Knowledge Management Research (지식경영연구)

The Knowledge Management Society of Korea (한국지식경영학회)
권호 표지
DOI QR코드

DOI QR Code

Goal Gradient Effect in Reward-based Crowdfunding; Difference in Project Category

후원형 크라우드 펀딩에서의 목표 구배 효과; 프로젝트 카테고리 별 차이를 중심으로

  • Received : 2019.07.02
  • Accepted : 2019.08.23
  • Published : 2019.09.30
Download PDF
⟨ Previous Next ⟩

Abstract

Reward-based crowdfunding is a funding platform that allows funds to be raised to early operators who have lack of funds, and is seen as an outstanding infrastructure that is going to lead the fourth industrial revolution in that it is a field of realization of new technologies and creative ideas by start-ups. Reward-based crowdfunding has grown in line with the trend of the fourth industrial revolution, and funding success cases are taking place in various industries that culture/art to technology/IT, including as a new means of knowledge management in a rapidly changing industrial environment. The study focused on the fact that consumer's donation purposes may also vary depending on the category of projects classified as reward-based crowdfunding. Because consumer payment decisions and motivation of consumer purchasing behavior are classified according to the purpose of purchase, the previous papers that the goal gradient effect that the main motivation of consumer donation for reward-based crowdfunding introduced vary depending on project category of utilitarian and hedonic. In this study, consumer's daily donation data is collected by Indiegogo which is a leading reward-based crowdfunding company using web-crawling and the model was defined as propensity score matching (PSM) and random effect model. The results showed that the goal gradient effect occurred in utilitarian project category, but no goal gradient effect for the hedonic project category. Furthermore, this paper developed the study of motivation of consumer donation and contributes theoretical foundation by the results consumer donation may vary depending on the project category; also, this paper has implications for an effective marketing strategy depending on the project category leaves real meaning to the projector.

Keywords

References

  1. 문병준, 손용석 2000. "인터넷을 통한 소비자 정보탐색 및 구매행동에 영향을 주는 요인," 소비자학연구 (11:4), pp. 131-151.
  2. 임지원, 이민화 2014. "한국형 크라우드 펀딩에 대한 연구," 한국경영학회 통합학술발표논문집, pp. 102-124.
  3. 오소정, 임대근 2017. "후원형 크라우드펀딩과 그효용성," 글로벌문화콘텐츠 (26), pp. 115-130.
  4. 유창한, 한은정 2018. "문화예술 분야의 보상형 크라우드펀딩 성공 결정요인," 문화경제연구 (21:3), pp. 31-58.
  5. 이규하, 곽기영 2014. "인터넷 쇼핑몰에서 구전과 보증이 신뢰에 미치는 영향: 제품평가 용이성의 조절효과를 중심으로," 지식경영연구 (15:3), pp. 141-168.
  6. 조은영, 박진원, 김희웅 2015. "소셜미디어 마케팅 실패사례 분석을 통한 소셜미디어 마케팅 전략 연구," 지식경영연구 (16:2), pp. 91-111. https://doi.org/10.15813/kmr.2015.16.2.005
  7. 천혜숙 2015. "창의적 프로젝트와 후원형 크라우드펀딩," 한국콘텐츠학회논문지 (15:5), pp. 560-569. https://doi.org/10.5392/JKCA.2015.15.05.560
  8. Agrawal, A., Catalini, C., and Goldfarb, A. 2015. "Crowdfunding: Geography, social networks, and the timing of investment decisions," Journal of Economics & Management Strategy (24:2), pp. 253-274. https://doi.org/10.1111/jems.12093
  9. Alba, J. W., and Williams, E. F. 2013. "Pleasure principles: A review of research on hedonic consumption," Journal of consumer psychology (23:1), pp. 2-18. https://doi.org/10.1016/j.jcps.2012.07.003
  10. Babin, B. J., Darden, W. R., and Griffin, M. 1994. "Work and/or fun: measuring hedonic and utilitarian shopping value," Journal of consumer research (20:4), pp. 644-656. https://doi.org/10.1086/209376
  11. Baumeister, R. F. 2002." Yielding to temptation: Self-control failure, impulsive purchasing, and consumer behavior," Journal of consumer Research (28:4), pp. 670-676. https://doi.org/10.1086/338209
  12. Bandura, A., and Schunk, D. H. 1981. "Cultivating competence, self-efficacy, and intrinsic interest through proximal selfmotivation," Journal of personality and social psychology (41:3), pp. 586. https://doi.org/10.1037/0022-3514.41.3.586
  13. Carlo, G., Okun, M. A., Knight, G. P., and de Guzman, M. R. T. 2005. "he interplay of traits and motives on volunteering: Agreeableness, extraversion and prosocial value motivation," Personality and Individual Differences (38:6), pp. 1293-1305. https://doi.org/10.1016/j.paid.2004.08.012
  14. Childers, T. L., Carr, C. L., Peck, J., and Carson, S. 2001. "Hedonic and utilitarian motivations for online retail shopping behavior," Journal of retailing (77:4), pp. 511-535. https://doi.org/10.1016/S0022-4359(01)00056-2
  15. Colombo, M. G., Franzoni, C., and Rossi-Lamastra, C. 2015. "Internal social capital and the attraction of early contributions in crowdfunding," Entrepreneurship theory and practice (39:1), pp. 75-100. https://doi.org/10.1111/etap.12118
  16. Crowley, A. E., Spangenberg, E. R., and Hughes, K. R. 1992. "Measuring the hedonic and utilitarian dimensions of attitudes toward product categories," Marketing letters (3:3), pp. 239-249. https://doi.org/10.1007/BF00994132
  17. Dhar, R., and Simonson, I. 1992. "The effect of the focus of comparison on consumer preferences," Journal of Marketing Research (29:4), pp. 430-440. https://doi.org/10.1177/002224379202900404
  18. Dhar, R., and Wertenbroch, K. 2000. "Consumer choice between hedonic and utilitarian goods," Journal of marketing research (37:1), pp. 60-71. https://doi.org/10.1509/jmkr.37.1.60.18718
  19. Diehl, K., and Zauberman, G. 2005. "Searching ordered sets: Evaluations from sequences under search," Journal of Consumer Research (31:4), pp. 824-832. https://doi.org/10.1086/426618
  20. Duan, W., Gu, B., and Whinston, A. B. 2008. "Do online reviews matter?-An empirical investigation of panel data," Decision support systems (45:4), pp. 1007-1016. https://doi.org/10.1016/j.dss.2008.04.001
  21. Dushnitsky, G., and Marom, D. 2013. "Crowd monogamy," Business Strategy Review (24:4), pp. 24-26. https://doi.org/10.1111/j.1467-8616.2013.00990.x
  22. Frydrych, D., Bock, A. J., Kinder, T., and Koeck, B. 2014. "Exploring entrepreneurial legitimacy in reward-based crowdfunding," Venture Capital (16:3), pp. 247-269. https://doi.org/10.1080/13691066.2014.916512
  23. Furnham, A., Eracleous, A., and Chamorro-Premuzic, T. 2009. "Personality, motivation and job satisfaction: Hertzberg meets the Big Five," Journal of managerial psychology (24:8), pp. 765-779. https://doi.org/10.1108/02683940910996789
  24. Holbrook, M. B., and Hirschman, E. C. 1982. "The experiential aspects of consumption: Consumer fantasies, feelings, and fun," Journal of consumer research (9:2), pp. 132-140. https://doi.org/10.1086/208906
  25. Hong, Y., Hu, Y., and Burtch, G. 2015. "How does social media affect contribution to public versus private goods in crowdfunding campaigns?," In 2015 International Conference on InformationSystems: Exploring the Information Frontier, ICIS 2015. Association for Information Systems.
  26. Hull, C. L. 1932. "The goal-gradient hypothesis and maze learning," Psychological Review (39:1), pp. 25. https://doi.org/10.1037/h0072640
  27. Khan, U., Dhar, R., and Wertenbroch, K. 2005. "A behavioral decision theory perspective on hedonic and utilitarian choice," Inside consumption: Frontiers of research on consumer motives, goals, and desires (1), pp. 144-165.
  28. Klein, K., and Melnyk, V. 2016. "Speaking to the mind or the heart: effects of matching hedonic versus utilitarian arguments and products," Marketing Letters (27:1), pp. 131-142. https://doi.org/10.1007/s11002-014-9320-3
  29. Koo, M., and Fishbach, A. 2012. "The small-area hypothesis: Effects of progress monitoring on goal adherence," Journal of Consumer Research (39:3), pp. 493-509. https://doi.org/10.1086/663827
  30. Kuppuswamy, V., and Bayus, B. L. 2017. Crowdfunding creative ideas: The dynamics of project backers in Kickstarter. A shorter version of this paper is in" The Economics of Crowdfunding: Startups, Portals, and Investor Behavior"-L. Hornuf and D. Cumming (eds.).
  31. Kim, J. H. 2012, "Analyzing the Effectiveness of Rural Open Year-Round Care School Program on Students' Academic Achievement," The Journal of Economics and Finance of Education (21:1), pp. 191-221.
  32. Kivetz, R., and Keinan, A. 2006. "Repenting hyperopia: An analysis of self-control regrets," Journal of Consumer Research (33:2), pp. 273-282. https://doi.org/10.1086/506308
  33. Kivetz, R., and Simonson, I. 2000. "The effects of incomplete information on consumer choice," Journal of Marketing Research (37:4), pp. 427-448. https://doi.org/10.1509/jmkr.37.4.427.18796
  34. Kivetz, R., Urminsky, O., and Zheng, Y. 2006. "The goal-gradient hypothesis resurrected: Purchase acceleration, illusionar y goal progress, and customer retention," Journal of Marketing Research (43:1), pp. 39-58. https://doi.org/10.1509/jmkr.43.1.39
  35. Lewin, K. 1951. Field theory in social science: selected theoretical papers (edited by dorwin cartwright.).
  36. Liu, W. 2008. "Focusing on desirability: The effect of decision interruption and suspension on preferences," Journal of Consu mer Research (35:4), pp. 640-652. https://doi.org/10.1086/592126
  37. Locke, E. A., and Bryan, J. F. 1969. "The directing function of goals in task performance," Organizational Behavior and Human Performance (4:1), pp. 35-42. https://doi.org/10.1016/0030-5073(69)90030-0
  38. Locke, E. A., and Latham, G. P. 1984. Goal setting: A motivational technique that works!.
  39. Locke, E. A., and Latham, G. P. 2002. "Building a practically useful theory of goal setting and task motivation: A 35-year odyssey," American psychologist (57:9), pp. 705. https://doi.org/10.1037/0003-066X.57.9.705
  40. Locke, E. A., Shaw, K. N., Saari, L. M., and Latham, G. P. 1981. "Goal setting and task performance: 1969-1980," Psychological bulletin (90:1), pp. 125. https://doi.org/10.1037/0033-2909.90.1.125
  41. Kraus, S., Richter, C., Brem, A., Cheng, C. F., and Chang, M. L. 2016. "Strategies for rewardbased crowdfunding campaigns," Journal of Innovation and Knowledge (1:1), pp. 13-23. https://doi.org/10.1016/j.jik.2016.01.010
  42. Martin, L. L., and Tesser, A. 2014. Striving and feeling: Interactions among goals, affect, and self-regulation. Psychology Press.
  43. Marom, D., and Sade, O. 2013. "Are the life and death of a young start-up indeed in the power of the tongue? Lessons from online crowdfunding pitches," SSRN Electronic Journal.
  44. Melnyk, V., Klein, K., and Volckner, F. 2012. "What's in a name? A symmetry of foreign branding effects in hedonic versus utilitarian product categories," Journal of Marketing (76), pp. 21-37. https://doi.org/10.1509/jm.11.0349
  45. Mollick, E. 2014. "The dynamics of crowdfunding: An exploratory study," Journal of business venturing (29:1), pp. 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
  46. Oh, J. H., Ha, S. M., Lee, N. H., Kim, D. H., and Kim, J. I. 2017. "e-Checking Indoor Enviromental Air Control Systems based on Fuzzy Theory," In Proceedings of the Korean Institute of Information and Commucation Sciences Conference. The Korea Institute of Information and Commucation Engineering, pp. 592-594.
  47. Ordanini, A., Miceli, L., Pizzetti, M., and Parasuraman, A. 2011. "Crowd-funding: transforming customers into investors through innovative service platforms," Journal of service management (22:4), pp. 443-470. https://doi.org/10.1108/09564231111155079
  48. Payne, J., Bettman, J. R., and Johnson, E. J. 1991. Consumer decision making. Handbook of consumer behaviour, pp. 50-84.
  49. Peterson, R. A., Balasubramanian, S., and Bronnenberg, B. J. 1997. "Exploring the implications of the Internet for consumer marketing," Journal of the A cademy of Marketing science (25:4), pp. 329. https://doi.org/10.1177/0092070397254005
  50. Steinberg, D. 2012. The Kickstarter handbook: Real-life crowdfunding success Stories. Quirk Books.
  51. Strahilevitz, M., and Myers, J. G. 1998. "Donations to charity as purchase incentives: How well they work may depend on what you are trying to sell," Journal of consumer research (24:4), pp. 434-446. https://doi.org/10.1086/209519
  52. Suk, K., Lee, J., and Lichtenstein, D. R. 2012. "The influence of price presentation order on consumer choice," Journal of Marketing Research (49:5), pp. 708-717. https://doi.org/10.1509/jmr.11.0309
  53. Taylor, G. C. 1986. Claims reserving in nonlife insurance. Amsterdam : North-Holland.
  54. Ting, H. 2011. "The effects of goal distance and value in escalation of commitment," Current Psychology (30:1), pp. 93-104. https://doi.org/10.1007/s12144-011-9100-7
  55. Toure-Tillery, M., and Fishbach, A. 2011. "The course of motivation," Journal of Consumer Psychology (21:4), pp. 414-423. https://doi.org/10.1016/j.jcps.2011.04.004
  56. Toure-Tillery, M., and Fishbach, A. 2012. "The end justifies the means, but only in the middle," Journal of Experimental Psychology: General (141:3), pp. 570. https://doi.org/10.1037/a0025928
  57. Trope, Y., and Liberman, N. 2003. "Temporal construal," Psychological review (110:3), pp. 403. https://doi.org/10.1037/0033-295X.110.3.403
  58. Vaughn, R. 1980. "How advertising works: A planning model," Journal of a dvertising research (20:5), pp. 27-33.
  59. Vesterlund, L. 2006. Why do people give. The nonprofit sector: A research handbook (2), pp. 168-190.
  60. Verhagen, T., Meents, S., and Tan, Y. H. 2006. "Perceived risk and trust associated with purchasing at electronic marketplaces," European Journal of Information Systems (15:6), pp. 542-555. https://doi.org/10.1057/palgrave.ejis.3000644
  61. Wakef ield, K. L., and Inman, J. J. 2003. "Situational price sensitivity: the role of consumption occasion, social context and income," Journal of Retailing (79:4), pp. 199-212. https://doi.org/10.1016/j.jretai.2003.09.004
  62. Yi, Y. J., and Muhn, S. H. 2013. "Mixed Products-How Adding Different Attributes Influences Consumer Perceptions and Product Evaluation," Asia Marketing Journal (15:1), pp. 83-105.
  63. Zhang, J., and Liu, P. 2012. "Rational herding in microloan markets," Management science (58:5), pp. 892-912. https://doi.org/10.1287/mnsc.1110.1459
  64. Zheng, H., Li, D., Wu, J., and Xu, Y. 2014. "The role of multidimensional social capital in crowdfunding: A comparative study in China and US," Information & Management (51:4), pp. 488-496. https://doi.org/10.1016/j.im.2014.03.003
  65. Zaichkowsky, J. L. 1985. "Measuring the involvement construct," Journal of consumer research (12:3), pp. 341-352. https://doi.org/10.1086/208520
  66. Zaichkowsky, J. L. 1986. "Conceptualizing involvement," Journal of advertising (15:2), pp. 4-34. https://doi.org/10.1080/00913367.1986.10672999
  67. Zvilichovsky, D. 2013. Innovation Uncertainty and Indirect Network Externalities.