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Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication

School of Economics and Management, Tongji University, Shanghai 200092, China
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This paper is an extension of a conference paper entitled “Empirical Study of the Effects of Information Description on Crowdfunding Success-the Perspective of Information Communication,” which was honored as the outstanding paper in the 18th International Conference on Electronic Business. About 65% of the former content has been changed.
Sustainability 2020, 12(2), 650; https://doi.org/10.3390/su12020650
Received: 11 November 2019 / Revised: 17 December 2019 / Accepted: 10 January 2020 / Published: 16 January 2020
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
Crowdfunding has been widely used by small and micro enterprises, which can raise funds through launching a project in crowdfunding platform. It is also beneficial to sustainable financing. What is more, the success of crowdfunding projects facilitates the sustainable development of those growing enterprises. In this study, from the perspective of information communication and based on information asymmetry and signaling theory, we identify three dimensions of information description, including information quantity (word count, picture count and video count), information attitude (as measured by comment), and information quality (readability and update). We empirically examine their direct effects on crowdfunding success and the moderating effect of information attitude using binary logistic regression. Data (N = 7207) is collected from Kickstarter, a popular crowdfunding platform. The results reveal that when considering these three dimensions of information description together, word count is associated with crowdfunding success in an inverted-U shape. Picture count, video count, comment, and update have positive effects on crowdfunding success. In contrast, readability is negatively related to crowdfunding success. In addition, we find that comment negatively moderates the effect of picture count on crowdfunding success. These findings show the significance of information description on crowdfunding success, bringing theoretical and practical insights for project creators. View Full-Text
Keywords: crowdfunding success; information communication; information description; information asymmetry; signaling theory crowdfunding success; information communication; information description; information asymmetry; signaling theory
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Liang, X.; Hu, X.; Jiang, J. Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication. Sustainability 2020, 12, 650.

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