Innovation, Entrepreneurship and Risk Management in Collective Wisdom Era

Dear Colleagues,

In recent years, research on crowdfunding has been explosively conducted, but much research focuses on the micro level, such as statistical analysis (e.g., Hörisch, 2018), protentional backer's investment behavior (e.g., Belleflamme, Lambert and Schwienbacher, 2014), analysis of influencing factors of a crowdfunding campaign’s financing (e.g., Wang et al., 2020), prediction of fundraising outcomes (e.g., Fan-Osuala, Zantedeschi and Jank, 2018), herding effect of investment behavior (e.g., Li et al., 2020), personal behavior analysis (e.g., Lin and Viswanathan, 2016), economic principle of crowdfunding (e.g., Agrawal, Catalini and Goldfarb, 2014), attraction analysis of crowdfunding campaigns (e.g., Colombo, Franzoni and Rossi–Lamastra, 2015), social capital (e.g., Zhang et al., 2022), risk analysis (e.g., Wasiuzzaman, 2021) and so on. 

We find that these studies pay less attention to the risk and financial mangement from a collective wisdom perspective. Collective wisdom is different from individual decision making. Take crowdfunding as an example: crowdfunding is changing enterprise, innovation, entrepreneurship and organization, expanding a new financing mode, and profoundly altering forms of communication. Enterprise and organizations can operate in a more open way. On macro level, the economic benefits brought by crowdfunding should not be underestimated. What policies should the government adopt to deal with the risk? How can we deal with the relationship with traditional financial industry? How can we apply the crowdfunding model to traditional industries and control its risks? In addition, the pros and cons of crowdfunding in other areas are not clear. For example, how does the crowd or citizen science model change the existing scientific research model? These are research questions that have not been widely and deeply studied.

We welcome research results on crowdfunding or similar activities at different levels. Potential topics include but are not limited to the following:

• Crowdfunding on organizations;
• Crowdfunding on company operation;
• Investment on the local and remote crowdfunding campaigns;
• Crowdfunding model in scientific research (citizen science);
• Crowdfunding on government policy;
• Crowdfunding on intellectual property;
• Crowdfunding on innovation in specific areas;
• Crowdfunding and knowledge plagiarism;
• Some other collective wisdom campaigns;
• Risk and financial management in innovation;
• Risk and financial management in entrepreneurship. 

References

Agrawal, A., Catalini, C. and Goldfarb, A. (2014). "Some simple economics of crowdfunding". Innovation policy and the economy, Vol. 14, No. 1, pp. 63-97.

Belleflamme, P., Lambert, T. and Schwienbacher, A. (2014). "Crowdfunding: Tapping the right crowd". Journal of business venturing, Vol. 29, No. 5, pp. 585-609.

Colombo, M.G., Franzoni, C. and Rossi–Lamastra, C. (2015). "Internal social capital and the attraction of early contributions in crowdfunding". Entrepreneurship theory and practice, Vol. 39, No. 1, pp. 75-100.

Fan-Osuala, O., Zantedeschi, D. and Jank, W. (2018). "Using past contribution patterns to forecast fundraising outcomes in crowdfunding". International Journal of Forecasting, Vol. 34, No. 1, pp. 30-44.

Hörisch, J. (2018). "'Think big'or'small is beautiful'? An empirical analysis of characteristics and determinants of success of sustainable crowdfunding projects". International Journal of Entrepreneurial Venturing, Vol. 10, No. 1, pp. 111-29.

Li, Y., Liu, F., Fan, W., Lim, E.T. and Liu, Y. (2020). "Exploring the impact of initial herd on overfunding in equity crowdfunding". Information & Management, p. 103269.

Lin, M. and Viswanathan, S. (2016). "Home bias in online investments: An empirical study of an online crowdfunding market". Management Science, Vol. 62, No. 5, pp. 1393-414.

Wang, W., Chen, W., Zhu, K. and Wang, H. (2020). "Emphasizing the entrepreneur or the idea? The impact of text content emphasis on investment decisions in crowdfunding". Decision Support Systems, Vol. 136, p. 113341.

Wasiuzzaman, S. (2021). "Regulations, perceived information quality and perceived risk of equity crowdfunding: A study of Malaysian investors". Strategic Change, Vol. 30, No. 4, pp. 353-66.

Zhang, X., Liu, X., Wang, X., Zhao, H. and Zhang, W. (2022). "Exploring the Effects of Social Capital on Crowdfunding Performance: A holistic analysis from the empirical and predictive views". Computers in Human Behavior, Vol. 126, p. 107011. 

Prof. Dr. Yenchun Jim Wu
Dr. Wei Wang
Guest Editors

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