IDEAS home Printed from https://ideas.repec.org/a/spr/rvmgts/v13y2019i3d10.1007_s11846-019-00329-4.html
   My bibliography  Save this article

Participation in crowdfunding among users of collaborative platforms: the role of innovativeness and social capital

Author

Listed:
  • Cayetano Medina-Molina

    (Centro Universitario San Isidoro)

  • Manuel Rey-Moreno

    (Universidad Sevilla)

  • J. Augusto Felício

    (University of Lisbon)

  • Inmaculada Romano Paguillo

    (Centro Universitario San Isidoro)

Abstract

This work aims to elucidate the profile of participants in crowdfunding initiatives among users of collaborative platforms, considering them as agents with a high likelihood of taking part in these initiatives due to being users of digital services. This delimitation is performed by investigating the link between two intrinsic factors (innovativeness and social capital) and participation in crowdfunding initiatives. After the analysis of a sample generated by the Sociological Research Centre (CIS) of 422 users of collaborative platforms, it is found that the two intrinsic factors analyzed are linked with participation in crowdfunding initiatives. Moreover, differentiation in participation among users of collaborative platforms corresponds to the adoption of new services (higher for crowdfunding participants) and bridging social capital (lower for crowdfunding participants). The results obtained suggest incorporation of crowdfunding projects in vertical thematic financial platforms to take advantage of the effect of social capital and innovative capacity to increase participation and maintain diversity of effective financing formulas.

Suggested Citation

  • Cayetano Medina-Molina & Manuel Rey-Moreno & J. Augusto Felício & Inmaculada Romano Paguillo, 2019. "Participation in crowdfunding among users of collaborative platforms: the role of innovativeness and social capital," Review of Managerial Science, Springer, vol. 13(3), pages 529-543, June.
    • Handle: RePEc:spr:rvmgts:v:13:y:2019:i:3:d:10.1007_s11846-019-00329-4
    DOI: 10.1007/s11846-019-00329-4
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11846-019-00329-4
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s11846-019-00329-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Juan A. Martínez-Román & Isidoro Romero, 2017. "Determinants of innovativeness in SMEs: disentangling core innovation and technology adoption capabilities," Review of Managerial Science, Springer, vol. 11(3), pages 543-569, July.
    2. Abeba Nigussie Turi & Josep Domingo-Ferrer & David Sánchez & Dritan Osmani, 2017. "A co-utility approach to the mesh economy: the crowd-based business model," Review of Managerial Science, Springer, vol. 11(2), pages 411-442, March.
    3. Thies, Ferdinand & Huber, Alexander & Bock, Carolin & Benlian, Alexander, 2018. "Following the Crowd – Does Crowdfunding Affect Venture Capitalists’ Selection of Entrepreneurial Ventures?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 108760, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    4. Yuxiang Zhao & Qinghua Zhu, 2014. "Evaluation on crowdsourcing research: Current status and future direction," Information Systems Frontiers, Springer, vol. 16(3), pages 417-434, July.
    5. Ricarda B. Bouncken & Andreas J. Reuschl, 2018. "Coworking-spaces: how a phenomenon of the sharing economy builds a novel trend for the workplace and for entrepreneurship," Review of Managerial Science, Springer, vol. 12(1), pages 317-334, January.
    6. Jean-Charles Rochet & Jean Tirole, 2003. "Platform Competition in Two-Sided Markets," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 990-1029, June.
    7. Thies, Ferdinand & Huber, Alexander & Bock, Carolin & Benlian, Alexander, 2018. "Following the Crowd – Does Crowdfunding Affect Venture Capitalists’ Selection of Entrepreneurial Ventures?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 107278, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    8. Mollick, Ethan, 2014. "The dynamics of crowdfunding: An exploratory study," Journal of Business Venturing, Elsevier, vol. 29(1), pages 1-16.
    9. Bi, Sheng & Liu, Zhiying & Usman, Khalid, 2017. "The influence of online information on investing decisions of reward-based crowdfunding," Journal of Business Research, Elsevier, vol. 71(C), pages 10-18.
    10. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.
    11. Thies, Ferdinand & Huber, Alexander & Bock, Carolin & Benlian, Alexander, 2018. "Following the Crowd – Does Crowdfunding Affect Venture Capitalists’ Selection of Entrepreneurial Ventures?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 108755, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    12. García-Villaverde, Pedro M. & Rodrigo-Alarcón, Job & Parra-Requena, Gloria & Ruiz-Ortega, María José, 2018. "Technological dynamism and entrepreneurial orientation: The heterogeneous effects of social capital," Journal of Business Research, Elsevier, vol. 83(C), pages 51-64.
    13. Zhong Qin & Xin Deng, 2016. "Government and family Guanxi in Chinese private firms: perceptions and preference," Review of Managerial Science, Springer, vol. 10(1), pages 35-60, January.
    14. Thies, Ferdinand & Huber, Alexander & Kraus, Sascha & Bock, Carolin & Benlian, Alexander, 2018. "Following the crowd – Does crowdfunding affect venture capitalists’ selection of entrepreneurial ventures?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 106767, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    15. Thomas F. Dapp, 2017. "Fintech: The Digital Transformation in the Financial Sector," CSR, Sustainability, Ethics & Governance, in: Thomas Osburg & Christiane Lohrmann (ed.), Sustainability in a Digital World, pages 189-199, Springer.
    16. Patrycja Klimas & Wojciech Czakon, 2018. "Organizational innovativeness and coopetition: a study of video game developers," Review of Managerial Science, Springer, vol. 12(2), pages 469-497, March.
    17. Davis, Blakley C. & Hmieleski, Keith M. & Webb, Justin W. & Coombs, Joseph E., 2017. "Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion," Journal of Business Venturing, Elsevier, vol. 32(1), pages 90-106.
    18. Norat Roig‐Tierno & Sascha Kraus & Sonia Cruz, 2018. "The relation between coopetition and innovation/entrepreneurship," Review of Managerial Science, Springer, vol. 12(2), pages 379-383, March.
    19. Vincenzo Butticè & Massimo G. Colombo & Mike Wright, 2017. "Serial Crowdfunding, Social Capital, and Project Success," Entrepreneurship Theory and Practice, , vol. 41(2), pages 183-207, March.
    20. Roland Helm & Sebastian Landschulze, 2009. "Optimal stimulation level theory, exploratory consumer behaviour and product adoption: an analysis of underlying structures across product categories," Review of Managerial Science, Springer, vol. 3(1), pages 41-73, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vincenzo Butticè & Diego Useche, 2022. "Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital," Small Business Economics, Springer, vol. 59(4), pages 1519-1540, December.
    2. Nguyen, Loan T.Q. & Hoang, Thinh G. & Do, Linh H. & Ngo, Xuan T. & Nguyen, Phuong H.T. & Nguyen, Giang D.L. & Nguyen, Giang N.T., 2021. "The role of blockchain technology-based social crowdfunding in advancing social value creation," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    3. Sascha Kraus & Norat Roig-Tierno & Ricarda B. Bouncken, 2019. "Digital innovation and venturing: an introduction into the digitalization of entrepreneurship," Review of Managerial Science, Springer, vol. 13(3), pages 519-528, June.
    4. Lucía Muñoz-Pascual & Carla Curado & Jesús Galende, 2021. "Fuzzy Set Qualitative Comparative Analysis on the Adoption of Environmental Practices: Exploring Technological- and Human-Resource-Based Contributions," Mathematics, MDPI, vol. 9(13), pages 1-21, July.
    5. Halberstadt, Jantje & Kollhoff, Sophia & Kraus, Sascha & Dhir, Amandeep, 2022. "Early bird or early worm? First-mover (dis)advantages and the success of web-based social enterprises," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    6. Cai, Wanxiang & Polzin, Friedemann & Stam, Erik, 2021. "Crowdfunding and social capital: A systematic review using a dynamic perspective," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    7. Lihuan Guo & Wei Wang & Yenchun Jim Wu & Mark Goh, 2021. "How much do social connections matter in fundraising outcomes?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-23, December.
    8. Ricarda B. Bouncken & Sascha Kraus & Norat Roig-Tierno, 2021. "Knowledge- and innovation-based business models for future growth: digitalized business models and portfolio considerations," Review of Managerial Science, Springer, vol. 15(1), pages 1-14, January.
    9. Hörisch, Jacob & Tenner, Isabell, 2020. "How environmental and social orientations influence the funding success of investment-based crowdfunding: The mediating role of the number of funders and the average funding amount," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thomas Clauss & Thomas Niemand & Sascha Kraus & Patrick Schnetzer & Alexander Brem, 2019. "Increasing Crowdfunding Success Through Social Media: The Importance Of Reach And Utilisation In Reward-Based Crowdfunding," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 24(03), pages 1-30, May.
    2. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
    3. Martin Adam & Michael Wessel & Alexander Benlian, 2019. "Of early birds and phantoms: how sold-out discounts impact entrepreneurial success in reward-based crowdfunding," Review of Managerial Science, Springer, vol. 13(3), pages 545-560, June.
    4. Carla Martínez-Climent & Ricardo Costa-Climent & Pejvak Oghazi, 2019. "Sustainable Financing through Crowdfunding," Sustainability, MDPI, vol. 11(3), pages 1-16, February.
    5. Calic, Goran & Shevchenko, Anton, 2020. "How signal intensity of behavioral orientations affects crowdfunding performance: The role of entrepreneurial orientation in crowdfunding business ventures," Journal of Business Research, Elsevier, vol. 115(C), pages 204-220.
    6. Xiaobei Liang & Xiaojuan Hu & Jiang Jiang, 2020. "Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication," Sustainability, MDPI, vol. 12(2), pages 1-36, January.
    7. Francesco Cappa & Michele Pinelli & Riccardo Maiolini & Maria Isabella Leone, 2021. "“Pledge” me your ears! The role of narratives and narrator experience in explaining crowdfunding success," Small Business Economics, Springer, vol. 57(2), pages 953-973, August.
    8. Helen Bollaert & Gaël Leboeuf & Armin Schwienbacher, 2020. "The narcissism of crowdfunding entrepreneurs," Small Business Economics, Springer, vol. 55(1), pages 57-76, June.
    9. Saul Estrin & Susanna Khavul & Mike Wright, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," Small Business Economics, Springer, vol. 58(4), pages 1761-1781, April.
    10. Nakagawa, Koichi & Kosaka, Genjiro, 2022. "What social issues do people invest in? An examination based on the empathy–altruism hypothesis of prosocial crowdfunding platforms," Technovation, Elsevier, vol. 114(C).
    11. Shuangfa Huang & David Pickernell & Martina Battisti & Thang Nguyen, 2022. "Signalling entrepreneurs’ credibility and project quality for crowdfunding success: cases from the Kickstarter and Indiegogo environments," Small Business Economics, Springer, vol. 58(4), pages 1801-1821, April.
    12. Bagheri, Afsaneh & Chitsazan, Hasti & Ebrahimi, Ashkan, 2019. "Crowdfunding motivations: A focus on donors' perspectives," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 218-232.
    13. Francisca Jiménez-Jiménez & Maria Virtudes Alba-Fernández & Cristina Martínez-Gómez, 2021. "Attracting the Right Crowd under Asymmetric Information: A Game Theory Application to Rewards-Based Crowdfunding," Mathematics, MDPI, vol. 9(21), pages 1-23, October.
    14. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    15. Messeni Petruzzelli, Antonio & Natalicchio, Angelo & Panniello, Umberto & Roma, Paolo, 2019. "Understanding the crowdfunding phenomenon and its implications for sustainability," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 138-148.
    16. Thomas Niemand & Sascha Kraus & Martin Angerer & Ferdinand Thies & Alicia Mas-Tur, 2019. "More is not always better—non-linear effects in crowdfunding," International Journal of Quality Innovation, Springer, vol. 5(1), pages 1-10, December.
    17. Alex Murray & Suresh Kotha & Greg Fisher, 2020. "Community-Based Resource Mobilization: How Entrepreneurs Acquire Resources from Distributed Non-Professionals via Crowdfunding," Organization Science, INFORMS, vol. 31(4), pages 960-989, July.
    18. Fabrice Hervé & Armin Schwienbacher, 2018. "Crowdfunding And Innovation," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1514-1530, December.
    19. Lingfei Deng & Qiang Ye & DaPeng Xu & Wenjun Sun & Guangxin Jiang, 2022. "A literature review and integrated framework for the determinants of crowdfunding success," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-70, December.
    20. Hassna, Ghazwan, 2022. "Crowdfund smart, not hard – Understanding the role of online funding communities in crowdfunding success," Journal of Business Venturing Insights, Elsevier, vol. 18(C).

    More about this item

    Keywords

    Multi-sided platform; Crowdfunding; Intrinsic factors; Innovativeness; Social capital;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:rvmgts:v:13:y:2019:i:3:d:10.1007_s11846-019-00329-4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.