Effects of social influence on crowdfunding performance: implications of the covid-19 pandemic

Sirine Zribi

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FinTech, Crowdfunding, Digital Finance Mobile Crowdsensing and Crowdsourcing Community Development and Social Impact

Abstract

Abstract By analyzing a comprehensive dataset of 467 crowdfunding campaigns from the Spanish platform Goteo over the period 2019–2020, our article empirically examines the impact of COVID-19 outbreak on the crowdfunding projects performance. In light of the close link between social networks and crowdfunding, we provide evidence that the strength of the social influence on the crowdfunding campaign’s performance has changed in this pandemic period. Our results show that the founder’s dynamism and the number of comments exchanged between stakeholders had a stronger impact on the crowdfunding performance during the COVID-19 crisis. We also find that investors, during this period, are more inclined to contribute to social projects with small amounts. The study findings can serve as an interesting guide for entrepreneurs, policy makers and platform managers to improve the crowdfunding performance.

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References

2020The psychological impact of quarantine and how to reduce it: rapid review of the evidence 1955A study of normative and informational social influences upon individual judgment.2013The dynamics of crowdfunding: An exploratory study 1958Compliance, identification, and internalization three processes of attitude change 2003The Digitization of Word of Mouth: Promise and Challenges of Online Feedback Mechanisms 1981The psychology of social impact.2020Financial markets under the global pandemic of COVID-19 2014Internal Social Capital and the Attraction of Early Contributions in Crowdfunding

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