ information density and information breadth skills for effective response generation; and from the results, platform management can better understand users that are motivated to participate through giving, thereby encouraging those that are weak in receiving. Also, platform managers can improve the skills of those who are weak in giving for users that are motivated to participate through receiving. Essay 1: Promoting Participants’ Information Disclosure and Response Behaviors in Online Health Communities: Disclosure Decision-Making Model Perspective In this first essay, I extend the literature on information disclosure and the disclosure decision-making model (DD-MM) by examining the factors that influence information disclosure (disclosure efficacy) and the effects of disclosure efficacy on the response users receive (response efficacy) at the granular level. Until now, both concepts—disclosure efficacy and response efficacy have been conceptualized as single constructs. This current study breaks new grounds and broaden the DD-MM model by postulating that the subconstructs have different antecedents and consequences. By examining the relationships between the subconstructs of information assessment, disclosure efficacy, and response efficacy using the two-stage least squares regression method, the results reveal some insightful dynamics, otherwise not possible with unidimensional constructs. Essay 2: Investigation of non-linear effects of first impression cues on participation in online health communities: A decision tree induction theory development approach One notable phenomenon that prior literature has extensively explored in OHC platforms is user participation, which is a necessary condition for platform sustainment and value generation. Extant research has studied user participation as a form of giving, that is, how much users participate in online platforms by generating content (e.g., posting messages, replying to messages, or posting pictures).However, participation in OHC platforms can also take the form of receiving (the consumption for content that has been generated – e.g., reading other’s posts, gaining knowledge and support), and this has witnessed little attention in prior research. This third study argues that the giving and receiving participation is a reaction to user initial participation. In this second essay, based on social presence theory (SPT), I use decision tree analysis to interrogate the effect of first impression in the initial posts on users’ giving and receiving participation. The findings provide meaningful insights for advancing research and for assisting platform managers on what to focus on to encourage users’ giving or receiving participation on their platforms. Essay 3: User Two-way Communication Efficacy Behaviors in Online Health Communities: A Longitudinal Study In this second essay, I crack into some unsupported relationships between disclosure efficacy and response efficacy shown in the previous study, which could be due to the use of cross-sectional data in the analysis, giving nonsignificant findings. Over time, it is possible that the effectiveness of the response that disclosers receive could determine whether users will further disclose or not. For example, if a discloser does not receive valuable response that addresses his or her needs, he or she may stop posting or disclosing information on the platform, thus, leading to lurking behaviors or less recommendations for others to join the online platform. This current study proposes a two-way relationship between disclosure efficacy and response efficacy of users’ interactions in online health communities instead of looking at only the one-way relationship from disclosure efficacy to response efficacy (which showed some insignificant results). From an econometric perspective, time has been shown to play a dynamic role on variables and their relationships. Thus, this current paper uses dynamic vector autoregression (VAR) modeling technique with a longitudinal data set to investigate the one-way and two-way relationships between disclosure efficacy and response efficacy and their dimensions (information density and information breadth) and (information persuasiveness and response persuasiveness), respectively. The analysis reveals a recursive relationship between disclosure efficacy and response efficacy and some of their dimensions. This is a departure from some prior literature that proposed a static linear order in end-user information consumption. The significance of the nonlinear recursive relationship is marked extension of the DD-MM model by establishing the reenforcing effect of its key variables

    Is safety a value proposition?:The case of fire inspection

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    Open Problems in DAOs

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    Decentralized autonomous organizations (DAOs) are a new, rapidly-growing class of organizations governed by smart contracts. Here we describe how researchers can contribute to the emerging science of DAOs and other digitally-constituted organizations. From granular privacy primitives to mechanism designs to model laws, we identify high-impact problems in the DAO ecosystem where existing gaps might be tackled through a new data set or by applying tools and ideas from existing research fields such as political science, computer science, economics, law, and organizational science. Our recommendations encompass exciting research questions as well as promising business opportunities. We call on the wider research community to join the global effort to invent the next generation of organizations

    INNOVATIVE DIGITAL START-UPS AND THEIR VENTURE CREATION PROCESS WITH ENABLING DIGITAL PLATFORMS

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    Start-ups have gained media attention since Google, Facebook and Amazon were launched in the 1990s. The book Lean Start-up, published in 2011, was another important milestone for digital start-up literature. As unicorn companies emerge around the world, topics highlighted in the news include the vast amount of capital that digital start-ups are raising, the ways in which these digital ventures are disrupting industries, and their global impact on digital economy. However, digital start-ups, digital venture ideas, and their venture creation process lack a unified venture creation model, as there is a gap in the re-search on entrepreneurial processes in a digital context. This research is an explorative study of the venture creation process of innovative digital start-ups that examines what is missing from entrepreneurial process models in a digital technology context and investi-gates how early stage digital start-ups conduct the venture creation process, starting with the pre-phase of antecedents and ending with the launch and scaling of the venture. The research proposes a novel process model of innovative digital start-up venture crea-tion and describes the nature and patterns of the process. A conceptual model was devel-oped based on the entrepreneurship, information systems, and digital innovation litera-ture and empirically assessed with a multi-method qualitative research design. The data collected from semi-structured interviews, internet sources, and observation field notes covered 34 innovative digital start-ups and their founders. Interviews were conducted in-ternationally in high-ranking start-up ecosystems, and the data were analysed with the-matic analysis and fact-checked by triangulating internet data sources. The contribution to entrepreneurship theory is a new illustrative model of the venture creation process of innovative digital start-ups, including the emergent outcome of the process having a digi-tal artefact at its core (e.g., mobile apps, web-based solutions, digital platforms, software solutions, and digital ecosystems). Digital platforms and their multiple roles in the process are presented, as well as the role of critical events as moderators of the process which trigger new development cycles. During the venture creation process, the recombining of digital technologies, modules, and components enabled by digital infrastructures, plat-forms, and ecosystem partners represent digital technology affordances. This recombina-tion provides opportunities for asset-free development of digital venture ideas
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