Determinants of Overfunding in Rewards-based Crowdfunding

• Martínez Gómez, Cristina ^[1] ; Jiménez Jiménez, Francisca ^[1] ; Alba Fernández, María Virtudes ^[1]
  1. [1] Universidad de Jaén

     Universidad de Jaén

     Jaén, España

     
• Localización: Estudios de economía aplicada, ISSN 1133-3197, ISSN-e 1697-5731, Vol. 39, Nº 8, 2021 (Ejemplar dedicado a: Sustainable Economic Development: Pattern and Perspective)
• Idioma: inglés
• DOI: 10.25115/eea.v39i8.4381
• Títulos paralelos:
  • Determinantes de la Sobrefinanciación en el Crowdfunding de Recompensas
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• Resumen
  • español

    Este estudio analiza el impacto de los factores determinantes del nivel de sobrefinanciación en las campañas de crowdfunding de recompensas. En particular, se analizan las características de los proyectos lanzados en la plataforma española, Verkami, que consiguen recaudar más financiación que el objetivo primero establecido (proyectos sobrefinanciados). Los resultados de nuestro análisis empírico sugirieron un impacto positivo significativo de los factores que aportan información y reducen el riesgo percibido por los mecenas: las actualizaciones y videos que comunican la idea y el propósito del proyecto, y las características de los emprendedores como su experiencia en el lanzamiento de proyectos previos o su participación en otras campañas de crowdfunding. Finalmente, se analiza el grado de heterogeneidad sectorial de la muestra. Los resultados indican que los proyectos que pertenecen a sectores como Entretenimiento y Literatura atraen un mayor número de mecenas, lo que muestra la diversidad en las preferencias y motivaciones de los mecenas a la hora de participar en las campañas de crowdfunding. 

  • English

    This study analyses the impact of the determinants of the level of overfunding in reward crowdfunding campaigns. In particular, we analyse the characteristics of projects launched on the Spanish platform, Verkami, that manage to raise more funding than the initially set target (overfunded projects). The results of our empirical analysis suggest a significant positive impact of factors that provide information and reduce the risk perceived by backers: updates and videos that communicate the idea and purpose of the project, and the characteristics of the entrepreneurs such as their experience in launching previous projects or their participation in other crowdfunding campaigns. Finally, the degree of sectorial heterogeneity of the sample is analysed. The results indicate that projects belonging to sectors such as Entertainment and Literature attract a higher number of backers, which shows the diversity in the preferences and motivations of backers when participating in crowdfunding campaigns.

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