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Article
Publication date: 30 July 2019

Wenjie Zhang, Yun Xu and Haichao Zheng

Based on the theory of customer citizenship behavior (CCB), the purpose of this paper is to explore the antecedents and consequences of investor citizenship behavior in…

Abstract

Purpose

Based on the theory of customer citizenship behavior (CCB), the purpose of this paper is to explore the antecedents and consequences of investor citizenship behavior in the field of crowdfunding and have an in-depth study of the interaction effect between investors’ perceptions of novelty and investors’ motivations.

Design/methodology/approach

Based on the CCB theory and self-determination theory, the authors develop hypotheses and collect questionnaire data (a sample of 226 crowdfunding investors) from crowdfunding websites to test models and get conclusions by SPSS and smartPLS 2.0.

Findings

The results indicate that internal and external motivations significantly influence investors’ citizenship behavior, which further affects investors’ stickiness intentions. Furthermore, results show that investors’ perceptions of novelty moderate the relationships between internal/external motivations and citizenship behaviors.

Originality/value

This paper offers an in-depth explanation of the citizenship behaviors in crowdfunding, which could be an example for studying the motivations of investors’ citizenship behaviors and could also serve as a starting point to introduce the stickiness intention theory of e-commerce and virtual community into crowdfunding area. In addition, this study also made an empirical analysis of how the perceived project novelty affects the relationships between investors’ motivations and citizenship behaviors.

Details

Online Information Review, vol. 43 no. 4
Type: Research Article
ISSN: 1468-4527

Keywords

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Article
Publication date: 11 June 2018

Tao Wang, Xiaowei Liu, Minghui Kang and Haichao Zheng

The purpose of this paper is to examine factors affecting fundraisers’ voluntary information disclosure on crowdfunding platforms based on risk-perception theory (RPT).

Abstract

Purpose

The purpose of this paper is to examine factors affecting fundraisers’ voluntary information disclosure on crowdfunding platforms based on risk-perception theory (RPT).

Design/methodology/approach

Structural equation modeling was employed to test the hypothesized relationships using data collected from China.

Findings

The authors found that plagiarism risk and financing risk are two important variables that influence fundraisers’ voluntary information disclosure. Specifically, plagiarism risk has a negative effect on fundraisers’ voluntary information disclosure, while financing risk has a positive effect on fundraisers’ voluntary information disclosure. Plagiarism risk is affected by information concerns, perceived control, project innovativeness, and quality of alternatives, while financing risk is affected by protection policy and information norms.

Originality/value

This study enriches crowdfunding research by identifying factors influencing fundraisers’ voluntary information disclosure and contributes to RPT by applying it in a new crowdfunding context.

Details

Online Information Review, vol. 42 no. 3
Type: Research Article
ISSN: 1468-4527

Keywords

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Article
Publication date: 1 August 2016

Xuechun Li, Yuehuan Tang, Ningrui Yang, Ruiyao Ren, Haichao Zheng and Haibo Zhou

How to free the potential power of the capital market while simultaneously protecting the investors is critical in equity-based crowdfunding. To realize these goals, the…

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1145

Abstract

Purpose

How to free the potential power of the capital market while simultaneously protecting the investors is critical in equity-based crowdfunding. To realize these goals, the purpose of this study was to investigate the value of information disclosure and leader-follower mechanism which have been widely adopted by crowdfunding platforms.

Design/methodology/approach

Based on the Elaboration Likelihood Model (ELM), a research framework was developed. Then, the authors conducted an in-depth exploratory empirical study of Dajiatou (www.dajiatou.com) which is a typical equity-based crowdfunding service provider in China. Independent-samples t-test and linear regression were used to uncover the value of project information disclosure and the lead investor in terms of fundraising performance improvement.

Findings

First, the quality of entrepreneurial team information, especially the ratio of full-time staff, staff number and enterprise business age, significantly improve fundraising performance. Second, entrepreneurs’ behaviors, including project updates and project video, play important roles in crowdfunding. Third, whether or not the project has a lead investor, leader’s credibility information and his/her advocacy behaviors – percentage of their investment, identity certification, investment experience and comments for projects – are important factors affecting fundraising performance.

Research limitations/implications

The authors are one of the firsts to apply ELM to investigate the effects of diverse information on fundraising performance in equity-based crowdfunding. The value of lead investor which has been ignored in prior research was studied through second-hand data.

Practical implications

First, an equity-based crowdfunding platform should request the entrepreneur to disclose project quality-related information with more details. Second, crowdfunding platforms should set a high qualifications level for lead investor, and limit the lead investor’s committed percentage in a specific project.

Originality/value

This paper extended the research in crowdfunding by uncovering the value of information disclosure and lead investor based on ELM theory.

Details

Nankai Business Review International, vol. 7 no. 3
Type: Research Article
ISSN: 2040-8749

Keywords

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Article
Publication date: 12 September 2016

Minghui Kang, Yiwen Gao, Tao Wang and Haichao Zheng

The purpose of this paper is to identify funders’ motivations for investing in crowdfunding. It applies trust theory to propose a research model including three subject…

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3735

Abstract

Purpose

The purpose of this paper is to identify funders’ motivations for investing in crowdfunding. It applies trust theory to propose a research model including three subject measures – fundraiser-related, project-related and platform-related factors. Trust has been categorized into cognitive and affective dimensions to specifically analyze the influential factors.

Design/methodology/approach

Bootstrapping is employed to analyze data collected from respondents with investment experience on equity crowdfunding projects. Structural equation modeling techniques are adopted to examine the factors that influence trust between funders and crowdfunding as well as the outcomes of this trust.

Findings

The results indicate that calculus trust and relationship trust collectively or separately transmit the effect of some antecedents to investment intention. However, there is no evidence indicating the mediating effects of calculus trust and relationship trust on the relationship of structural assurance and value congruence to investment intention.

Practical implications

This paper provides insights for crowdfunding fundraisers on how to build a strong relationship with funders, and it also gives crowdfunding designers advice on how to improve and perfect the platform functions.

Originality/value

This study contributes to a better understanding of the driving forces of calculus and relationship trust and their influence on investment intention. It is also the first to address a funder’s trust using a theoretical model describing the investor intention in crowdfunding and thereby extending the knowledge base of trust theory.

Details

Industrial Management & Data Systems, vol. 116 no. 8
Type: Research Article
ISSN: 0263-5577

Keywords

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Article
Publication date: 4 December 2017

Jing Wu, He Li, Haichao Zheng and Yun Xu

Based on the theory of social networks, it is crucial to enhance information superiority through joint venture capital (VC). The purpose of this paper is to explore the…

Abstract

Purpose

Based on the theory of social networks, it is crucial to enhance information superiority through joint venture capital (VC). The purpose of this paper is to explore the impacts of different roles’ structural and relational embeddedness on the information superiority of joint VC alliances.

Design/methodology/approach

The authors design the multiple linear regression models to investigate the leader’s investment ratio from a network embeddedness perspective. Panel data analysis and robustness tests are adopted based on the data from Chinese VCs Database.

Findings

The results show that VC leaders enjoy information search advantages because of their better network positions, while their followers lack this superiority. Information sharing among investors and investees may enhance the influences of structural embeddedness on investors’ information search advantages. Joint VC’s scale and its number of leaders could also increase VC alliances’ information superiority.

Originality/value

This research provides a more holistic understanding of the formation of joint VC alliances’ information superiority from a social network perspective. Both VC managers and social planners can seek guidance from this study to implement better strategies and policies to promote information symmetry in the VC market.

Details

Industrial Management & Data Systems, vol. 117 no. 10
Type: Research Article
ISSN: 0263-5577

Keywords

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Article
Publication date: 2 September 2019

Tao Wang, Yalan Li, Minghui Kang and Haichao Zheng

The purpose of this paper is to apply the self-determination theory (SDT) to propose a research model that incorporates the SDT framework and contextual variables as…

Abstract

Purpose

The purpose of this paper is to apply the self-determination theory (SDT) to propose a research model that incorporates the SDT framework and contextual variables as determinants and self-identity and social identity as mediating constructs to predict individuals’ intentions toward donation crowdfunding in China.

Design/methodology/approach

Structural equation modeling is used to analyze the data collected from China.

Findings

The results indicate that the self-identity and social identity collectively or separately mediate the effect exerted by the sense of self-worth, face concern, moral obligation, perceived donor effectiveness, social interaction and referent network size on donation intentions. However, there is no evidence supporting the hypothesis connecting moral obligation with self-identity.

Practical implications

The study provides suggestions for service providers on how to improve and perfect the functions, and it also provides insights for donation crowdfunding fundraisers on how to increase the success rate.

Originality/value

The conclusions of this study provide academics with a more thorough understanding of the driving forces of individual behavior intention toward donation crowdfunding in China. This study further expands the SDT and identity theory in the context of donation crowdfunding, which improves their robustness in explaining behavioral intention. These theories may be an important part of future information system research.

Details

Industrial Management & Data Systems, vol. 119 no. 7
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 8 February 2016

Haichao Zheng, Jui-Long Hung, Zihao Qi and Bo Xu

– The purpose of this paper is to investigate the role of trust management on the fundraising performance in reward-based crowdfunding.

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4122

Abstract

Purpose

The purpose of this paper is to investigate the role of trust management on the fundraising performance in reward-based crowdfunding.

Design/methodology/approach

A research model was constructed based on elaboration likelihood model (ELM) and literatures with five hypotheses developed. Data were collected from www.demohour.com - the first and one of the largest reward-based crowdfunding platforms in China. In total, 829 reward-based crowdfunding projects were analyzed to test hypotheses. To test the hypotheses, partial least squares was used to analyze data of entrepreneur/sponsor profiles, entrepreneur/sponsor behaviors, and crowdfunding projects.

Findings

Results indicated trust management significantly promoted fundraising performance via central (entrepreneur’s creditworthiness) and peripheral (entrepreneur-sponsor interactions) routes. The peripheral route (entrepreneur-sponsor interaction) showed significantly higher effects than the central route (entrepreneur’s creditworthiness). The finding aligns with authors’ assumptions derived from unique characteristics of reward-based crowdfunding – community and collaboration because personal, dynamic message interactions were more effective than static, historical success records on the trust establishment. In addition to the main effects, the results also showed entrepreneur’s prior success crowdfunding records positively moderated the effect of entrepreneur-sponsor interaction on fundraising performance.

Originality/value

This study is the first paper that reveals the value of trust management in reward-based fundraising, especially the effect of dynamic entrepreneur-sponsor message interactions. Entrepreneur-sponsor interactions not only promoted community benefits in crowdfunding, but also cultivated trust relationships between entrepreneurs and sponsors. Previous studies mainly focussed on the entrepreneur’s popularity level on third-party social media (such as Facebook) toward fundraising performance. This study examines the effect of direct entrepreneur-sponsor interactions on the crowdfunding platform. Additionally, this study found one moderating effect from the central route to the peripheral route. It is a rare case in studies based on ELM. Finally, this study demonstrates how to incorporate a theoretical framework guiding the analysis of structured and unstructured data for in-depth analysis, result interpretation, and corresponding intervention strategy development.

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Article
Publication date: 2 March 2015

Haichao Zheng, Jui-Long Hung, Zhangxi Lin and Jing Wu

The purpose of this paper is investigating the value of service guarantee (SG) program in Service e-Commerce (SeC) which is one resolution to promote service transactions…

Abstract

Purpose

The purpose of this paper is investigating the value of service guarantee (SG) program in Service e-Commerce (SeC) which is one resolution to promote service transactions. SeC is emerging as a booming form of e-commerce where various services are contracted, managed, sold and even delivered via the Internet. However, the uncertainty of service quality and the heterogeneity of buyer preferences have been major challenges to sustainable development of SeC.

Design/methodology/approach

This study uncovered the value of SG in SeC by empirically analyzing the data collected from zhubajie.com, a well-known service e-marketplace in China, to classify the service providers, to indentify the predictors for SG subscription and to study the effects of SG on service providers’ business performance and service quality.

Findings

The authors found that the distribution of service provisions is diversified in terms of low-success, mid-success and high-success providers, while proactive or high ability-ranking providers consistently tend to subscribe to SG program. The study revealed that SG has diverse effects on business performance for low-success and mid-success providers. For high-success providers, it seems to not be an effective choice for transaction promotion. Finally, the results showed that SG marginally improved service quality.

Practical implications

This research provides some practical implications for SeC markets to improve SG program. In addition, the results also help service providers to understand the value of SG in depth.

Originality/value

This article extended the research of SG from the traditional offline market to the online market, as with SeC, in which transactions are conducted without face to face contact.

Details

Nankai Business Review International, vol. 6 no. 1
Type: Research Article
ISSN: 2040-8749

Keywords

Abstract

Details

Online Information Review, vol. 40 no. 1
Type: Research Article
ISSN: 1468-4527

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