ABSTRACT

Reward-based crowdfunding has become a popular fundraising marketspace for entrepreneurs. However, few studies take a process perspective and examine how fundraiser network influences the execution effectiveness of crowdfunding projects. Collecting the funding activities of all fundraisers on Kickstarter in 2017, we construct a fundraiser network and examine the effects of fundraiser network structural characteristics on project execution effectiveness. Employing endogenous stochastic frontier analysis, we show that reciprocity and accessibility in the fundraiser network increase project execution effectiveness. We also demonstrate that gaining network status by virtue of being an authoritative figure in the fundraiser network increases project execution effectiveness. In sum, our study identifies the effects of the fundraiser network characteristics on project execution effectiveness and introduces a process perspective for evaluating crowdfunding campaigns.

摘要

基于奖励的众筹已成为企业家们的热门筹款市场空间。然而，很少有研究从过程的角度来研究筹款网络如何影响众筹项目的执行效率。收集2017年Kickstarter上所有筹款人的筹资活动，构建筹款人网络，考察筹款人网络结构特征对项目执行效果的影响。采用内生随机前沿分析，我们表明筹款网络中的互惠性和可访问性提高了项目执行效率。我们还证明，通过成为筹款网络中的权威人物来获得网络地位可以提高项目执行效率。总共，