Online feedback and crowdfunding finance in China

This study examines the impact of online feedback on the extent of alternative startups' fundraising success or failure through reward‐based online crowdfunding platforms. By drawing on regulatory focus theory, we theorize that online feedback relating to products or services is crucial in dete...

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Bibliographic Details
Published in:International journal of finance and economics 2021-07, Vol.26 (3), p.4634-4652
Main Authors: Shahab, Yasir, Riaz, Yasir, Ntim, Collins G., Ye, Zhiwei, Zhang, Qingjing, Feng, Ran
Format: Article
Language:English
Subjects:
China
Crowdfunding
Entrepreneurs
Hospital costs
online feedback
regulatory focus theory
reward‐based crowdfunding dynamics
social influence
Startups
Success
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Summary:This study examines the impact of online feedback on the extent of alternative startups' fundraising success or failure through reward‐based online crowdfunding platforms. By drawing on regulatory focus theory, we theorize that online feedback relating to products or services is crucial in determining the success of entrepreneurial projects. While employing a unique dataset of 620 projects from renowned reward‐based Chinese crowdfunding platform “Demohour” (a major pioneer Chinese crowdfunding platform), the findings show a significant effect of online feedback on the extent of success or failure of reward‐based crowdfunding campaigns. Our findings, which are robust to different measures and methodologies imply that nascent entrepreneurs need to pay keen attention to online feedback about their innovative projects if they are to be successful in their fundraising efforts.
ISSN:1076-9307
1099-1158
DOI:10.1002/ijfe.2034