Table 10 List of the 94 reviewed studies

1

Greenberg J, Mollick E (2017) Activist choice homophily and the crowdfunding of female founders. Administrative Science Quarterly 62(2): 341–374. https://doi.org/10.1177/0001839216678847

992

2

Bukhari FAS, Usman SM, Usman M, Hussain K (2019) The effects of creator credibility and backer endorsement in donation crowdfunding campaigns success. Baltic Journal of Management 15(2): 215–235. https://doi.org/10.1108/bjm-02-2019-0077

223

3

Coakley J, Lazos A, Liñares‐Zegarra JM (2021) Equity crowdfunding founder teams: Campaign success and venture failure. British Journal of Management https://doi.org/10.1111/1467-8551.12494

1291

4

Zhao L, Shneor R, Sun Z (2021) Skin in the game: Self-funding and reward crowdfunding success. Business Horizons https://doi.org/10.1016/j.bushor.2021.09.007

1583

5

Zhao L, Vinig T (2019) Guanxi, trust and reward-based crowdfunding success: A Chinese case. Chinese Management Studies 14(2): 455–472

989

6

Wang W, He L, Wu YJ, Goh M (2021) Signaling persuasion in crowdfunding entrepreneurial narratives: The subjectivity vs objectivity debate. Computers in Human Behavior 114: 106,576. https://doi.org/10.1016/j.chb.2020.106576

328,947

7

Xiao S, Yue Q (2018) Investors' inertia behavior and their repeated decision-making in online reward-based crowdfunding market. Decision Support Systems 111: 101–112. https://doi.org/10.1016/j.dss.2018.05.005

20,035

8

Wessel M, Thies F, Benlian A (2016) The emergence and effects of fake social information: Evidence from crowdfunding. Decision Support Systems 90: 75–85. https://doi.org/10.1016/j.dss.2016.06.021

20,090

9

Lukkarinen A, Teich JE, Wallenius H, Wallenius J (2016) Success drivers of online equity crowdfunding campaigns. Decision Support Systems 87: 26–38. https://doi.org/10.1016/j.dss.2016.04.006

1742

10

Wang W, Chen W, Zhu K, Wang H (2020) Emphasizing the entrepreneur or the idea? The impact of text content emphasis on investment decisions in crowdfunding. Decision Support Systems 136: 113,341. https://doi.org/10.1016/j.dss.2020.113341

126,593

11

Wang N, Li Q, Liang H, Ye T, Ge S (2018) Understanding the importance of interaction between creators and backers in crowdfunding success. Electronic Commerce Research and Applications 27: 106–117. https://doi.org/10.1016/j.elerap.2017.12.004

959

12

Mamonov S, Malaga R (2018) Success factors in Title III equity crowdfunding in the United States. Electronic Commerce Research and Applications 27: 65–73. https://doi.org/10.1016/j.elerap.2017.12.001

133

13

Jiang C, Han R, Xu Q, Liu Y (2020) The impact of soft information extracted from descriptive text on crowdfunding performance. Electronic Commerce Research and Applications 43: 101,002. https://doi.org/10.1016/j.elerap.2020.101002

912

14

Kromidha E, Robson P (2016) Social identity and signalling success factors in online crowdfunding. Entrepreneurship and Regional Development 28(9–10): 605–629. https://doi.org/10.1080/08985626.2016.1198425

4996

15

Koch J-A, Siering M (2019) The recipe of successful crowdfunding campaigns. Electronic Markets 29(4): 661–679. https://doi.org/10.1007/s12525-019-00357-8

32,083

16

Shneor R, Mrzygłód U, Adamska-Mieruszewska J, Fornalska-Skurczyńska A (2021) The role of social trust in reward crowdfunding campaigns’ design and success. Electronic Markets https://doi.org/10.1007/s12525-021-00456-5

700

17

Vismara S (2016) Information cascades among investors in equity crowdfunding. Entrepreneurship Theory and Practice 42(3): 467–497. https://doi.org/10.1111/etap.12261

132

18

Skirnevskiy V, Bendig D, Brettel M (2017) The influence of internal social capital on serial creators’ success in crowdfunding. Entrepreneurship Theory and Practice 41(2): 209–236. https://doi.org/10.1111/etap.12272

2003

19

Josefy M, Dean TJ, Albert LS, Fitza MA (2017) The role of community in crowdfunding success: Evidence on cultural attributes in funding campaigns to “save the local theater”. Entrepreneurship Theory and Practice 41(2): 161–182. https://doi.org/10.1111/etap.12263

176

20

Courtney C, Dutta S, Li Y (2017) Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice 41(2): 265–290. https://doi.org/10.1111/etap.12267

71,005

21

Colombo MG, Franzoni C, 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

502

22

Chan CSR, Parhankangas A (2017) Crowdfunding innovative ideas: How incremental and radical innovativeness influence funding outcomes. Entrepreneurship Theory and Practice 41(2): 237–263. https://doi.org/10.1111/etap.12268

334

23

Butticè V, Colombo MG, Wright M (2017) Serial crowdfunding, social capital, and project success. Entrepreneurship Theory and Practice 41(2): 183–207. https://doi.org/10.1111/etap.12271

31,389/3937

24

Allison TH, Davis BC, Short JC, Webb JW (2015) Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory and Practice 39(1): 53–73. https://doi.org/10.1111/etap.12108

36,586

25

Ahlers GKC, Cumming DJ, Günther C, Schweizer D (2015) Signaling in equity crowdfunding. Entrepreneurship Theory and Practice 39(4): 955–980. https://doi.org/10.1111/etap.12157

104

26

Moss TW, Neubaum DO, Meyskens M (2015) The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: A signaling theory perspective. Entrepreneurship Theory and Practice 39(1): 27–52. https://doi.org/10.1111/etap.12110

403,445

27

Barasinska N, Schäfer D (2014) Is crowdfunding different? Evidence on the relation between gender and funding success from a german peer-to-peer lending platform. German Economic Review 15(4): 436–452. https://doi.org/10.1111/geer.12052

4144

28

Zheng H, Li D, Wu J, Xu Y (2014) The role of multidimensional social capital in crowdfunding: A comparative study in China and US. Information and Management 51(4): 488–496. https://doi.org/10.1016/j.im.2014.03.003

515/270

29

Zhou MJ, Lu B, Fan WP, Wang GA (2018) Project description and crowdfunding success: An exploratory study. Information Systems Frontiers 20(2): 259–274. https://doi.org/10.1007/s10796-016-9723-1

151,752

30

Burtch G, Ghose A, Wattal S (2016) Secret admirers: An empirical examination of information hiding and contribution dynamics in online crowdfunding. Information Systems Research 27(3): 478–496. https://doi.org/10.1287/isre.2016.0642

397,053

31

Boeuf B, Darveau J, Legoux R (2014) Financing creativity: Crowdfunding as a new approach for theatre projects. International Journal of Arts Management 16(3): 33–48

875

32

Koh Y, Lee M, Kim J, Yang Y (2020) Successful restaurant crowdfunding: The role of linguistic style. International Journal of Contemporary Hospitality Management 32(10): 3051–3066. https://doi.org/10.1108/ijchm-02-2020-0159

500

33

Lelo de Larrea G, Altin M, Singh D (2019) Determinants of success of restaurant crowdfunding. International Journal of Hospitality Management 78: 150–158. https://doi.org/10.1016/j.ijhm.2018.10.003

1567

34

Hobbs J, Grigore G, Molesworth M (2016) Success in the management of crowdfunding projects in the creative industries. Internet Research 26(1): 146–166. https://doi.org/10.1108/IntR-08-2014-0202

100

35

Yin C, Liu L, Mirkovski K (2019) Does more crowd participation bring more value to crowdfunding projects? The perspective of crowd capital. Internet Research 29(5): 1149–1170. https://doi.org/10.1108/intr-03-2018-0103

14,079

36

Chen S, Thomas S, Kohli C (2016) What really makes a promotional campaign succeed on a crowdfunding platform?: Guilt, utilitarian products, emotional messaging, and fewer but meaningful rewards drive donations. Journal of Advertising Research 56(1): 81–94. https://doi.org/10.2501/JAR-2016-000

200

37

Defazio D, Franzoni C, Rossi-Lamastra C (2020) How pro-social framing affects the success of crowdfunding projects: The role of emphasis and information crowdedness. Journal of Business Ethics https://doi.org/10.1007/s10551-020-04428-1

8631

38

Hervé F, Manthé E, Sannajust A, Schwienbacher A (2019) Determinants of individual investment decisions in investment-based crowdfunding. Journal of Business Finance and Accounting 46(5–6): 762–783. https://doi.org/10.1111/jbfa.12372

8698/10112

39

Lagazio C, Querci F (2018) Exploring the multi-sided nature of crowdfunding campaign success. Journal of Business Research 90: 318–324. https://doi.org/10.1016/j.jbusres.2018.05.031

1507

40

Bi S, Liu Z, Usman K (2017) The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research 71: 10–18. https://doi.org/10.1016/j.jbusres.2016.10.001

999

41

Chan HF, Moy N, Schaffner M, Torgler B (2021) The effects of money saliency and sustainability orientation on reward based crowdfunding success. Journal of Business Research 125: 443–455. https://doi.org/10.1016/j.jbusres.2019.07.037

69,221

42

Moradi M, Badrinarayanan V (2021) The effects of brand prominence and narrative features on crowdfunding success for entrepreneurial aftermarket enterprises. Journal of Business Research 124: 286–298. https://doi.org/10.1016/j.jbusres.2020.12.002

343

43

Tafesse W (2021) Communicating crowdfunding campaigns: How message strategy, vivid media use and product type influence campaign success. Journal of Business Research 127: 252–263. https://doi.org/10.1016/j.jbusres.2021.01.043

8027

44

Scheaf DJ, Davis BC, Webb JW, Coombs JE, Borns J, Holloway G (2018) Signals' flexibility and interaction with visual cues: Insights from crowdfunding. Journal of Business Venturing 33(6): 720–741. https://doi.org/10.1016/j.jbusvent.2018.04.007

323

45

Parhankangas A, Renko M (2016) Linguistic style and crowdfunding success among social and commercial entrepreneurs. Journal of Business Venturing 32(2): 215–236. https://doi.org/10.1016/j.jbusvent.2016.11.001

656

46

Oo PP, Allison TH, Sahaym A, Juasrikul S (2018) User entrepreneurs' multiple identities and crowdfunding performance: Effects through product innovativeness, perceived passion, and need similarity. Journal of Business Venturing https://doi.org/10.1016/j.jbusvent.2018.08.005

300

47

Moss TW, Renko M, Block E, Meyskens M (2018) Funding the story of hybrid ventures: Crowdfunder lending preferences and linguistic hybridity. Journal of Business Venturing 33(5): 643–659. https://doi.org/10.1016/j.jbusvent.2017.12.004

83,176

48

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

9603/47976

49

Mahmood A, Luffarelli J, Mukesh M (2019) What's in a Logo? The Impact of Complex Visual Cues in Equity Crowdfunding. Journal of Business Venturing 34(1): 41–62. https://doi.org/10.1016/j.jbusvent.2018.09.006

10,611

50

Kuppuswamy V, Bayus BL (2017) Does my contribution to your crowdfunding project matter? Journal of Business Venturing 32(1): 72–89. https://doi.org/10.1016/j.jbusvent.2016.10.004

275,220

51

Johnson MA, Stevenson RM, Letwin CR (2018) A woman's place is in the… startup! Crowdfunder judgments, implicit bias, and the stereotype vontent model. Journal of Business Venturing 33(6): 813–831. https://doi.org/10.1016/j.jbusvent.2018.04.003

416

52

Davis BC, Hmieleski KM, Webb JW, Coombs JE (2017) Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion. Journal of Business Venturing 32(1): 90–106. https://doi.org/10.1016/j.jbusvent.2016.10.006

918

53

Anglin AH, Wolfe MT, Short JC, McKenny AF, Pidduck RJ (2018) Narcissistic rhetoric and crowdfunding performance: A social role theory perspective. Journal of Business Venturing 33(6): 780–812. https://doi.org/10.1016/j.jbusvent.2018.04.004

1863

54

Anglin AH, Short JC, Drover W, Stevenson RM, McKenny AF, Allison TH (2018) The power of positivity? The influence of positive psychological capital language on crowdfunding performance. Journal of Business Venturing 33(4): 470–492. https://doi.org/10.1016/j.jbusvent.2018.03.003

1726

55

Allison TH, Davis BC, Webb JW, Short JC (2017) Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of Business Venturing 32(6): 707–725. https://doi.org/10.1016/j.jbusvent.2017.09.002

20,724

56

Rose S, Wentzel D, Hopp C, Kaminski J (2020) Launching for success: The effects of psychological distance and mental simulation on funding decisions and crowdfunding performance. Journal of Business Venturing: 106,021. https://doi.org/10.1016/j.jbusvent.2020.106021

961

57

Hörisch J (2015) Crowdfunding for environmental ventures: An empirical analysis of the influence of environmental orientation on the success of crowdfunding initiatives. Journal of Cleaner Production 107: 636–645. https://doi.org/10.1016/j.jclepro.2015.05.046

583

58

Signori A, Vismara S (2018) Does success bring success? The post-offering lives of equity-crowdfunded firms. Journal of Corporate Finance 50: 575–591. https://doi.org/10.1016/j.jcorpfin.2017.10.018

212

59

Duan Y, Hsieh T-S, Wang RR, Wang Z (2020) Entrepreneurs' facial trustworthiness, gender, and crowdfunding success. Journal of Corporate Finance 64: 101,693. https://doi.org/10.1016/j.jcorpfin.2020.101693

1770

60

Ullah S, Zhou Y (2020) Gender, anonymity and team: What determines crowdfunding success on Kickstarter. Journal of Risk and Financial Management 13(4): 80. https://doi.org/10.3390/jrfm13040080

27,117

61

Usman SM, Bukhari FAS, You H, Badulescu D, Gavrilut D (2020) The effect and impact of signals on investing decisions in reward-based crowdfunding: A comparative study of China and the United Kingdom. Journal of Risk and Financial Management 13(12): 325. https://doi.org/10.3390/jrfm13120325

500

62

Jin Y, Ding C, Duan Y, Cheng HK (2020) Click to success? The temporal effects of Facebook likes on crowdfunding. Journal of the Association for Information Systems 21(5): 1191–1213. https://doi.org/10.17705/1jais.00634

7289

63

Younkin P, Kuppuswamy V (2018) The colorblind crowd? Founder race and performance in crowdfunding. Management Science 64(7): 3269–3287. https://doi.org/10.1287/mnsc.2017.2774

7617

64

Lin M, Viswanathan S (2016) Home bias in online investments: An empirical study of an online crowdfunding market. Management Science 62(5): 1393–1414. https://doi.org/10.1287/mnsc.2015.2206

358,176

65

Hildebrand T, Puri M, Rocholl J (2017) Adverse incentives in crowdfunding. Management Science 63(3): 587–608. https://doi.org/10.1287/mnsc.2015.2339

32,966

66

Cornelius PB, Gokpinar B (2020) The role of customer investor involvement in crowdfunding success. Management Science 66(1): 452–472. https://doi.org/10.1287/mnsc.2018.3211

21,273

67

Burtch G, Ghose A, Wattal S (2014) Cultural differences and geography as determinants of online prosocial lending. MIS Quarterly 38(3): 773–794

6370

68

Zheng H, Professor Wu H, Guandong Xu A, Hung J-L, Qi Z, Xu B (2016) The role of trust management in reward-based crowdfunding. Online Information Review 40(1): 97–118. https://doi.org/10.1108/oir-04-2015-0099

829

69

Steigenberger N, Wilhelm H (2018) Extending signaling theory to rhetorical signals: Evidence from crowdfunding. Organization Science 29(3): 529–546. https://doi.org/10.1287/orsc.2017.1195

2447

70

Hsieh H-C, Hsieh Y-C, Vu THC (2019) How social movements influence crowdfunding success. Pacific-Basin Finance Journal 53: 308–320. https://doi.org/10.1016/j.pacfin.2018.11.008

2043

71

Giudici G, Guerini M, Rossi-Lamastra C (2018) Reward-based crowdfunding of entrepreneurial projects: The effect of local altruism and localized social capital on proponents’ success. Small Business Economics 50(2): 307–324. https://doi.org/10.1007/s11187-016-9830-x

618

72

Ralcheva A, Roosenboom P (2019) Forecasting success in equity crowdfunding. Small Business Economics 55(1): 39–56. https://doi.org/10.1007/s11187-019-00144-x

2171/868/1303

73

Kleinert S, Volkmann C, Grünhagen M (2020) Third-party signals in equity crowdfunding: The role of prior financing. Small Business Economics 54(1): 341–365. https://doi.org/10.1007/s11187-018-0125-2

221

74

Cappa F, Pinelli M, Maiolini R, Leone MI (2021) “Pledge” me your ears! The role of narratives and narrator experience in explaining crowdfunding success. Small Business Economics 57(2): 953–973. https://doi.org/10.1007/s11187-020-00334-y

5432

75

Borrero-Domínguez C, Cordón-Lagares E, Hernández-Garrido R (2020) Sustainability and real estate crowdfunding: Success factors. Sustainability 12(12): 5136. https://doi.org/10.3390/su12125136

60

76

von Selasinsky C, Lutz E (2021) The effects of pro-social and pro-environmental orientation on crowdfunding performance. Sustainability 13(11): 6064. https://doi.org/10.3390/su13116064

1049

77

Vismara S (2019) Sustainability in equity crowdfunding. Technological Forecasting and Social Change 141: 98–106. https://doi.org/10.1016/j.techfore.2018.07.014

294

78

Hörisch J, Tenner I (2020) How environmental and social orientations influence the funding success of investment-based crowdfunding: The mediating role of the number of funders and the average funding amount. Technological Forecasting and Social Change 161: 120,311. https://doi.org/10.1016/j.techfore.2020.120311

318

79

Zhang H, Chen W (2019) Crowdfunding technological innovations: Interaction between consumer benefits and rewards. Technovation 84–85: 11–20. https://doi.org/10.1016/j.technovation.2018.05.001

674

80

Nitani M, Riding A, He B (2019) On equity crowdfunding: Investor rationality and success factors. Venture Capital 21(2–3): 243–272. https://doi.org/10.1080/13691066.2018.1468542

319

81

Koch J (2016) The phenomenon of project overfunding on online crowdfunding platforms – Analyzing the drivers of overfunding. Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul,Turkey

15,824

82

Koch J, Siering M (2015) Crowdfunding success factors: The characteristics of successfully funded projects on crowdfunding platforms. Twenty-Third European Conference on Information Systems (ECIS), Münster, Germany

762

83

Thies F, Wessel M, Rudolph J, Benlian A (2016) Personality matters: How signaling personality traits can influence the adoption and diffusion of crowdfunding campaigns. Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul,Turkey

33,420

84

Posegga O, Zylka MP, Fischbach K (2015) Collective dynamics of crowdfunding networks. 48th Hawaii International Conference on System Sciences (HICSS). 2015, IEEE: Kauai, HI. p. 3258–3267

2241

85

Beier M, Wagner K (2015) Crowdfunding success: A perspective from social media and e-commerce. Thirty Sixth International Conference on Information Systems (ICIS), Fort Worth, Twxas

740

86

Agrawal AK, Catalini C, Goldfarb A (2011) The geography of crowdfunding. Working paper. w16820, N.B.o.E. Research

17,663

87

Crosetto P, Regner T (2014) Crowdfunding: Determinants of success and funding dynamics. Working paper. 2014–035, M.P.I.o. Economics

2252

88

Cumming DJ, Leboeuf Gl, Schwienbacher A (2015) Crowdfunding models: Keep-it-all vs. all-or-nothing. Working paper

22,439

89

Moutinho N, Leite PM (2013) Critical success factors in crowdfunding: The case of Kickstarter. Working paper

17,457

90

Bengtson B (2019) A comparative study on the effect of environmental social value statements on crowdfunding success across various crowdfunding platforms. Working paper

150/50

91

Evers M (2012) Main drivers of crowdfunding success: A conceptual framework and empirical analysis. Dissertation, Erasmus University

8806

92

Joenssen DW, Michaelis A, Müllerleile T (2014) Link to new product preannouncement: Success factors in crowdfunding. Report

45,400

93

Müllerleile T, Joenssen DW (2015) Key success-determinants of crowdfunded projects: An exploratory analysis. In Data Science, Learning by Latent Structures, and Knowledge Discovery, B. Lausen, S. Krolak-Schwerdt and M. Böhmer (eds.). Berlin, Heidelberg: Springer, pp. 271–281

37,726

94

Cordova A, Dolci J, Gianfrate G (2015) The determinants of crowdfunding success: Evidence from technology projects. Procedia—Social and Behavioral Sciences 181: 115–124. https://doi.org/10.1016/j.sbspro.2015.04.872

410/723