A literature review and integrated framework for the determinants of crowdfunding success

Deng, Lingfei; Ye, Qiang; Xu, DaPeng; Sun, Wenjun; Jiang, Guangxin

doi:10.1186/s40854-022-00345-6

Financial Innovation

Table 7 Effects of the determinants on crowdfunding success: based on different measurements of crowdfunding success

From: A literature review and integrated framework for the determinants of crowdfunding success

Determinant	Subdivided definition	Effect	Funding success		Funds raised		Success ratio		Number of backers
Determinant	Subdivided definition	Effect	Studies	#	Studies	#	Studies	#	Studies			#
Project-related factors associated with crowdfunding success: project characteristics
Goal		Positive	[26, 48, 56, 65]	4	[2–6, 10, 19, 41, 53, 61, 91]	11	[10, 28]	2	[2, 6, 9, 10, 19, 41, 50, 53, 73, 77–79]	12
		Negative	[4–6, 10, 11, 15, 16, 18, 20, 21, 23, 27, 29, 32, 34, 37, 39, 46, 51, 53–60, 62, 63, 66, 70, 72, 76, 79, 82, 83, 85, 87, 88, 90, 93, 94]	42	[4, 30, 51, 56, 64]	5	[6, 13, 16, 33, 42, 59, 61, 68, 71, 74, 78, 81, 94]	13	[10, 59]	2
		Non-significant	[2, 3, 19, 45, 72, 73, 77, 90]	8	[9, 25, 40, 45, 49, 54, 56, 59, 76]	9	[36]	1	[17, 25, 40, 76]	4
Early funds		Positive	[18, 21]	2					[50]	1
Early funds		Negative			[49]	1
Early backers		Positive	[21]	1					[17, 50]	2
Early backers		Non-significant	[18]	1
Total backers		Positive	[3, 60, 94]	3	[3, 61]	2	[13, 43, 61, 78, 89, 94]	6
		Negative	[34]	1
		Non-significant			[60, 61]	2	[61]	1
Pledge/backer ratio		Positive					[78]	1
Duration		Positive	[39, 48, 56, 57, 65, 94]	6	[14, 31, 56, 59]	4	[28, 59, 81, 94]	4	[31, 59]	2
		Negative	[2, 4–6, 10, 11, 15, 18, 20, 23, 27, 29, 34, 53, 54, 60, 66, 70, 76, 87, 88, 92, 93]	23	[4–6, 10, 30, 41, 60, 75, 76]	9	[6, 10, 13, 28, 33, 43, 68]	7	[6, 9, 10, 40, 41, 43, 75, 76]	8
		Non-significant	[16, 21, 32, 46, 51, 59, 79, 82, 83]	9	[2, 9, 51, 53, 54]	5	[16, 36, 74]	3	[2, 17, 53, 79]	4
Reward	Reward quality	Positive	[34]	1
	Reward levels	Positive	[20, 29, 51, 62, 63, 88, 93]	7			[81]	1
		Negative					[13, 36, 89]	3
		Non-significant			[51]	1	[33]	1
	Rewards type	Positive	[23]	1	[31]	1			[31]	1
	Rewards type	Non-significant	[23]	1	[31, 91]	2
	Reward quantity	Positive	[16, 70]	2	[2, 4, 41]	3	[16]	1	[2, 41, 79]	3
		Negative	[34]	1
		Non-significant	[2, 4, 5, 16]	4	[5]	1	[42]	1
	Rewards availability	Non-significant	[55, 57]	2
Team size		Positive	[12, 39, 46, 55, 65, 72, 77, 80, 85, 88, 90]	11	[25, 49, 80, 91]	4	[78]	1	[77]	1
Team size		Non-significant	[56, 90]	2	[25, 56]	2	[44, 71]	2	[17, 78]	1
Launch date related	The time (expressed in days) elapsed since previous project;	Positive	[23]	1
	Days left in the funding period	Positive	[79]	1
	Days left in the funding period	Negative							[79]	1
	Launched in weekend	Negative	[37]	1
	Time to product delivery	Non-significant	[56]	1	[56]	1
	a continuous numeric value measuring campaign recency	Positive							[43]	1
	a continuous numeric value measuring campaign recency	Non-significant					[43]	1
Need similarity		Positive	[46]	1
Innovativeness	Product innovativeness	Positive	[46, 76]	2	[76]	1			[76]	1
Innovativeness	Product innovativeness	Non-significant	[26, 56]	2	[56]	1
Pledge level		Positive	[6, 10, 62]	3	[6, 10]	2	[6, 10, 13, 43]	4	[6, 10, 43]	3
Risk level		Negative			[75]	1			[75]	1
Risk level		Non-significant			[75]	1			[75]	1
Use of funds raised	RandD	Non-significant	[80]	1	[80]	1
	Working capital	Positive	[80]	1
	Working capital	Non-significant			[80]	1
	Marketing and market expansion	Positive			[80]	1
	Marketing and market expansion	Non-significant	[80]	1
Equity offered		Positive			[3]	1
		Negative	[72, 77]	2					[77]	1
		Non-significant	[3, 73, 80]	3	[80]	1			[73]	1
Expected outcome	Sales growth	Positive	[80]	1	[80]	1
	Margin	Positive	[80]	1	[80]	1
	Total return	Positive			[75]	1			[75]	1
Category	Independent variables: dummy variables		[1, 37, 39, 45, 57, 66, 70, 73, 76, 77, 90]	11	[41, 75, 76]	3	[36, 43, 78, 89]	4	[41, 43, 73, 75–78]	7
Category	Control variables: a set of industry category dummies		[3–6, 10, 15, 18, 20, 21, 23, 29, 48, 53–55, 58–60, 62, 63, 66, 70, 72, 82, 83, 85, 87, 88]	28	[3–6, 10, 31, 49, 53, 54, 59, 60, 91]	12	[6, 10, 13, 59, 62, 68, 74, 81]	8	[6, 8, 10, 31, 50, 53, 59]	7
Project-related factors associated with crowdfunding success: soft information
Text	Readability	Negative	[29]	1	[59, 91]	2	[59]	1	[59]	1
	Readability	Non-significant	[45, 59, 88]	3
	Sentiment	Positive	[15, 29, 59, 63]	4	[59, 91]	2	[59]	1	[43, 59]	2
		Negative	[32, 63]	2
		Non-significant	[45, 55]	2			[43]	1
	Text quality						[44]	1
	Word count	Positive	[4, 5, 10, 15, 16, 20, 29, 37, 39, 59, 63, 82, 83, 88]	14	[4, 5, 10, 54, 59, 91]	6	[10, 16, 28, 42, 59, 81]	6	[10, 40, 43, 59]	4
		Negative	[10]	1	[10, 60]	2	[10, 43]	2	[10]	1
		Non-significant	[5, 10, 16, 45, 54, 60, 87]	7			[16, 33, 36, 44, 74]	5	[10]	1
	Spelling errors	Positive	[48]	1
	Spelling errors	Negative	[20]	1	[41]	1			[41]
	Linguistic styles (e.g., concrete language, precise language, interactive style, uncertainty, results in progress, ongoing journey)	Positive	[6, 32, 53]	3	[6, 53]	2	[6, 42, 43, 74]	4	[6, 53, 79]	3
		Negative	[6, 32, 59]	3	[6, 59]	2	[6, 59]	2	[6, 59]	2
		Non-significant	[6, 32, 79]	3					[43]	1
	Specific terms (e.g., risk, money-related, specific topics, community-oriented)	Positive	[66]	1			[13, 33]	2
		Negative			[41]	1			[41]	1
		Non-significant	[66]	1			[13]	1
Visual	Video quality	Positive	[34, 56, 63]	3	[56]	1
	Video quality	Non-significant					[44]	1
	Video count	Positive	[29, 66, 87]	3	[91]	1	[43, 78]	2	[40, 43]	2
	Video count	Non-significant	[32, 66, 94]	3			[33, 94]	2	[78]	1
	Video availability	Positive	[4, 5, 10, 11, 15, 19, 48, 53, 54, 57, 59, 82, 83, 85, 88, 90]	16	[4, 5, 10, 19, 53, 54, 59, 91]	8	[10, 59, 81]	3	[10, 19, 53, 59]	4
		Negative	[39]	1
		Non-significant	[12, 90]	2			[42, 71, 74]	3
	Video length	Non-significant					[36, 44]	2
	Image quality	Non-significant					[36]	1
	Image valence	Non-significant					[36]	1
	Image count	Positive	[4, 5, 15, 16, 29, 82, 87]	7	[4, 5, 91]	3	[16, 33, 42, 43, 81]	5	[43]	1
		Negative	[11, 92]	2
		Non-significant	[32, 85]	2
	Image availability	Positive			[76]	1
		Negative	[76]	1
		Non-significant			[76]	1	[74]	1	[76]	1
	Visual count	Positive	[23, 53, 88]	3	[53]	1			[53]	1
	Visual count	Non-significant	[21]	1
	Visual availability	Positive	[20]	1	[61]	1
	Visual availability	Non-significant	[2]	1	[2]	1	[61]	1	[2]	1
Social network		Positive	[18, 20, 23, 38, 39, 54, 62, 80, 87, 93]	10	[9, 38, 41, 51, 54, 80]	6	[38, 42, 44, 78]	4	[9, 40, 41, 50]	4
		Negative	[34, 76, 88]	3	[76]	1			[76]	1
		Non-significant	[2, 21, 23, 51, 85, 92]	6	[2, 91]	2	[78]	1	[2, 78]	2
Updates		Positive	[2, 5, 6, 10, 20, 32, 34, 39, 48, 60, 62, 66, 70, 82, 83, 85, 92, 93]	18	[5, 6, 10, 60, 61, 91]	6	[6, 10, 33, 42, 43, 61, 81, 89]	8	[6, 10, 43, 50]	4
		Negative							[8]	1
		Non-significant	[5, 11, 94]	3	[2, 14, 61]	3	[61, 74, 94]	3	[2]	1
Comment	Comment quantity	Positive	[6, 10, 11, 20, 32, 62, 66, 83, 93]	9	[6, 10, 14, 61, 91]	5	[6, 10, 13, 33, 42, 44, 61, 62, 81, 89]	10	[6, 10, 40, 43]	4
		Negative					[43]	1
		Non-significant	[94]	1	[61]	1	[61, 74, 94]	3
	Has comment = 1, 0 otherwise	Positive	[39]	1
	Number of previous created projects’ comment	Positive	[23]	1
	Number of previous backed projects’ comment	Positive	[23]	1
	Comment length	Non-significant	[11]	1
	Comment sentiment	Positive	[11, 20]	2			[13]	1
	Comment sentiment	Negative					[13]	1
	Comment reply ratio	Non-significant	[11]	1
	Comment reply length	Positive	[11]	1
	Comment reply speed	Positive	[11]	1
Staff_pick		Positive	[18, 23, 32, 37, 53, 54]	6	[53, 54]	2	[33, 81]	2	[53]	1
		Negative			[51]	1
		Non-significant	[23, 51]	2
Shares		Positive	[2, 16, 18, 20, 34, 39, 55, 62]	8	[2, 14]	2	[16, 62]	2	[2]	1
Recommend		Positive	[48, 62, 66, 87]	4			[43]	1	[43]	1
Recommend		Non-significant					[69]	1
Likes	“like” count	Positive	[62]	1	[5]	1	[62]	1	[40]	1
	A dummy	Positive	[5]	1
	Fake Facebook likes	Negative							[8]	1
Media coverage		Positive	[46]	1			[44]	1
Signals		Positive					[69]	1
		Negative					[69]	1
		Non-significant					[69]	1
Followers		Positive	[5, 6]	2	[5, 6]	2
		Negative					[6]	1
		Non-significant							[6]	1
FAQs	Number of frequently asked questions	Positive					[42]	1	[43]	1
	Number of frequently asked questions	Negative					[43]	1
	Has written comments to answer questions = 1, 0 otherwise	Positive	[5]	1
	The intensity of comments to answer questions	Positive			[5]	1
Creator-related factors associated with crowdfunding success
Preparedness		Positive	[46]	1
Passion		Non-significant	[46]	1
Sexual orientation	A dummy variable	Negative	[53]	1
Sexual orientation	A dummy variable	Non-significant			[53]	1			[53]		1
User entrepreneurship		Positive	[46]	1
Experience	Number of previous projects created	Positive	[11, 15, 60]	3	[41, 60, 61]	3	[13, 42, 61, 74, 81]	5	[41, 53, 79]		3
		Negative	[66]	1	[31]	1	[43]	1	[31, 43]		2
		Non-significant	[18, 53, 54, 66, 79, 82, 84]	7	[53, 54, 61]	3
	Number of previously successful projects created	Positive	[20, 45, 65, 70]	4			[68]	1
	Number of previously successful projects created	Non-significant	[23]	1
	Number of previous unsuccessful projects created	Negative	[23]	1
	Number of previous projects backed	Positive	[11, 56, 62, 82]	4	[5, 31, 56]	3	[13, 28, 61, 68, 81, 89]	6	[31]		1
		Negative	[66]	1	[2]	1
		Non-significant	[2, 66, 70]	3	[61]	1	[61]	1	[2]		1
	Number of previously successful projects backed	Positive	[15]	1
	Ratio of previously successful projects backed	Positive	[29]	1
	Have the backing experience = 1, 0 otherwise	Positive	[5]	1
	Number of previous projects created and backed	Positive	[29]	1
	Have the same funding experience = 1, 0 otherwise	Positive	[27, 55, 59, 72]	4	[59]	1	[59]	1	[59]		1
		Negative			[41]	1			[41]		1
		Non-significant	[46]	1
	Prior crowdfunding success = 1, 0 otherwise	Non-significant	[46, 77]	2					[77]		1
	Entrepreneurial experience	Positive	[3, 53, 72]	3	[3, 53]	2			[53]		1
	Entrepreneurial experience	Non-significant	[12, 54, 73, 80]	4	[54, 80]	2	[44]	1	[73]		1
	Work experience/skills	Positive	[3]	1	[3]	1
	Work experience/skills	Non-significant	[56, 77]	2	[56]	1			[77]		1
Education		Positive	[3, 73]	2	[3]	1			[73]		1
		Negative	[55]	1
		Non-significant	[54, 56, 80]	3	[49, 54, 56, 80]	4	[44]	1
Patent ownership		Positive					[44]	1
Patent ownership		Non-significant	[12, 58, 72, 73]	4	[25]	1			[17, 25, 73]		3
Facebook friends		Positive	[15, 18, 20, 23, 29, 48, 53, 54, 62, 63, 65, 87]	12	[14, 54]	2	[28, 81]	2	[53]		1
		Negative	[34, 65]	2
		Non-significant	[45, 51, 62, 82]	4	[51, 53]	2
Culture	Cultural difference	Positive	[19]	1	[19]	1			[19]		1
Geography	Geographic distance	Non-significant	[48, 84]	2
	US = 1, 0 otherwise	Positive	[6, 18, 21]	3					[6]		1
		Negative	[60]	1	[6, 60]	2	[6]	1	[79]		1
		Non-significant	[23, 45, 79, 94]	4			[78, 94]	2	[78]		1
	France = 1, 0 otherwise	Non-significant	[38]	1			[38]	1
	London = 1, 0 otherwise	Non-significant	[3]	1	[3]	1
	Europe = 1, 0 otherwise	Non-significant	[79, 94]	2			[94]	1	[79]		1
	Same state = 1, 0 otherwise	Positive			[64]	1
	Developed countries = 1, 0 otherwise	Non-significant	[2]	1	[2]	1			[2]		1
	A categorical variable	Positive			[31, 51]	2			[31]		1
		Negative			[51]	1
		Non-significant	[51, 59]	2	[31, 59]	2	[59, 74]	2	[31, 59]		2
	Group test		[16]	1	[61]	1	[16, 28, 61]	3
Race	Caucasian = 1, 0 otherwise	Positive	[53, 54]	2	[53, 54]	2			[53]		1
	Caucasian = 1, 0 otherwise	Non-significant	[46]	1			[44]	1
	Black = 1, 0 otherwise	Negative	[63]	1
	Belong to an ethnic minority = 1	Positive	[56]	1	[56]	1
Language	Italian = 1, 0 otherwise	Negative	[39]	1
Language	German = 1, 0 otherwise	Non-significant	[85]	1
Creator type	Company/group = 1, 0 otherwise	Positive	[26, 55, 85]	3	[19, 41, 60]	3	[71]	1	[41]		1
	Company/group = 1, 0 otherwise	Non-significant	[2, 12, 19, 60]	4	[2]	1			[2, 19]		2
	Individual = 1, 0 otherwise	Negative	[3, 12, 60, 66]	4	[3, 60]	2
Gender	Male = 1, 0 otherwise	Negative	[21, 46, 54, 55, 59, 76]	6	[54, 59, 76]	3	[59]	1	[59, 76]		2
	Male = 1, 0 otherwise	Non-significant	[27, 38]	2			[38, 44, 78]	3	[78]		1
	Female = 1, 0 otherwise	Positive	[19, 26, 51, 53, 56, 60, 63]	7	[19, 38, 51, 60]	4	[71]	1	[19, 53]		2
	Female = 1, 0 otherwise	Non-significant	[2, 21]	2	[2, 53, 56]	3			[2]		1
	Gender homophily	Positive	[84]	1
Credibility		Positive	[2, 59]	2	[2, 59]	2	[59]	1	[2, 59]		2
Picture/logo		Positive							[2]		1
Picture/logo		Non-significant	[2]	1	[2]	1
Entrepreneur aspect		Positive	[10]	1	[10]	1	[10]	1	[10]		1
		Negative	[10]	1	[10]	1	[10]	1	[10]		1
		Non-significant	[10]	1	[10]	1	[10]	1	[10]		1
Brand prominence		Positive					[42]	1
Self-funding	A certain campaign received funding from the fundraiser behind it = 1, 0 otherwise	Positive	[4]	1	[4]	1
Self-funding	The average amount of self-funding in each campaign	Positive	[4]	1	[4]	1
Firm age	A categorical variable	Negative	[80]	1	[80]	1
	Firm age in days	Negative	[72]	1
	Firm age in days	Non-significant	[72, 73]	2					[73]		1
	Start-up = 1	Positive	[3]	1
		Negative			[3]	1
		Non-significant	[3]	1
Prior funding		Positive	[72, 73]	2	[3]	1			[73]		1
		Negative	[3]	1
		Non-significant							[73]		1
Diversification		Negative	[3]	1
Diversification		Non-significant			[3]	1
Backer-related factors associated with crowdfunding success
Motive		Positive			[91]	1
Experience	Ratio of previously successful projects backed	Positive			[49]	1
	Entrepreneurial experience	Positive			[49]	1
	Sum of previous investments	Positive	[66]	1
	Sum of previous investments	Negative	[66]	1
Geography		Positive					[33]	1
Platform-related factors associated with crowdfunding success
Competition		Positive			[41]	1			[41]		1
Competition		Non-significant					[71]	1
Platform type	Keep-it-all = 1, 0 otherwise	Negative	[88]	1
	All-or-nothing = 1, 0 otherwise	Non-significant	[94]	1			[94]	1
	GoFundMe vs. Kickstarter	Negative	[19]	1					[19]		1
	GoFundMe vs. Kickstarter	Non-significant			[19]	1
	Kickstarter versus Crowdcube versus Kiva	Non-significant	[90]	1
	Seedrs versus Crowdcube	Positive	[77]	1
	Seedrs versus Crowdcube	Non-significant	[72]	1					[77]		1
	Group test		[72, 90]	2
	Keep-it-all or All-or-nothing control						[13]	1
Platform age		Positive	[16]	1
		Negative					[16]	1
		Non-significant	[16]	1			[16]	1

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