Next Article in Journal
Value Direction: Moving Crafts toward Sustainability in the Yangtze River Delta, China
Next Article in Special Issue
Digitalization and Environmental Aims in Municipalities
Previous Article in Journal
Effects of Thinning on the Spatial Structure of Larix principis-rupprechtii Plantation
Previous Article in Special Issue
Spatial Evolution of Producer Service Sectors and Its Influencing Factors in Cities: A Case Study of Hangzhou, China
Article Menu
Issue 4 (April) cover image

Export Article

Open AccessArticle
Sustainability 2018, 10(4), 1251;

Distance Diffusion of Home Bias for Crowdfunding Campaigns between Categories: Insights from Data Analytics

College of Business Administration, Huaqiao University, Quanzhou 362021, China
College of Chen Shouren Business and Information, Quanzhou Normal University, Quanzhou 362000, China
School of Economics and Management, Tongji University, Shanghai 200092, China
Graduate Institute of Global Business and Strategy, National Taiwan Normal University, Taipei 10645, Taiwan
Author to whom correspondence should be addressed.
Received: 25 March 2018 / Revised: 15 April 2018 / Accepted: 18 April 2018 / Published: 19 April 2018
(This article belongs to the Special Issue Sustainable Smart Cities and Smart Villages Research)
Full-Text   |   PDF [13319 KB, uploaded 3 May 2018]   |  


As the information communication and investment of crowdfunding campaigns are usually accomplished online, online crowdfunding theoretically breaks the limitation of space. However, investors’ behaviors still show significant home bias; furthermore, from a dynamic view, the changes in home bias during the funding duration reflect the investment preference. This paper studies the dynamics of home bias in crowdfunding investment as well as the distance diffusion of home bias in the crowdfunding market through data mining and econometric models. The distance between investors and founders gradually increases from 3605 km to 4229 km as the funding progresses, and home bias shows different diffusion patterns between categories. For most of the campaigns, the distance between backers and founders of the successful campaigns is always greater than that of the failed ones; thus, the distance diffusion impacts the pledge results. However, the study also finds that for some categories, home bias does not play a positive role in investment or that it even shows negative impacts, among which food and technology are two extreme categories. The study provides a theoretical basis from the perspective of user behavior to analyze online investment and to improve the promotion of crowdfunding campaigns. View Full-Text
Keywords: entrepreneurship; crowdfunding; home bias; distance diffusion; pledge results; Kickstarter entrepreneurship; crowdfunding; home bias; distance diffusion; pledge results; Kickstarter

Figure 1

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
Printed Edition Available!
A printed edition of this Special Issue is available here.

Share & Cite This Article

MDPI and ACS Style

Guo, L.; Guo, D.; Wang, W.; Wang, H.; Wu, Y.J. Distance Diffusion of Home Bias for Crowdfunding Campaigns between Categories: Insights from Data Analytics. Sustainability 2018, 10, 1251.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics



[Return to top]
Sustainability EISSN 2071-1050 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top