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Open AccessArticle

Analysis of Success Factors of Reward-Based Crowdfunding Campaigns Using Multi-Theory Approach in ASEAN-5 Countries

Faculty of Economics and Businesss, Universitas Indonesia, Jl. Prof. Dr. Sumitro Djojohadikusumo, Depok, West Java 16424, Indonesia
Faculty of Economic and Management Sciences, North-West University, Vaal Triangle Campus, P.O. Box 1174, Vanderbijlpark 1900, South Africa
The Management Faculty, Czestochowa University of Technology, 42.201 Czestochowa, Poland
Author to whom correspondence should be addressed.
Soc. Sci. 2019, 8(10), 293;
Received: 25 July 2019 / Revised: 18 October 2019 / Accepted: 18 October 2019 / Published: 21 October 2019
This study aims to determine the multi-sided factors of crowdfunding campaigns on the fundraising success of crowdfunding projects conducted in ASEAN-5 (five big countries in The Association of Southeast Asian Nations) countries between 2014 and January 2019 through a multi-theory approach. Using secondary and cross-section data from Kickstarter, this research uses the probit regression method to analyze the data and test the hypotheses. First, in line with the goal setting theory, small-sized projects are more likely to be funded. Second, the large teams are preferable by the potential backers, in line with the resource-based view of firms. Further, the self-determination theory shows that rewards are one of the big extrinsic motivations for the backers in ASEAN. Moreover, our paper also shows the remarkable result with the funding target which has negative influence to probability success of crowdfunding. This is because our project samples are used from the ASEAN countries whose owner or investor is more concerned to be risk averse than a risk taker. These results provide insight and bring a contribution to the crowdfunding literatures in ASEAN. View Full-Text
Keywords: crowdfunding; multi-theory; ASEAN crowdfunding; multi-theory; ASEAN
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Dikaputra, R.; Sulung, L.A.K.; Kot, S. Analysis of Success Factors of Reward-Based Crowdfunding Campaigns Using Multi-Theory Approach in ASEAN-5 Countries. Soc. Sci. 2019, 8, 293.

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