期刊名称：Journal of the Association for Information Systems
印刷版ISSN：1536-9323
出版年度：2020
卷号：21
期号：5
页码：1191-1213
DOI：10.17705/1jais.00634
出版社：Association for Information Systems
摘要：Small and medium-sized businesses as well as individuals are increasingly using online crowdfunding platforms to raise funds in the fintech world. Creators of crowdfunding projects depend heavily on social networks like Facebook to publicize their projects. Social media activities such as “liking” on Facebook bring massive traffic to crowdfunding projects and attract contributions. Using data collected from Facebook and Kickstarter, our empirical tests demonstrate that social media activities significantly and positively impact the likely success of crowdfunding. Our duration model analysis reveals that the impact of social media activities on crowdfunding outcomes follows a J-curve in the temporal space. We explain the J-curve by identifying two important effects of social media activities throughout the crowdfunding process: a quality-signaling effect in the opening period and a herding effect in the closing period. Especially in the “last mile,” there is a strong herding effect that helps crowdfunding projects reach their respective fundraising goals. Our results offer useful contributions to the literature and suggestions for practitioners.
其他关键词：Herding Effect, Quality-Signaling Effect, Social Media Activities, Temporal Effects, Crowdfunding, Facebook Like
