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Are we missing the platforms for the crowd? Comparing investment drivers across multiple crowdfunding platforms

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  • Dushnitsky, Gary
  • Fitza, Markus A.

Abstract

Crowdfunding platforms have attracted the attention of practitioners and scholars alike. The term ‘crowdfunding’, first coined in the early 2000s, describes a new institutional form in the financial markets which utilizes digital platforms to originate and aggregate funding. There is abundant research on the topic. Yet extant work mainly consists of single-platform studies. We argue that observing patterns on one platform does not necessarily advance our understanding of other platforms. Specifically, we use data from eight major crowdfunding platforms to conduct a variance decomposition analysis of funding success. The findings suggest factors associated with success in a given platform do not replicate to the other platforms. It underscores the generalizability challenge facing the crowdfunding literature. We therefore highlight the need to complement single-platform studies with cross-platform studies.

Suggested Citation

  • Dushnitsky, Gary & Fitza, Markus A., 2018. "Are we missing the platforms for the crowd? Comparing investment drivers across multiple crowdfunding platforms," Journal of Business Venturing Insights, Elsevier, vol. 10(C), pages 1-1.
    • Handle: RePEc:eee:jobuve:v:10:y:2018:i:c:5
    DOI: 10.1016/j.jbvi.2018.e00100
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    Citations

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    Cited by:

    1. Anton Miglo, 2020. "Crowdfunding in a Competitive Environment," JRFM, MDPI, vol. 13(3), pages 1-38, February.
    2. Guillaume Andrieu & Benjamin Le Pendeven & Gaël Leboeuf, 2021. "Equity Crowdfunding Success for Female Entrepreneurs: French Evidence," Post-Print hal-03227572, HAL.
    3. Dmitry Sharapov & Paul Kattuman & Diego Rodriguez & F. Javier Velazquez, 2021. "Using the SHAPLEY value approach to variance decomposition in strategy research: Diversification, internationalization, and corporate group effects on affiliate profitability," Strategic Management Journal, Wiley Blackwell, vol. 42(3), pages 608-623, March.
    4. Maurer, Joshua D. & Creek, Steven A. & Bendickson, Joshua S. & McDowell, William C. & Mahto, Raj V., 2022. "The three pillars’ impact on entrepreneurial activity and funding: A country-level examination," Journal of Business Research, Elsevier, vol. 142(C), pages 808-818.
    5. Francesca Di Pietro & Francesca Masciarelli, 2022. "The Effect of Local Religiosity on Financing Cross-Regional Entrepreneurial Projects Via Crowdfunding (Local Religiosity and Crowdfinancing)," Journal of Business Ethics, Springer, vol. 178(2), pages 429-443, June.
    6. Maria Figueroa-Armijos & John P. Berns, 2022. "Vulnerable Populations and Individual Social Responsibility in Prosocial Crowdfunding: Does the Framing Matter for Female and Rural Entrepreneurs?," Journal of Business Ethics, Springer, vol. 177(2), pages 377-394, May.
    7. Lin, Tse-Chun & Pursiainen, Vesa, 2022. "Regional social capital and moral hazard in crowdfunding," Journal of Business Venturing, Elsevier, vol. 37(4).
    8. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    9. Testa, Stefania & Nielsen, Kristian Roed & Bogers, Marcel & Cincotti, Silvano, 2019. "The role of crowdfunding in moving towards a sustainable society," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 66-73.
    10. Guillaume Andrieu & Benjamin Le pendeven & Gaël Leboeuf, 2021. "Equity Crowdfunding Success for Female Entrepreneurs: French Evidence," Economics Bulletin, AccessEcon, vol. 41(2), pages 417-431.
    11. Cumming, Douglas J. & Johan, Sofia Atiqah & Reardon, Robert S., 2021. "Governance and success in U.S. equity crowdfunding," CFS Working Paper Series 668, Center for Financial Studies (CFS).
    12. Gary Dushnitsky & Evila Piva & Cristina Rossi‐Lamastra, 2022. "Investigating the mix of strategic choices and performance of transaction platforms: Evidence from the crowdfunding setting," Strategic Management Journal, Wiley Blackwell, vol. 43(3), pages 563-598, March.
    13. Chan, C.S. Richard & Parhankangas, Annaleena & Sahaym, Arvin & Oo, Pyayt, 2020. "Bellwether and the herd? Unpacking the u-shaped relationship between prior funding and subsequent contributions in reward-based crowdfunding," Journal of Business Venturing, Elsevier, vol. 35(2).
    14. Zaggl, Michael A. & Block, Joern, 2019. "Do small funding amounts lead to reverse herding? A field experiment in reward-based crowdfunding," Journal of Business Venturing Insights, Elsevier, vol. 12(C).
    15. Oo, Pyayt P. & Creek, Steven A. & Sheppard, Leah D., 2022. "Perceived warmth and competence in crowdfunding: Which matters more and for whom?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    16. Nishant Chadha & Viswanath Pingali & Daniel Sokol, 2023. "Small Businesses and Digital Platforms," IIMA Working Papers WP 2023-09-01, Indian Institute of Management Ahmedabad, Research and Publication Department.

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