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A field experiment on attracting crowdfunders

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  • Hornuf, Lars
  • Siemroth, Christoph

Abstract

In a field experiment, we tracked whether crowdfunders clicked on a newsletter link to a new project and whether they invested. In terms of clicks, we find that crowdfunders overall respond most to an environmental framing, while older crowdfunders respond more to a financial framing than younger ones, and men respond less to a financial framing than women. There were no significant differences in terms of investments.

Suggested Citation

  • Hornuf, Lars & Siemroth, Christoph, 2023. "A field experiment on attracting crowdfunders," Economics Letters, Elsevier, vol. 222(C).
    • Handle: RePEc:eee:ecolet:v:222:y:2023:i:c:s0165176522004025
    DOI: 10.1016/j.econlet.2022.110928
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    References listed on IDEAS

    as
    1. Shai Bernstein & Arthur Korteweg & Kevin Laws, 2017. "Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment," Journal of Finance, American Finance Association, vol. 72(2), pages 509-538, April.
    2. Florian Berg & Julian F Kölbel & Roberto Rigobon, 2022. "Aggregate Confusion: The Divergence of ESG Ratings [Corporate social responsibility and firm risk: theory and empirical evidence]," Review of Finance, European Finance Association, vol. 26(6), pages 1315-1344.
    3. Pedersen, Lasse Heje & Fitzgibbons, Shaun & Pomorski, Lukasz, 2021. "Responsible investing: The ESG-efficient frontier," Journal of Financial Economics, Elsevier, vol. 142(2), pages 572-597.
    4. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2021. "Sustainable investing in equilibrium," Journal of Financial Economics, Elsevier, vol. 142(2), pages 550-571.
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    Cited by:

    1. Caroline Lindlar & Eva Alexandra Jakob & Jeannette Mai Dinh & Marius Claus Wehner, 2025. "Failure signals in sustainable crowdfunding: distinct reactions driven by crowd investors’ experience," Small Business Economics, Springer, vol. 65(3), pages 1877-1907, October.
    2. Silvio Vismara & Peter Wirtz, 2025. "Fundraising, Governance and Environmental Ethics: Evidence from Equity Crowdfunding," Journal of Business Ethics, Springer, vol. 200(4), pages 841-865, September.
    3. Carè, R. & Fatima, R. & Cerciello, M. & Taddeo, S., 2025. "Exploring the landscape of green crowdfunding: Trends, themes, and insights from a bibliometric review," Finance Research Letters, Elsevier, vol. 77(C).
    4. Katharina Fellnhofer & Yu Deng, 2024. "Investor Intuition Promotes Gender Equality in Access to Reward-Based Crowdfunding," Entrepreneurship Theory and Practice, , vol. 48(2), pages 675-718, March.

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    More about this item

    Keywords

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    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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