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Does more crowd participation bring more value to crowdfunding projects? The perspective of crowd capital

Chunxiao Yin (Southwest University, Chongqing, China)
Libo Liu (Swinburne University of Technology, Melbourne, Australia)
Kristijian Mirkovski (Department of Information Systems and Business Analytics, Deakin University, Melbourne, Australia)

Internet Research

ISSN: 1066-2243

Article publication date: 1 August 2019

Issue publication date: 19 September 2019




The purpose of this paper is to focus on investigating the impact of crowd participation on degree of project success, which is defined as the total amount of funds a project can obtain after it reaches its initial funding goal threshold.


Drawing on the theory of crowd capital, this study develops six hypotheses about the impact of crowd capability of a fundraiser (i.e. project updates, goal setting, reward levels and social media usage) and crowd participation (i.e. namely, funds pledge and on-site communication) on degree of project success. The hypotheses are tested using data sets of successful projects collected from two popular crowdfunding websites.


This study finds that funds pledge has an inverse U-shaped relationship with degree of project success. Project updates, reward levels and on-site communication positively influence degree of project success, while funding goal negatively affects degree of project success.

Research limitations/implications

This study contributes to prior literature by investigating the degree of project success determinants using the perspectives of both fundraisers and crowds, which provides a more comprehensive understanding of what makes a crowdfunded project a success.

Practical implications

The empirical results of this study provide fundraisers with guidelines about how to access more funds after achieving the initial funding goals.


This work is one of the first to investigate the degree of project success and its determinants from the perspectives of both fundraisers and crowds.



Yin, C., Liu, L. and Mirkovski, K. (2019), "Does more crowd participation bring more value to crowdfunding projects? The perspective of crowd capital", Internet Research, Vol. 29 No. 5, pp. 1149-1170.



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