DOI QR코드

DOI QR Code

Crowdfunding Research in the Information Systems Discipline and Beyond: Development and Outlook

  • Sunghan Ryu (USC-SJTU Institute of Cultural and Creative Industry, Shanghai Jiao Tong University) ;
  • Keongtae Kim (Department of Decision Sciences and Managerial Economics, CUHK Business School, Chinese University of Hong Kong) ;
  • Jungpil Hahn (Department of Information Systems and Analytics, School of Computing National University)
  • Received : 2021.09.18
  • Accepted : 2021.11.05
  • Published : 2021.12.31

Abstract

In this opinion article, we review the current streams of the information systems (IS) literature on crowdfunding and discuss how the literature has contributed to expanding our understanding of crowdfunding. Reflecting on the review, we propose avenues for future research to expand the existing knowledge on this impactful topic for the benefit of researchers and practitioners.

Keywords

References

  1. Agrawal, A., Catalini, C., and Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63-97.
  2. 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), 253-274.
  3. Burtch, G., Carnahan, S., and Greenwood, B. N. (2018). Can you gig it? An empirical examination of the gig economy and entrepreneurial activity. Management Science, 64(12), 5497-5520. https://doi.org/10.1287/mnsc.2017.2916
  4. Burtch, G., Ghose, A., and Wattal, S. (2013). An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, 24(3), 499-519. https://doi.org/10.1287/isre.1120.0468
  5. Burtch, G., Hong, Y., and Liu, D. (2018). The role of provision points in online crowdfunding. Journal of Management Information Systems, 35(1), 117-144. https://doi.org/10.1080/07421222.2018.1440764
  6. Colombo, M. G., and Shafi, K. (2019). Receiving external equity following successfully crowdfunded technological projects: An informational mechanism. Small Business Economics, 56, 1507-1529. https://doi.org/10.1007/s11187-019-00259-1
  7. 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), 75-100. https://doi.org/10.1111/etap.12118
  8. Dai, H., and Zhang, D. J. (2019). Prosocial goal pursuit in crowdfunding: Evidence from kickstarter. Journal of Marketing Research, 56(3), 498-517. https://doi.org/10.1177/0022243718821697
  9. Geva, H., Barzilay, O., and Oestreicher-Singer, G. (2019). A potato salad with a lemon twist: Using a supply-side shock to study the impact of opportunistic behavior on crowdfunding platforms. MIS Quarterly, 43(4), 1227-1248. https://doi.org/10.25300/MISQ/2019/14572
  10. Gleasure, R., and Feller, J. (2016). Emerging technologies and the democratisation of financial services: A metatriangulation of crowdfunding research. Information and Organization, 26(4), 101-115. https://doi.org/10.1016/j.infoandorg.2016.09.001
  11. Greenstein, S., and Zhu, F. (2018). Do experts or crowd-based models produce more bias? Evidence from Encyclopedia Britannica and Wikipedia. MIS Quarterly, 42(3), 945-960.
  12. Guerin, R., Hosanagar, K., Xinxin, L., and Sen, S. (2019). Shared or dedicated infrastructures: on the impact of reprovisioning ability. MIS Quarterly, 43(4), 1059-1079. https://doi.org/10.25300/MISQ/2019/14857
  13. Hong, Y., Hu, Y., and Burtch, G. (2018). Embeddedness, pro-sociality, and social influence: Evidence from online crowdfunding. MIS Quarterly, 42(4), 1211-1224. https://doi.org/10.25300/MISQ/2018/14105
  14. Jiang, H., Wang, Z., Yang, L., Shen, J., and Hahn, J. (2021). How rewarding are your rewards? A value-based view of crowdfunding rewards and crowdfunding performance. Entrepreneurship Theory and Practice, 45(3), 562-599. https://doi.org/10.1177/1042258720928922
  15. Kang, L., Jiang, Q., and Tan, C. H. (2017). Remarkable advocates: An investigation of geographic distance and social capital for crowdfunding. Information & Management, 54(3), 336-348. https://doi.org/10.1016/j.im.2016.09.001
  16. Kim, K., and Hann, I. H. (2019). Crowdfunding and the democratization of access to capital-An illusion? Evidence from housing prices. Information Systems Research, 30(1), 276-290. https://doi.org/10.1287/isre.2018.0802
  17. Kim, K., and Viswanathan, S. (2019). The 'experts' in the crowd: The role of experienced investors in a crowdfunding market. MIS Quarterly, 43(2), 347-372. https://doi.org/10.25300/MISQ/2019/13758
  18. Kim, K., Park, J., Pan, Y., Zhang, K., and Zhang, X. M. (2021). Risk disclosure in crowdfunding. Information Systems Research.
  19. Li, G., and Wang, J. (2019). Threshold effects on backer motivations in reward-based crowdfunding. Journal of Management Information Systems, 36(2), 546-573. https://doi.org/10.1080/07421222.2019.1599499
  20. Mindel, V., Mathiassen, L., and Rai, A. (2018). The sustainability of polycentric information commons. MIS Quarterly, 42(2), 607-632. https://doi.org/10.25300/MISQ/2018/14015
  21. Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing 29(1), 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
  22. Roma, P., Petruzzelli, A. M., and Perrone, G. (2017). From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors. Research Policy, 49(9), 1606-1628.
  23. Ryu, S. (2019). Beauty of crowdfunding: Blooming creativity and innovation in the digital era. New York, NY: Routledge.
  24. Ryu, S., and Kim, Y. G. (2016). A typology of crowdfunding sponsors: Birds of a feather flock together? Electronic Commerce Research and Applications, 16, 43-54. https://doi.org/10.1016/j.elerap.2016.01.006
  25. Ryu, S., and Kim, Y. G. (2018). Money Is not everything: A typology of crowdfunding project creators. Journal of Strategic Information Systems, 27(4), 350-368. https://doi.org/10.1016/j.jsis.2018.10.004
  26. Ryu, S., and Suh, A. (2020). Online service or virtual community? Building platform loyalty in reward-based crowdfunding. Internet Research, 31(1), 315-340. https://doi.org/10.1108/INTR-06-2019-0256
  27. Ryu, S., Kim, K., and Hahn, J. (2019). The effect of crowdfunding success on subsequent financing outcomes of start-ups. Academy of Management Proceedings, 2019(1), 17486.
  28. Ryu, S., Park, J., Kim, K., and Kim, Y. G. (2020). Reward versus altruistic motivations in reward-based crowdfunding. International Journal of Electronic Commerce, 24(2), 159-183.
  29. Sung, N., Kim, K., and Viswanathan, S. (2021). Equity crowdfunding and startup performance. Academy of Management Proceedings, 2021(1), 12437.
  30. Thies, F., Huber, A., Bock, C., Benlian, A., and Kraus, S. (2018). Following the crowd-does crowdfunding affect venture capitalists' selection of entrepreneurial ventures? Journal of Small Business Management, 57(4), 1378-1398.
  31. Yang, L., Wang, Z., and Hahn, J. (2019). The impact of blockbusters in crowdfunding. Academy of Management Best Paper Proceedings, 2019(1), 12317.
  32. Yang, L., Wang, Z., and Hahn, J. (2020). Scarcity strategy in crowdfunding: An empirical exploration of reward limits. Information Systems Research, 31(4), 1107-1131. https://doi.org/10.1287/isre.2020.0934
  33. 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), 488-496. https://doi.org/10.1016/j.im.2014.03.003
  34. Zheng, H., Xu, B., Wang, T., and Chen, D. (2017). Project implementation success in reward-based crowdfunding: An empirical study. International Journal of Electronic Commerce, 21(3), 424-448.  https://doi.org/10.1080/10864415.2016.1319233