• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.179-189
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• 2020

This study analyzes the status and results of equity crowdfunding film projects from 2016 to 2018. The film project is conducted in the form of general corporate bonds and participating bonds, and 41.5% of the total bonds were issued, 9.5 billion won. In addition, a t-test analysis of the movie's the breakeven point and audience numbers showed that statistically significant and the average number of audience members was low. Therefore, this study suggests the following for the sustainable growth of the equity crowdfunding film project. Equity crowdfunding brokers should reinforce the review of the possibility of achieving the breakeven point of the film and the factors affecting the box office in the investment manual, and should also actively attract projects on the big films that are likely to be successful. This study is meaningful in that it analyzes the equity crowdfunding film project, which has not yet been widely studied in Korea, and is expected to provide implications in the subsequent research and system improvement process.

• The Journal of Society for e-Business Studies
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• v.24 no.3
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• pp.35-51
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• 2019

The two main goals of this study are to derive independent factors affecting the success rate of crowdfunding and to empirically analyze the variation of independent factors' effects on the success of crowdfunding by industry (Internet, culture/art, manufacturing/distribution), and funding type (stock type, bond type). To identify the success factors of crowdfunding for invigoration and strategic utilization, first, several variables were refined after interviews with experts and platform operators with investment experiences in numerous crowdfunding projects. Then, independent factors affecting project involvement were categorized as follows: a characteristic of project, participant activity, and enterprise. Also, the results derived from the influence of independent variables on crowdfunding after moderating effects were driven. Selected independent factors in this study are as follows: crowdfunding period, target amount, visual contents, minimum account money, number of comments, number of SNS followers, level of interest, financial Statement disclosure, investment attraction, venture company, intellectual property rights disclosure, and business operation period. Selected moderating factors in this study are as follows: industry (Internet, culture/art, manufacturing/distribution), and funding type (stock type, bond type). In conclusion, a discussion of the academical and practical implications and a suggestion of directions for further research are explained.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.1-18
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• 2020

This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

• Journal of Digital Convergence
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• v.20 no.3
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• pp.251-264
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• 2022

The purpose of this study is to present factors and strategies for successful rewarded-crowdfunding of companies. For this, rewarded-crowdfunding based on the extended theory of planned behavior(E-TPB) by adding individual innovation and risk preference as extended variables, in addition to the basic variables of the theory of planned behavior(TPB), including attitude, subjective norm, and perceived behavior control. In addition, the moderating effect of rewarded-crowdfunding experience was confirmed. In addition, the moderating effect of the rewarded-crowdfunding experience was confirmed, and exploratory factor analysis and multiple regression analysis were conducted for questionnaires who were aware of the concept of rewarded-crowdfunding. As a result of testing the hypothesis, it was found that attitude, subjective norm, perceived behavioral control, and risk preference affect the intention to invest in rewarded-crowdfunding. Also, we could find that perceived behavior control and risk preference were moderately influenced by investor who had experience in rewarded-crowdfunding. Based on the research results, it has academic and practical value by presenting the direction of enhancing the success of rewarded-crowdfunding that companies can use as a way to raise funds and boost sales.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.515-522
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• 2018

Current signs of a downturn in South Korea's economy include the sharp drop in consumption. Considering internal and external complications such as the raise in minimum wage and fierce global competition, people's taste and purpose of consumption is shifting as well. Under such circumstances, crowdfunding provides a new investment and distribution channel for businesses in their initial stages. Crowdfunding can serve as a key driver of growth in early stages of business operations and lead to growth in consumption as a new distribution channel. This study explores how customers perceive the process of reward crowdfunding, especially when it comes to fairness in procedure, interaction, and distribution. In addition, we further seek how perceived fairness affects customer satisfaction and loyalty in the industry.

• Journal of the Korea Society of Computer and Information
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• v.28 no.7
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• pp.155-164
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• 2023

In this paper, we examine the influence of Environmental, Social, and Governance (ESG)-related content on the success of online crowdfunding proposals. Along with the increasing significance of ESG standards in business, investment proposals incorporating ESG concepts are now commonplace. Due to the ESG trend, conventional wisdom holds that the majority of proposals with ESG concepts will have a higher rate of success. We investigate by analyzing over 9000 online business presentations found in a Kickstarter dataset to determine which characteristics of these proposals led to increased investment. We first utilized lexicon-based measurement and Feature Engineering to determine the relationship between environment and society scores and financial indicators. Next, Logistic Regression is utilized to determine the effect of including environmental and social terms in a project's description on its ability to obtain funding. Contrary to popular belief, our research found that microentrepreneurs were less likely to succeed with proposals that focused on ESG issues. Our research will generate new opportunities for research in the disciplines of information science and crowdfunding by shedding new light on the environment of online micro-entrepreneurship.

• Journal of Service Research and Studies
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• v.11 no.3
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• pp.1-16
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• 2021

Recently, crowdfunding has been receiving increased attention due to the variety of novel ways it provides for connecting funders and fundraisers. Concurrently, however, it has been criticized on the grounds of information asymmetry. We are interested in whether information collected from an asymmetric information source significantly influences crowdfunding success. Through this study, we would like to establish a social field of convergence pursued by Serve Science and to conduct practical research and practice together. First, we investigated the importance of interaction between funders and fundraisers within the crowdfunding platform. In the "comments" section, communication between funders and fundraisers reduces the degree of asymmetric information. In the aspect of presumable funders, they should make the best of the "comments" section to collect more solid information without losing return on their investment. Second, we analyze sentiment-based optimistic and pessimistic information from the "story" (asymmetric source) and "comments" sections. In conclusion, it shows that the optimistic and pessimistic information of the "comments" section has a great impact on crowdfunding success and that the influence of the "story" section is limited to pessimistic information under certain conditions. The crowdfunding platform is an innovative and productive way for startups and entrepreneurs to start a business, and since information an important role in the success of crowdfunding, It can be seen that it is essential to focus on establishing the best communication methods.

• The Journal of the Korea Contents Association
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• v.15 no.12
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• pp.541-549
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• 2015

Research about U.S. and European countries demonstrated that startups and young firms account for nearly all net job creation. If we want to bring down unemployment and to increase economic growth rate, we need to create new companies and to make them to grow. Credit availability is one of the most important factors for entrepreneurs as they attempt to start or expand a business. For young firms, access to credit for business growth can mean the difference between survival and failure. Equity crowdfunding is an innovative means of raising capital for businesses. Crowdfunding campaigns can give new business access to a large pool of investors. This brings huge benefits for marketing and increase provability of success of business and ROI, so it leads follow-on investment from Venture Capital and Angel investors. In Korea, the survival rate of startups and average growth rate of survivors is far lower than those of the U.S or other countries due to lack of funds for startup or early business growth. Equity crowdfunding can be a new funding source for venture or startups. It can increase startup and survival rate, in addition to the growth rate of survivors, resulting in decreased unemployment rate. In Korea, Equity crowdfunding will be available from 2016. Further study is needed to determine whether the impact of crowdfunding in Korea on job creation will be similar to its impact in the U.S.

• The Journal of the Korea Contents Association
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• v.16 no.1
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• pp.204-213
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• 2016

Crowd funding can be understood that consumers are participated in production process before real commercialization. These days there are some expectancy and worry about foreign capital influence to Korea Wave. This study is to find out the possibility that Korea Wave can lead to investment to make new cultural contents and find possibility as new investment funding source. Expecially this research did survey at Gwangjou in China with 20s and find their possibility to invest money for crowd funding related to Korea Wave and we evaluate consumer's Korea Wave preference. The results showed that with more preference of Korea Wave decrease consumer's perceived risk and increase consumer's perceived benefit. With this research we can find some possibility of motive for consumer's direct investment to Korea Wave project in Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.57-70
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• 2023

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.