Borrero-Domínguez Cinta, Cordón-Lagares Encarnación, Hernández-Garrido Rocío
Departamento de Economía Financiera y Dirección de Operaciones, Facultad de Ciencias Económicas y Empresariales, Universidad de Sevilla, Avenida Ramón y Cajal 1, 41018, Sevilla, España, Spain.
Departamento de Economía, Facultad de Ciencias Empresariales y Turismo, Universidad de Huelva, Plaza de la Merced 11, 21002, Huelva, España, Spain.
Heliyon. 2020 Apr 9;6(4):e03744. doi: 10.1016/j.heliyon.2020.e03744. eCollection 2020 Apr.
This paper examines the determinants that influence crowdfunding success. In particular, this study focuses on reward-based crowdfunding, in which funders receive a reward for supporting a project. By studying hand-collected data from 335 reward-based crowdfunding projects and 33,036 investment decisions from the Spanish Goteo platform and using the ordinary least squares regression, the negative binomial, the logit and the Cox proportional hazard models, we highlight the factors that explain the success of a project. We find statistically significant results for crowdfunding project success for the following variables: location, experience, human capital and gender. Thus, the success of crowdfunding campaigns depends on the experience of the project members since it lends credibility to the project. Furthermore, the geographic location variable indicates that crowdfunding success is higher in projects located in Spain than in those located outside of Spain. Our results also suggest that crowdfunding related to the support of social impact initiatives that involve the ecological typology does not perform well.
本文考察了影响众筹成功的决定因素。具体而言，本研究聚焦于基于奖励的众筹，即资助者因支持某个项目而获得奖励。通过研究从西班牙Goteo平台上的335个基于奖励的众筹项目和33036个投资决策中手工收集的数据，并使用普通最小二乘法回归、负二项式回归、逻辑回归和考克斯比例风险模型，我们突出了那些能够解释项目成功的因素。我们发现，对于以下变量，众筹项目成功具有统计学上的显著结果：地点、经验、人力资本和性别。因此，众筹活动的成功取决于项目成员的经验，因为这会为项目带来可信度。此外，地理位置变量表明，位于西班牙境内的项目众筹成功率高于位于西班牙境外的项目。我们的结果还表明，与涉及生态类型学的社会影响倡议支持相关的众筹表现不佳。
