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To exploit or explore? The impact of crowdfunding project descriptions and backers’ power states on funding decisions
Journal of the Academy of Marketing Science ( IF 18.2 ) Pub Date : 2022-05-16 , DOI: 10.1007/s11747-022-00871-w
Yufei Zhang , Thomas E. DeCarlo , Andrew S. Manikas , Abhi Bhattacharya

Reward-based crowdfunding attracts significant research efforts to understand its success drivers; the current study expands such efforts by exploring the word choices within project descriptions and their potential effects for crowdsourced funding of innovative projects. Project descriptions have the potential to influence backer funding decisions significantly, and creators have complete control over them, suggesting the relevance of this previously unexplored factor. A secondary data analysis of 245,704 online requests for new project funding indicates greater success for project descriptions that emphasize exploitation rather than exploration themes. A series of follow-up experiments also demonstrate that risk perceptions mediate decision-making processes, and that a person’s power state is an important moderator of funding intentions. In particular, potential backers with less power are more likely to fund a project with an exploitation-focused description rather than one with an exploration focus. Conversely, backers with greater power perceive both project types as equally attractive, but they also are more likely to fund an explorative project than those with less power. These novel contributions help clarify how funding for startups varies as a function of specific word choices in funding requests, as well as the role of power in determining individual funding behaviors.



中文翻译:

开发还是探索?众筹项目描述和支持者权力状态对融资决策的影响

基于奖励的众筹吸引了大量研究工作来了解其成功驱动因素;目前的研究通过探索项目描述中的词语选择及其对创新项目众包融资的潜在影响来扩大这种努力。项目描述有可能显着影响支持者的资助决策,并且创建者可以完全控制它们,这表明了这个以前未探索的因素的相关性。对 245,704 份新项目资金在线申请的二次数据分析表明,强调开发而非勘探主题的项目描述取得了更大的成功。一系列后续实验也表明,风险感知在决策过程中起中介作用,一个人的权力状态是资助意愿的重要调节因素。特别是,权力较小的潜在支持者更有可能资助一个以开发为重点的项目,而不是一个以勘探为重点的项目。相反,拥有更大权力的支持者认为这两种项目类型同样具有吸引力,但与权力较小的支持者相比,他们也更有可能资助一个探索性项目。这些新颖的贡献有助于阐明初创公司的资金如何随着资金请求中特定单词的选择而变化,以及权力在确定个人资金行为中的作用。但与权力较小的人相比,他们也更有可能为探索性项目提供资金。这些新颖的贡献有助于阐明初创公司的资金如何随着资金请求中特定单词的选择而变化,以及权力在确定个人资金行为中的作用。但与权力较小的人相比,他们也更有可能为探索性项目提供资金。这些新颖的贡献有助于阐明初创公司的资金如何随着资金请求中特定单词的选择而变化,以及权力在确定个人资金行为中的作用。

更新日期:2022-05-17
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