Popescul Daniela, Radu Laura Diana, Păvăloaia Vasile Daniel, Georgescu Mircea Radu
Department of Accounting, Business Information Systems and Statistics, Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University, Iaşi, Romania.
Front Psychol. 2020 Dec 22;11:588121. doi: 10.3389/fpsyg.2020.588121. eCollection 2020.
Using the power of Internet, crowdfunding platforms are currently changing the traditional landscape of fundraising. Social media-based IT platforms in particular are bringing the creators of crowdfunding projects closer than ever to potential investors. A large variety of factors function as determinants of individuals' intention to participate in crowdfunding and have an intertwined impact on funding as the ultimate project goal. For a better understanding of investor behavior in social media-based crowdfunding projects, this paper covers identifying, analyzing, and classifying general and specific factors of investor motivation, based on the literature in the field.The main focus is the relationship between the affordances provided by social media-based crowdfunding platforms and the psychological determinants of investor motivation in innovative start-up projects. Using IEEE Explore, Clarivate Web of Science, ScienceDirect, and Scopus, we conducted a systematic review of the existing research on the emerging role of crowdfunding as a disruptive technology in financing the start-up innovative projects. The paper explores the main determinants of investor motivation and aims to streamline the success factors in crowdfunding campaigns. A total of 1,216 publications were identified after searching the aforementioned databases and, upon refining the results, 515 articles were considered for the final sample. After reading the titles and abstracts, the sample was reduced to 78 articles that were read in-depth and synthesized in accordance with the defined research questions. The selected articles were clustered into three main categories: general studies, determinants of investor behavior, and success factors. In the new global economy, crowdfunding platforms have become the nexus between the emerging creators of innovative products and services and the necessary funding sources. This connection is possible via a cumulative collection of contributions from multiple investors recruited from the audience of the selected platform, without time or space constraints. However, the determinants of the investment decision are very different in the case of social media-based crowdfunding platforms compared to determinants in the mainstream environment. This paper surveys these motivators and reveals how platform features can be used to persuade individuals to make a financial contribution toward the success of a project.
借助互联网的力量，众筹平台正在改变传统的筹款格局。特别是基于社交媒体的信息技术平台，正使众筹项目的创建者与潜在投资者的距离比以往任何时候都更近。各种各样的因素决定着个人参与众筹的意愿，并对作为最终项目目标的资金筹集产生相互交织的影响。为了更好地理解基于社交媒体的众筹项目中的投资者行为，本文基于该领域的文献，对投资者动机的一般和特定因素进行了识别、分析和分类。主要关注点是基于社交媒体的众筹平台所提供的可供性与创新初创项目中投资者动机的心理决定因素之间的关系。我们利用IEEE Xplore、科睿唯安的Web of Science、ScienceDirect和Scopus对关于众筹作为一种颠覆性技术在为初创创新项目融资中所起新兴作用的现有研究进行了系统综述。本文探讨了投资者动机的主要决定因素，旨在梳理出众筹活动中的成功因素。在搜索上述数据库后，共识别出1216篇出版物，经过结果筛选，最终样本考虑了515篇文章。在阅读标题和摘要后，样本减少到78篇文章，这些文章根据定义的研究问题进行了深入阅读和综合。所选文章分为三大类：一般研究、投资者行为决定因素和成功因素。在新的全球经济中，众筹平台已成为创新产品和服务的新兴创造者与必要资金来源之间的纽带。通过从选定平台的受众中招募的多个投资者累积捐款，这种联系不受时间或空间限制。然而，与主流环境中的决定因素相比，基于社交媒体的众筹平台的投资决策决定因素有很大不同。本文调查了这些动机，并揭示了如何利用平台功能来说服个人为项目成功做出财务贡献。
