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 8 Effects of the determinants on crowdfunding success: based on different crowdfunding models

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

Determinant	Subdivided definition	Effect	Reward-based		Equity-based		Loan-based		Donation-based
Determinant	Subdivided definition	Effect	Studies	#	Studies	#	Studies	#	Studies	#
Project-related factors associated with crowdfunding success: project characteristics
Goal		Positive	[2, 4–6, 10, 19, 22, 28, 41, 48, 50, 52, 53, 56, 60, 61, 78, 79, 91]	19	[3, 9, 73, 77]	4	[24, 26, 47, 65]	4	[19]	1
		Negative	[4–7, 10, 11, 13, 15, 16, 18, 20, 21, 23, 29, 30, 32–35, 37, 39, 42, 46, 51, 53–57, 59–63, 66, 68, 70, 71, 74, 76, 78, 79, 81–83, 85, 88, 93, 94]	49	[58, 72]	2	[27, 64]	2	[87]	1
		Non-significant	[2, 19, 36, 40, 45, 54, 56, 59, 90]	9	[3, 9, 17, 25, 49, 72, 73, 77, 90]	9	[90]	1	[19]	1
Early funds		Positive	[7, 18, 21, 50, 86]	5
Early funds		Negative			[49]	1
Early backers		Positive	[21, 50]	2	[17]	1
Early backers		Non-significant	[18]	1
Total backers		Positive	[13, 35, 43, 60, 61, 78, 89, 94]	8	[3]	1
		Negative	[34]	1
		Non-significant	[60, 61]	2
Pledge/backer ratio		Positive	[78]	1
Duration		Positive	[14, 28, 31, 39, 48, 56, 57, 59, 81, 94]	10			[65]	1
		Negative	[2, 4–6, 10, 11, 13, 15, 18, 20, 23, 28–30, 33, 34, 40, 41, 43, 53, 54, 60, 66, 68, 70, 76, 88, 92, 93]	29	[9]	1	[27]	1	[87]	1
		Non-significant	[2, 16, 21, 22, 32, 35, 36, 46, 51, 53, 54, 59, 74, 79, 82, 83]	16	[9, 17]	2
Reward	Reward quality	Positive	[34]	1
	Reward levels	Positive	[20, 29, 35, 51, 62, 63, 81, 88, 93]	9
		Negative	[13, 36, 89]	3
		Non-significant	[33, 51]	2
	Rewards type	Positive	[23, 31]	2
	Rewards type	Non-significant	[23, 31, 91]	3
	Reward quantity	Positive	[2, 4, 16, 41, 70, 79]	6
		Negative	[34]	1
		Non-significant	[2, 4, 5, 16, 42]	5
	Rewards availability	Non-significant	[55, 57]	2
Team size		Positive	[39, 46, 55, 78, 85, 88, 90, 91]	8	[12, 25, 49, 72, 77, 80]	6	[65]	1
Team size		Non-significant	[44, 56, 71, 78]	4	[17, 25, 90]	3
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
	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, 52, 76]	3
Innovativeness	Product innovativeness	Non-significant	[56]	1			[26]	1
Pledge level		Positive	[6, 10, 13, 43, 62]	5
Use of funds raised	RandD	Non-significant			[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, 80]	3
		Non-significant			[3, 73, 80]	3
Expected outcome	Sales growth	Positive			[80]	1
	Sales growth	Non-significant			[80]	1
	Margin	Positive			[80]	1
Category	Independent variables: dummy variables		[1, 36, 37, 39, 41, 43, 45, 57, 66, 70, 76, 78, 89, 90]	14	[73, 77, 90]	3	[90]	1
Category	Control variables: a set of industry category dummies		[4–8, 10, 13, 15, 18, 20–23, 29, 31, 48, 50, 53–55, 59, 60, 62, 63, 66, 68, 70, 74, 81–83, 85, 88, 91]	34	[3, 49, 58, 72]	4	[24, 26]	2	[87]	1
Project-related factors associated with crowdfunding success: soft information
Text	Readability	Negative	[22, 29, 59, 91]	4
	Readability	Non-significant	[45, 59, 88]	3
	Sentiment	Positive	[15, 29, 43, 59, 63, 91]	6
		Negative	[32, 63]	2
		Non-significant	[43, 45, 55]	3
	Text quality		[44]	1
	Word count	Positive	[4, 5, 10, 15, 16, 20, 28, 29, 37, 39, 40, 42, 43, 54, 59, 60, 63, 81–83, 88, 91]	22
		Negative	[10, 43, 52, 60]	4
		Non-significant	[5, 7, 10, 16, 33, 36, 44, 45, 54, 60, 74]	11			[47]	1	[87]	1
	Spelling errors	Positive	[48]	1
	Spelling errors	Negative	[20, 41]	2
	Linguistic styles (e.g., concrete language, precise language, interactive style, uncertainty, results in progress, ongoing journey)	Positive	[6, 32, 42, 43, 53, 74, 79]	7
		Negative	[6, 32, 59]	3
		Non-significant	[6, 32, 43, 79]	4			[24, 47, 67]	3
	Specific terms (e.g., risk, money-related, specific topics, community-oriented)	Positive	[13, 33, 66]	3
		Negative	[41]	1
		Non-significant	[13, 66]	2
Visual	Video quality	Positive	[34, 56, 63]	3
	Video quality	Non-significant	[22, 44]	2
	Video count	Positive	[29, 40, 43, 66, 78, 91]	6					[87]	1
	Video count	Non-significant	[32, 33, 66, 78, 94]	5
	Video availability	Positive	[4, 5, 10, 11, 15, 19, 48, 53, 54, 57, 59, 81–83, 85, 88, 90, 91]	18					[19]	1
		Negative	[39]	1
		Non-significant	[42, 71, 74]	3	[12]	1
	Video length	Non-significant	[36, 44, 52]	3
	Image quality	Non-significant	[36]	1
	Image valence	Non-significant	[36]	1
	Image count	Positive	[4, 5, 15, 16, 29, 33, 42, 43, 81, 82, 91]	11					[87]	1
		Negative	[11, 92]	2
		Non-significant	[32, 85]	2
	Image availability	Positive	[76]	1
		Negative	[76]	1
		Non-significant	[74, 76]	2
	Visual count	Positive	[23, 53, 88]	3
	Visual count	Non-significant	[21]	1
	Visual availability	Positive	[20, 61]	2
	Visual availability	Non-significant	[2, 61]	2
Social network		Positive	[18, 20, 23, 38–42, 44, 50, 51, 54, 62, 78, 93]	15	[9, 80]	2			[87]	1
		Negative	[34, 76, 88]	3
		Non-significant	[2, 21, 23, 51, 78, 85, 91, 92]	8
Updates		Positive	[2, 5–7, 10, 20, 32–35, 39, 42, 43, 48, 50, 60–62, 66, 70, 81–83, 85, 89, 91–93]	28
		Negative	[8, 60]	2
		Non-significant	[2, 5, 11, 14, 22, 61, 74, 94]	8
Comment	Comment quantity	Positive	[6, 7, 10, 11, 13, 14, 20, 32, 33, 35, 40, 42–44, 61, 62, 66, 81, 83, 89, 91, 93]	22
		Negative	[43]	1
		Non-significant	[22, 61, 74, 94]	4
	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, 13, 20]	3
	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, 33, 37, 53, 54, 81]	8
		Negative	[51]	1
		Non-significant	[23, 51]	2
Shares		Positive	[2, 14, 16, 18, 20, 34, 39, 55, 62]	9
Recommend		Positive	[43, 48, 62, 66]	4					[87]	1
Recommend		Non-significant	[69]	1
Likes	“like” count	Positive	[5, 40, 62]	3
	A dummy	Positive	[5]	1
	Fake Facebook likes	Negative	[8]	1
Media coverage		Positive	[44, 46]	2
Signals		Positive	[69]	1
		Negative	[69]	1
		Non-significant	[69]	1
Followers		Positive	[5, 6]	2
		Negative	[6]	1
		Non-significant	[6]	1
FAQs	Number of frequently asked questions	Positive	[42, 43]	2
	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, 52]	2
Preparedness		Non-significant	[22]	1
Passion		Negative	[52]	1
Passion		Non-significant	[22, 46]	2
Innovativeness	Incremental innovativeness	Positive	[22]	1
Innovativeness	Radical innovativeness	Negative	[22]	1
Sexual orientation	A dummy variable	Negative	[53]	1
Sexual orientation	A dummy variable	Non-significant	[53]	1
User entrepreneurship		Positive	[46]	1
Experience	Number of previous projects created	Positive	[11, 13, 15, 41, 42, 53, 60, 61, 74, 79, 81]	11
		Negative	[31, 43, 60, 66]	4
		Non-significant	[18, 31, 53, 54, 60, 61, 66, 79, 82, 84]	10
	Number of previously successful projects created	Positive	[20, 45, 68, 70]	4			[65]	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	[5, 11, 13, 28, 31, 56, 61, 62, 68, 81, 82, 89]	12
		Negative	[2, 66]	2
		Non-significant	[2, 31, 61, 66, 70]	5
	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	[55, 59]	2	[72]	1	[27]	1
		Negative	[41]	1
		Non-significant	[46]	1
	Prior crowdfunding success = 1, 0 otherwise	Non-significant	[46]	1	[77]	1
	Entrepreneurial experience	Positive	[53]	1	[3, 72, 80]	3
		Negative	[52]	1
		Non-significant	[44, 54]	2	[12, 73, 80]	3
	Work experience/skills	Positive			[3]	1
	Work experience/skills	Non-significant	[56]	1	[77]	1
Education		Positive			[3, 73, 80]	3
		Negative	[55]	1
		Non-significant	[44, 52, 54, 56]	4	[49, 80]	2
Patent ownership		Positive	[44]	1
Patent ownership		Non-significant			[12, 17, 25, 58, 72, 73]	6
Facebook friends		Positive	[14, 15, 18, 20, 23, 28, 29, 48, 53, 54, 62, 63, 81]	13			[65]	1	[87]	1
		Negative	[34, 35]	2			[65]	1
		Non-significant	[45, 51, 53, 62, 82]	5
Culture	Cultural difference	Positive	[19]	1					[19]	1
Culture	Cultural difference	Negative					[67]	1
Geography	Geographic distance	Negative					[67]	1
	Geographic distance	Non-significant	[48, 84]	2
	US = 1, 0 otherwise	Positive	[6, 18, 21]	3
		Negative	[6, 60, 79]	3
		Non-significant	[23, 45, 60, 78, 79, 94]	6
	France = 1, 0 otherwise	Non-significant	[38]	1
	London = 1, 0 otherwise	Non-significant			[3]	1
	Europe = 1, 0 otherwise	Non-significant	[79, 94]	2
	Same state = 1, 0 otherwise	Positive					[64]	1
	Developed countries = 1, 0 otherwise	Non-significant	[2]	1
	A categorical variable	Positive	[31, 51]	2
		Negative	[31, 51]	2
		Non-significant	[31, 51, 59, 74]	4
	Group test		[16, 28, 61, 86]	4
Race	Caucasian = 1, 0 otherwise	Positive	[52–54]	3
	Caucasian = 1, 0 otherwise	Non-significant	[44, 46]	2
	Black = 1, 0 otherwise	Negative	[63]	1
	Belong to an ethnic minority = 1	Positive	[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	[19, 41, 55, 60, 71, 85]	6			[26]	1	[19]	1
		Negative					[47]	1
		Non-significant	[2, 19, 60]	3	[12]	1			[19]	1
	Individual = 1, 0 otherwise	Negative	[60, 66]	2	[3, 12]	2
	Individual = 1, 0 otherwise	Non-significant	[60]	1
Gender	Male = 1, 0 otherwise	Positive					[47]	1
		Negative	[21, 46, 54, 55, 59, 76]	6
		Non-significant	[38, 44, 52, 78]	4			[27]	1
	Female = 1, 0 otherwise	Positive	[19, 38, 51, 53, 56, 60, 63, 71]	8			[26]	1	[19]	1
	Female = 1, 0 otherwise	Non-significant	[2, 21, 53, 56, 60]	5
	Gender homophily	Positive	[84]	1
Credibility		Positive	[2, 59]	2
Picture/logo		Positive	[2]	1
Picture/logo		Non-significant	[2]	1
Entrepreneur aspect		Positive	[10]	1
		Negative	[10]	1
		Non-significant	[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
Self-funding	The average amount of self-funding in each campaign	Positive	[4]	1
Firm age	A categorical variable	Negative			[80]	1
	Firm age in days	Negative			[72]	1
	Firm age in days	Non-significant			[72, 73]	2
	Start-up = 1	Positive			[3]	1
		Negative			[3]	1
		Non-significant			[3]	1
Prior funding		Positive			[3, 72, 73]	3
		Negative			[3]	1
		Non-significant			[73]	1
Diversification		Negative			[3]	1
Diversification		Non-significant			[3]	1
Backer-related factors associated with crowdfunding success
Funder positive affective reactions		Positive	[52]	1
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
		Negative	[66]	1
		Non-significant	[7]	1
Platform tenure		Non-significant	[7]	1
Geography		Positive	[33]	1
Platform-related factors associated with crowdfunding success
Competition		Positive	[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
	GoFundMe vs. Kickstarter	Negative	[19]	1					[19]	1
	GoFundMe vs. Kickstarter	Non-significant	[19]	1					[19]	1
	Seedrs vs. Crowdcube	Positive			[77]	1
	Seedrs vs. Crowdcube	Non-significant			[72, 77]	2
	Group test				[72]	1
	Keep-it-all or All-or-nothing control		[13]	1
Platform age		Positive	[16]	1
		Negative	[16]	1
		Non-significant	[16]	1

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