佳作分享|众筹成功与奖励选项个数的倒U型关系及价格差异程度的调节作用
The inverted U-shaped relationship between crowdfunding success and reward options and the moderating effect of price differentiation
众筹成功与奖励选项个数的倒U型关系及价格差异程度的调节作用
Authors
Zhigang Cai
Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China,and,
Pengzhu Zhang
Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China,and,
Xiao Han
School of Business, Qingdao University, Qingdao, China
Citation
Cai, Z., Zhang, P. and Han, X. (2021), "The inverted U-shaped relationship between crowdfunding success and reward options and the moderating effect of price differentiation", China Finance Review International, Vol. 11 No. 2, pp. 230-258. https://doi.org/10.1108/CFRI-11-2019-0152
摘要
Abstract
Purpose
The paper is to explore crowdfunding success determinants from the reward menu design aspect, distinguishing from extant studies focusing on characteristics of project creators or crowdfunding projects and funding dynamics. Both the number of reward options and price differentiation of rewards are considered.
Design/methodology/approach
The authors use the quadratic model to identify a curvilinear relationship between the number of reward options and crowdfunding success, by running regressions on data collected from one of the most influential reward-based crowdfunding platforms in China. In addition, they explore the moderating effect of price differentiation on the curvilinear relationship.
Findings
The authors find an inverted U-shape relationship between the number of reward options and the optimal number of options is around 10. In addition, they find that the curvilinear relationship is moderated by reward price differentiation.
Practical implications
This paper has managerial implications for crowdfunding project creators and platform managers. To achieve better crowdfunding outcomes, a proper number of reward options with diversified reward prices should be provided.
Originality/value
The paper contributes to the literatures in antecedents of crowdfunding success from reward menu design aspect based on theories in investment and purchasing decision making. It is different from existing studies focusing on the characteristics of project creators and crowdfunding projects or funding dynamics. It also parallels retirement contribution plan design studies by exploring the reward menu design in the crowdfunding context.
Keywords
Crowdfunding, Reward menu design, Inverted U-Shape, Reward options, Price differentiation
文章结构
Introduction
Literature review
2.1 Antecedents of crowdfunding success
2.2 Assortment design
2.3 Pension plan studies
Hypotheses development
Study context and data collection
4.1 Study context
4.2 Data collection
Empirical methodology and variables
5.1 Curvilinear relationship between crowdfunding success and the number of reward options
5.2 The moderating effect of funding scheme price differentiation on the relationship between crowdfunding success and the number of reward options
Empirical analysis and results
6.1 Summary statistics and correlation matrix
6.2 Empirical results
Robustness checks and endogeneity test
7.1 Alternative estimators
7.2 Alternative dependent variables
7.3 Endogeneity test
Discussion and conclusion
研究成果
Relationships between the number of options and the benefits/costs under the high/low price differentiation.
Summary statistics of variables.
The correlative matrix of variables.
The distribution of the number of reward options.
Main analysis of the hypothesis.
Slop analysis of success rate and the number of reward options.
Robustness checks by alternative estimators.
Robustness checks by alternative dependent variables.
The endogeneity test by LIML estimator.
主要结论
This paper has several novel empirical findings for the reward menu design of crowdfunding projects. First, we examine the inverted U-shaped relationship between crowdfunding success and the number of reward options. When the number of reward options is relatively low, adding one more option has a marginally positive effect on crowdfunding performance because of the benefits of option value and optimal match. However, when the number of reward options is relatively high, adding one more reward option has a marginally negative effect on crowdfunding success because the imposed cognitive load on the backers discourages final decisions. Second, we find that the curvilinear relationship between crowdfunding success and the number of reward options is moderated by the price differentiation of the reward options. When the price differentiation is high, the differentiated prices of reward options increase the diversity perception of the rewards and serve as the diagnostic cue to reduce the cognitive load, which facilitate decision making even when the size of reward menu is large. However, when price differentiation is low, the diversity perception of the rewards is low and the cognitive load cannot be mitigated, which discourages decision making for comparing between similar options.
This paper adds to the literature in crowdfunding success determinants from the reward menu design aspects, based on theories in decision making for investment and purchasing. It is distinct from existing studies from perspectives of characteristics of creators and projects or investing dynamics, which are usually based on signal theory or herding behavior (Cai, 2018). This paper also parallels pension design studies by exploring reward menu design in the crowdfunding context. However, the reward menu design’s effect on investing dynamics remains open for further researches. This study also has implications for crowdfunding creators and platform managers to take consideration of the proper number of reward options and a differentiated price menu.
作者简介
蔡志刚是上海交通大学安泰经济与管理学院的博士生，他的研究兴趣包括互联网金融，金融科技和信息经济。他的邮箱是wzann@sjtu.edu.cn。
张鹏翥教授是上海交通大学安泰经济与管理学院信息、技术和创新系系主任，他的研究兴趣包括电子健康管理，金融科技，互联网商业模式和大数据管理。他的文章发表在很多具有影响力的期刊上，这些期刊包括Management Information Systems Quarterly (UTD24)， Journal of Management Information Systems， Decision Support Systems，Information and Management， 管理科学学报等。他的邮箱是pzzhang@sjtu.edu.cn。
韩晓博士是青岛大学商学院助理教授，她的研究兴趣包括众包，在线劳动力，互联网金融和信息经济。她的邮箱是hx.128@126.com。
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