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

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

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

Essays on Crowdfunding Adoption and Behavior

The aim of this dissertation is to examine aspects of crowdfunding adoption and behavior. Accordingly, the overarching research question answered by this dissertation is: what influences crowdfunding backers’ contribution intentions and behaviors? The dissertation answers this question while focusing on dimensions of trust, community, and technological acceptance. The dissertation is made up of three studies with one conceptual article (study 1), and two empirical studies (study 2 and 3). The conceptual study marries marketing and trust literatures and contextualizes their implications for the crowdfunding context. The result is the development of a framework of trust-based marketing strategies for crowdfunding campaigns, building on the understanding of the critical role played by trust in crowdfunding adoption by prospective backers. The empirical studies (i.e., study 2 and 3), are based on the analyses of empirical data collected from actual platform users, while using Structural Equation Model techniques. These studies examine the antecedents of backers’ contribution intentions and behavior, specifically in the context of reward crowdfunding in Finland. Study 2 explains backers’ intention and behavior by testing the extensive version of the technology acceptance model (TAM). It confirms the relevance of the TAM model for properly capturing influential antecedents of backers’ financial contribution intentions and behavior and further elaborates on the specific influences of backers’ experiences and voluntariness, which challenge existing conceptualizations from other information and communication technology -related contexts. Study 3 builds on the view of crowdfunding as an embedded phenomenon in online communities, to develop a community-based crowdfunding framework for explaining backers’ contribution intentions and behaviors, while highlighting the roles of community identification and community trust.publishedVersio

Three essays on likability factors, crowdfunding, and entrepreneurial performance

In this dissertation, I conduct three empirical studies exploring the relation between likability factors, crowdfunding characteristics and entrepreneurial performance. Together these studies integrate aspects of major entrepreneurial likability factors including liking of the entrepreneur (source attractiveness, credibility, personal traits) and liking of the message (verbal content and expression), and components of nonverbal and verbal cues. I apply computer-mediated communication (CMC) and persuasion theories, political and marketing literature to provide a more fine-grained understanding of likability on crowdfunding success. In the first essay, I study how the non-verbal cues of a crowdfunding video influence the crowdfunding success. By employing social presence theory, I argue, hypothesize and test that effective use of non-verbal cues in a pitch video increases funding success. In the second essay, I explore how verbal cues (readability and complexity) and non-verbal cues (smiling and professional attire) interact to influence crowdfunding outcome. Findings of this essay indicate that powerful persuasion results from both expression (verbal cues) and impression (non-verbal cues). The third essay examines the mediating effect of likability between nonverbal, verbal cues and crowdfunding success. According to the likability factors extracted from political and advertising campaign literature, I conclude five main dimensions of likability in crowdfunding context. The results show that message factors are more influential than source factors in affecting crowdfunding outcome. Findings of three essays show that entrepreneurs should be careful to deliver a message which is immediate, simple, informative, humorous, storytelling and less complimentary to their funders. The more their messages are liked, the more likely funders will back their projects, and then the more success their crowdfunding campaign will be

Engaging without greenwashing: a holistic gamified approach to foster eco-friendly behavior in a renewable energy crowdfunding platform

To achieve the necessary transformation towards a low carbon society, it is obvious that all the coming technological innovations should also be accompanied by gargantuan shifts in lifestyle patterns. This study aims at identifying a possible gamified engagement strategy that fosters pro-environmental behavior for a renewable-energy projects crowdfunding app. Besides the growing interest of industry in gamification, there is few research on how to implement such approaches in a way it fosters pro-environmental behavior. The research provides an integrative literature review of subjects such as environmental psychology, gamification and human computer interaction, to finally outline a comprehensive framework to guide practitioners in fostering sustainable behavior within the business world, in the context of a renewable energy crowdfunding platform, and also the analysis of a business case, Seeds. While many game elements and marketing techniques can be positive for increased customer engagement and business development, they can be severely counterproductive as a strategy for climate change public engagement, and contrast sharply with the long-term sustainable practices that are required to transform to a climate neutral society. This work suggests that the corporate ethos might do more harm than good when it comes to fight climate change. Some widely spread corporate strategies to drive customer engagement, such as the usage of pervasive technology to build habits on users, are based on unmoral principles that invite critique, and perhaps, rejection. Finally, the limitations of the research suggest than additional validation is required, leaving several unresolved questions that could drive further scientific researchPara alcançar a transformação necessária em direção a uma sociedade de baixo carbono, é óbvio que todas as inovações tecnológicas que virão também devem ser acompanhadas por mudanças gigantescas nos padrões de estilo de vida. Este estudo tem como objetivo identificar uma possível estratégia de marketing gamificada que fomente o comportamento pró-ambiental para um aplicativo de crowdfunding de projetos de energia renovável. Além do crescente interesse da indústria pela gamificação, há poucas pesquisas sobre como implementar tais abordagens de forma a promover um comportamento pró-ambiental. A pesquisa fornece uma revisão integrativa da literatura de assuntos como psicologia ambiental, gamificação e interação humano-computador, para finalmente delinear uma estrutura abrangente para orientar os profissionais na promoção de um comportamento sustentável no mundo dos negócios, no contexto de uma plataforma de crowdfunding de energia renovável, e também a análise de um caso de negócios, Seeds. Embora muitos elementos do jogo e técnicas de marketing possam ser positivos para um maior engajamento do cliente e desenvolvimento de negócios, eles podem ser severamente contraproducentes como uma estratégia para o engajamento público da mudança climática e contrastam fortemente com as práticas sustentáveis de longo prazo que são necessárias para se transformar em um clima sociedade neutra. Este trabalho sugere que o ethos corporativo pode fazer mais mal do que bem quando se trata de combater as mudanças climáticas. Algumas estratégias corporativas amplamente difundidas para impulsionar o envolvimento do cliente, como o uso de tecnologia difundida para criar hábitos nos usuários, baseiam-se em princípios morais que convidam à crítica e, talvez, à rejeição. Finalmente, as limitações da pesquisa sugerem que uma validação adicional é necessária, deixando várias questões não resolvidas que podem conduzir a pesquisas científicas adicionaisObjectius de Desenvolupament Sostenible::12 - Producció i Consum Responsables::12.6 - Encoratjar les empreses, en especial les grans empreses i les empreses transnacionals, a adoptar pràctiques sostenibles i a incorporar informació sobre la sostenibilitat en el seu cicle de presentació d’informe

Conceptualizing customer-company patronizing behavior: Nostalgia-charged experiences driving prosocial behavior and commitment

Purpose of the Study The purpose of this study is to examine customer-company patronization i.e. the phenomenon in which customers decide to voluntarily patronize, support and promote companies. Currently the phenomenon of customer-company patronization is not well understood nor conceptualized in the marketing and consumer research disciplines. Our study aims to extend the current literature of extra-role behaviors by exploring this phenomenon from the perspectives of customers' experiences as well as identity-construction processes, outlining the main motivations for customers' patronizing behavior as well as explore how it occurs in their behavior and choices. In order to better understand the phenomenon, it is essential to explore the different underlying motivations that drive this kind of consumer behavior by analyzing the meanings that customers attach to their patronizing experiences. Research Method The research was conducted using qualitative methods. Semi-structured in-depth interviews were used as a data collection technique for studying consumers' underlying motivations and experiences relating to their patronizing behavior in attempting to understand the real meanings of this kind of committed behavior. Data was analysed through content analysis to gain deeper insights and describe the meanings that patrons hold regarding their patronizing experiences. Findings Customer-company patronization can be conceptualized as being a constructive consumer behavior that contributes to patrons' senses of identities of who they are or who they aspire to be. As such, patronizing represents a behavior that functions as a mechanism to construct one's self-concept. More specifically, the patrons' pursuit for security was identified as the main underlying motivator for patronization behavior. Through various different mechanisms, such as through nostalgic consumption and routinizing visits, the patrons unconsciously strove to maintain stability and identity continuity, especially under the cicumstances of dealing with the life changing events. In a broader sense, nostalgically charged patronizing experience can be seen as a way to cope with the insecurities of the modern world by creating a psychological shelter and meaningfulness into one's life

Social marketing and digital platforms:donation-based crowdfunding campaigns

Programa Oficial de Doutoramento en Análise Económica e Empresarial. 5008P01[Abstract] This doctoral thesis analyzes the new social marketing strategies challenging the traditional behavior of nonprofit sector organizations, through the promotion of Donation-based Crowdfunding (DCF) campaigns via digital platforms. Chapter 1 maps DCF for charitable causes, resulting from a systematic literature review and bibliometric analysis. This is a very recent field of scholarship, broadly developed via empirical and quantitative research, in which individual antecedents and technological enablers are the main protagonists. An integrated conceptual framework is proposed, identifying the significant causal relationships between antecedents, processes, and outcomes of DCF. Chapters 2 and 3 explore the explanatory capacity of factors influencing the success of DCF campaigns promoted through digital platforms. In particular, of those factors traditionally explaining the success of offline fundraising campaigns for charitable causes (2), and of campaigns factors (3). Quantitative analysis is used based on a database of 360 campaigns fostered between 2012 and 2017. Results confirm the high explanatory capacity of determinants related to the geographical scope of the campaign, the volume of potential beneficiaries involved, the information provided by the promoting organizations, and the spreadability of the campaign.[Resumen] Esta tesis doctoral analiza las nuevas estrategias de marketing social que desafían el comportamiento tradicional de las organizaciones del sector no lucrativo, a través de la promoción de campañas de crowdfunding solidario en plataformas digitales. El capítulo 1 mapea el crowdfunding solidario para causas benéficas, resultado de una revisión sistemática de literatura y análisis bibliométrico. Es un campo de estudio muy reciente, desarrollado a través de investigación empírica y cuantitativa, donde los antecedentes individuales y los procesos tecnológicos son protagonistas. Se propone un marco conceptual que identifica las relaciones causales más significativas entre sus antecedentes, procesos y resultados. Los capítulos 2 y 3 exploran la capacidad explicativa de los factores que influyen el éxito de las campañas promovidas en plataformas digitales. Particularmente, de los factores que tradicionalmente explican el éxito de las campañas de captación de fondos offline para causas benéficas (2), y de los factores de las campañas (3). Se emplea análisis cuantitativo a partir de una base de datos de 360 campañas promovidas entre 2012 y 2017. La capacidad explicativa de los determinantes relativos al alcance geográfico, al volumen de potenciales beneficiarios, a la información proporcionada por la entidad promotora, y a la difusión online de la campaña es elevada.[Resumo] Esta tese doutoral analiza as novas estratexias de marketing social que desafían o comportamento tradicional das organizacións do sector non lucrativo, a través da promoción de campañas de crowdfunding solidario en plataformas dixitais. O capítulo 1 mapea o crowdfunding solidario para causas benéficas, resultado dunha revisión sistemática da literatura e análise bibliométrica. É un campo de estudo moi recente, desenvolvido a través de investigación empírica e cuantitativa, onde os antecedentes individuais e os procesos tecnolóxicos son protagonistas. Proponse un marco conceptual que identifica as relacións causais máis significativas entre os seus antecedentes, procesos e resultados. Os capítulos 2 e 3 exploran a capacidade explicativa dos factores que inflúen o éxito das campañas promovidas en plataformas dixitais. Particularmente, dos factores que tradicionalmente explican o éxito das campañas de captación de fondos fora de liña para causas benéficas (2), e dos factores das campañas (3). Emprégase análise cuantitativa a partir dunha base de datos de 360 campañas promovidas entre 2012 e 2017. A capacidade explicativa dos determinantes relativos ao alcance xeográfico, ao volume de potenciais beneficiarios, á información proporcionada pola entidade promotora, e á difusión en liña da campaña é elevada

Brand community: The right crowd for crowdfunding

Recently crowdfunding has become popular among entrepreneurs, startups and non-profit organizations. Funders often seek to get something back either in form of equity or non-financial terms.Members of the same group show strong relationship for crowdfunding rather than individuals.Brand community including online communities has more response for open call crowdfunding.Brand community members are relatively enthusiastic in funding altruistic way that is often pursued by many firms. Besides brand community members make surveillance for project success and often volunteer in addition to funding.This study suggests brand communities as the right crowd for crowdfunding

Crowdfunding and Sustainable Development: a good match?

This dissertation sets out to explore the role of crowdfunding in promoting sustainable development. It explores the role of specialized crowdfunding platforms in contributing to SD and under which conditions they can contribute to SD by considering both platform-related and founder/product-related factors. The dissertation employs two articles in order to explore this. The first is a conceptual paper based on a deductive reasoning approach which investigates a specific type of crowdfunding platforms (i.e. Islamic crowdfunding platforms) and their potential contribution to sustainable development through a conceptual typology. The second is an empirical paper exploring how crowdfunding could benefit developing countries in moving toward sustainable development. It investigates whether and how geographical factors (specifically the distinction between developed and developing countries) may have an impact also in a crowdfunding context, i.e., on the success of prosocial crowdfunding campaigns. The dissertation finds that crowdfunding contribution to sustainable development is not granted, and it is context-specific. Crowdfunding platforms play a critical role in contributing to sustainable development through the several actions and strategies they adopt. How the crowdfunding platform promotes itself and the type of crowd it targets could impact its sustainable development contribution and the sustainable development goals to which it contributes. Moreover, founder/product-related factors have an impact on the success of crowdfunding campaigns aiming to contribute to sustainable development. Donors’ decision-making behaviours could be influenced by home bias and the perceived credibility of the project initiator, as signalled by the country of origin. Thus, donors prefer allocating their donation budget to developed countries and, when allocating their budgets to developing countries, support project initiators from developed countries rather than from developing countries. Therefore, although crowdfunding possesses considerable potential to contribute to sustainable development, it must overcome numerous obstacles in order to become a genuine driving force for sustainability. The dissertation contributes to the literature in various capacities. Firstly, it contributes to the literature which investigates the innovation potential of CF in contributing to SD, to the literature on CF literature and geography, as well as to charitable-giving literature in the online context. Second, it provides a typology for Islamic crowdfunding platforms to understand the role of these platforms in contributing to sustainable development, which could help policymakers and international development actors to make more informed decisions about which type of Islamic crowdfunding platforms they should regulate and/or support. Finally, it shows the challenges of specialised crowdfunding platforms in contributing to sustainable development in developing countries and the role of geography in the success of prosocial crowdfunding campaigns