Beyond Financing: Crowdfunding as an Informational Mechanism
Beyond Financing: Crowdfunding as an Informational Mechanism
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DOI：
10.2139/ssrn.2870545
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发表时间：
2016
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影响因子：
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通讯作者：
Jordana Viotto da Cruz
中科院分区：
文献类型：
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作者：
Jordana Viotto da Cruz
除了为新企业提供资金支持外，众筹还可以为企业家带来额外的优势。在本文中，我们测试的假设，众筹也作为一种信息机制。使用一个独特的数据集建立与公开的数据从互联网为基础的来源，并控制替代解释后，我们的经验表明，即使不成功的众筹，从而无法获得资本，项目所有者仍然可能决定在市场上发布的产品，如果贡献建议积极的“人群”的估值。
Besides providing financial support for new ventures, crowdfunding can bring additional advantages for entrepreneurs. In this paper, we test the hypothesis that crowdfunding also serves as an informational mechanism. Using a unique dataset built with publicly available data from Internet-based sources, and after controlling for alternative explanations, we empirically show that even when not successful on crowdfunding, thus not accessing capital, project owners may still decide to release the product in the market if contributions suggest positive valuation of the “crowd”.