Do project quality and founder information signals always matter? Evidence from equity and reward crowdfunding
INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS(2023)
摘要
This study provides a comparative analysis of the success factors of equity and reward-based crowdfunding. We find that information signals related to venture/project quality are important determinants of both equity-based and reward-based crowdfunding success. However, signals on founder information matter only for equity-based but not for reward-based crowdfunding. Our study exemplifies the varying role of success factors that depend on the type of crowdfunding projects and provides a basis for further research to compare different forms of crowdfunding.
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关键词
founder information signals,equity,quality
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