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What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank

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  • Petitjean, Mikael

Abstract

Using hand-collected data from a French crowdfunding platform, we identify several success factors that backers value when they decide to support reward-based campaigns. We show that these success factors evolve as the campaign unfolds. The first week of the campaign is of particular interest. We validate most of the conclusions drawn for reward-based crowdfunding in the US and we argue that reward-based and equity-based crowdfunding campaigns seem to driven by similar success factors.
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Suggested Citation

  • Petitjean, Mikael, 2018. "What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank," LIDAM Reprints LFIN 2018002, Université catholique de Louvain, Louvain Finance (LFIN).
    • Handle: RePEc:ajf:louvlr:2018002
    Note: In : Finance Research Letters, Vol. 26, p. 9-14 (2018)
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    Cited by:

    1. Lenny Phulong Mamaro & Athenia Bongani Sibindi, 2022. "Financial Sustainability of African Small-to-Medium Enterprises during the COVID-19 Pandemic: Determinants of Crowdfunding Success," Sustainability, MDPI, vol. 14(23), pages 1-14, November.
    2. Ge, Ruichen & Zhang, Sha & Zhao, Hong, 2025. "How do timing and narrative tone influence the impact of pro-environmental orientation on crowdfunding performance?," Finance Research Letters, Elsevier, vol. 75(C).
    3. Hsieh, Hui-Ching & Hsieh, Ying-Che & Vu, Thi Huyen Chi, 2019. "How social movements influence crowdfunding success," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 308-320.
    4. 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.
    5. 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.
    6. Bongiorno, Giuseppe & Cardamone, Ernesto & Passarelli, Mariacarmela, 2025. "Navigating crowdfunding for sustainability: Practical implications mapped," Finance Research Letters, Elsevier, vol. 76(C).
    7. Han-Chiang Ho & Candy Lim Chiu & Somkiat Mansumitrchai & Zhengqing Yuan & Nan Zhao & Jiajie Zou, 2021. "The Influence of Signals on Donation Crowdfunding Campaign Success during COVID-19 Crisis," IJERPH, MDPI, vol. 18(14), pages 1-25, July.
    8. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    9. Veronica Crescenzo & Angelo Bonfanti & Paola Castellani & Alfonso Vargas-Sánchez, 2022. "Effective entrepreneurial narrative design in reward crowdfunding campaigns for social ventures," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 773-800, June.
    10. Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    11. Salahaldin, Linda & Varma, Vineeth S. & Elayoubi, Salah Eddine, 2022. "When and how to intervene for saving an entrepreneur’s crowdfunding campaign," Finance Research Letters, Elsevier, vol. 50(C).
    12. Elrashidy, Zeinab & Haniffa, Roszaini & Sherif, Mohamed & Baroudi, Sarra, 2024. "Determinants of reward crowdfunding success: Evidence from Covid-19 pandemic," Technovation, Elsevier, vol. 132(C).
    13. Nevena Dobreva, 2019. "The Characteristics of Bulgarian Reward-Based Crowdfunding Campaigns," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(1), pages 174-182, April.
    14. Anna Prisco & Valerio Muto & Ciro Troise & Mario Tani, 2022. "How to Engage the Crowds to Create Value? Evidence from the Pathfinder Arena Case," Sustainability, MDPI, vol. 14(7), pages 1-22, April.

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