The crowdfunding of innovation projects: The value of sponsors' citizenship behaviors

Science Research Management ›› 2015, Vol. 36 ›› Issue (11) : 37-46.

Zheng Haichao¹, Yang Tingting², Chen Dongyu³, Wan Neng¹

Author information +

History +

Abstract

The combination of Internet with private capital, especially the online social network, generates a new financing channel of crowdfunding, in which the sponsors not only invest in crowdfunding projects, but also voluntarily help the entrepreneurs implement the projects. Therefore, how to improve project implementation performance with the sponsor citizenship behaviors is an important academic question. Based on the value co-creation theory and the research in value and satisfaction, this paper investigated the antecedents of sponsor citizenship behaviors and their effects on his/her satisfaction. We made three theoretical contributions as follows. First, we are one of the first to analyze crowdfunding project implementation from the value co-creation perspective. Second, this paper uncovered the relationships among sponsor citizenship behaviors, community benefits and sponsor satisfaction. Finally, we identified the antecedents of sponsor citizenship behaviors as perceived project risk, project novelty, and project social responsibility.

Key words

crowdfunding / citizenship behavior / satisfaction / community benefit / value co-creation

Cite this article

EndNote

Ris (Procite)

Bibtex

Download Citations

Zheng Haichao, Yang Tingting, Chen Dongyu, Wan Neng. The crowdfunding of innovation projects: The value of sponsors' citizenship behaviors[J]. Science Research Management. 2015, 36(11): 37-46

References

[1]方琳瑜.科技型中小企业自主知识产权成长机制及其脆弱性评价研究[D].中国科学技术大学博士论文, 2010.Linyu, F. Research on growth mechanism and vulnerability assessment of S&T SME's independent property[D],University of Science and Technology of China, 2010. [2] Lavinsky, D. Funding fathers[J]. Smart Business Los Angeles, 2010, 6(3):6-6. [3] Bradford, C. S. The new federal crowdfunding exemption:promise unfulfilled[OL]. http://ssrn.com/abstract=2066088, 2012-5-24. [4] Freund, R. How to overcome the barriers between economy and sociology with open innovation, open evaluationand crowdfunding?[J] International Journal of Industrial Engineering and Management, 2010, 1(3):105-109. [5] Lawton, K., Marom, D. The crowdfunding revolution:How to raise venture capital using social media[M]. New York:McGraw-Hill, 2012. [6] Lambert, T., Schwienbacher, A. An empirical analysis of crowdfunding[OL]. http://www.crowdsourcing.org/document/an-empirical-analysis-of-crowdfunding-/2458, 2010-3-24. [7] Gerber, E. M., Hui, J. S., Kuo, P. Crowdfunding:Why people are motivated to post and fund projects oncrowdfunding platforms[OL]. http://www.juliehui.org/wp-content/uploads/2013/04/CSCW_Crowdfunding_Final.pdf, 2012. [8] Mollick, E.. The dynamics of crowdfunding:An exploratory study[J]. Journal of Business Venturing, 2014, 29(1):1-16. [9] Zwass, V. Co-creation:Toward a taxonomy and an integrated research perspective[J]. International Journal of Electronic Commerce, 2010, 15(1):11-48. [10] Oliver, R. L. Cognitive, affective, and attribute bases of the satisfaction response[J]. Journal of Consumer Research, 1993,20(3):418-430. [11] Yoon, C. Antecedents of customer satisfaction with online banking in China:The effects of experience[J]. Computers in Human Behavior, 2010, 26(6):1296-1304. [12] Glaeser, E. L., Shleifer, A. Not-for-profit entrepreneurs[J]. Journal of Public Economics, 2001, 81(1):99-115. [13] Ghatak, M., Mueller, H. Thanks for nothing? Not-for-profits and motivated agents[J]. Journal of Public Economics, 2011, 95(1-2):94-105. [14] Schwienbacher, A., Larralde, B. Crowdfunding of small entrepreneurial ventures[M]. In:Cumming, D., (ed.) The oxford handbook of entrepreneurial finance. New York:Oxford University Press, 2012. [15] Belleflamme, P., Lambert, T., Schwienbacher, A.. Crowdfunding:An industrial organization perspective[C]. Proceedings of Work shop on 'DigitalBusiness Models:Understanding Strategies', Paris, 2010. [16] Overby, J. W., Lee, E.-J. The effects of utilitarian and hedonic online shopping value on consumer preference and intentions[J]. Journal of Business Research, 2006, 59(10-11):1160-1166. [17] Carpenter, J.M., Moore, M. Utilitarian and hedonic shopping value in the US discount sector[J]. Journal of Retailing and Consumer Services, 2009, 16(1):68-74. [18] Babin, B. J., Lee, Y.-K., Kim, E.-J., Griffin, M.. Modeling consumer satisfaction and word-of-mouth:Restaurant patronage in korea[J]. Journal of Services Marketing, 2005, 19(3):133-139. [19] Jones, M.A., Reynolds, K.E., Arnold, M. J. Hedonic and utilitarian shopping value:Investigating differential effects on retail outcomes[J]. Journal of Business Research, 2006, 59(9):974-981. [20] Grissemann, U.S., Stokburger-Sauer, N. E. Customer Co-creation of travel services:The role of company support and customer satisfaction with the Co-creation performance[J]. Tourism Management, 2012, 33(6):1483-1492. [21] Noble, C. H., S. M. Noble, Stephanie M., Adjei, M. T. Let them talk! managing primary and extended online brand communities for success[J]. Business Horizons, 2012, 55(5):475-483. [22] Yi, Y., Gong, T. Customer value co-creation behavior:Scale development and validation[J]. Journal of Business Research, 2013, 66(9):1279-1284. [23] Etgar, M. A descriptive model of the consumer Co-production process[J]. Journal of the Academy of Marketing Science, 2008, 36(1):97-108. [24]万文海,王新新.消费领域共同创造价值的形成机理研究[J].经济管理, 2010, 32(7):104-111.Wenhai, W., Xinxin, W. Mechanism research of Co-creating value in consumption field[J].Economics and Management, 2010, 32(7):104-111. [25]王新新,潘洪涛.社会网络环境下的体验价值共创:消费体验研究最新动态[J].外国经济与管理, 2011, 33(5):17-24.Xinxin, W., Hongtao,Experiencing the value Co-creation in a social network context:Consumption experience research frontiers[J].Foreign Economics and Management, 2011, 33(5):17-24. [26] MacCormack, A., Verganti, R., Iansiti, M. Developing products on "internet time":The anatomy of a flexible development process[J]. Management Science, 200147(1):133-150. [27] Bart C. K. Controlling new product R&D projects[J]. R&D Management, 1993, 23(3):187-197. [28] Dvir, D., Raz, T., Shenhar, A. J. An empirical analysis of the relationship between project planning and project success[J]. International Journal of Project Management, 2003, 21(2):89-95. [29] Liu, J., Wang, Q., Ma, Q. The effects of project uncertainty and risk management on is development project performance:A vendor perspective[J]. International Journal of Project Management, 2011, 29(7):923-933. [30] Huckman, R.S., Staats, B. R. Fluid tasks and fluid teams:The impact of diversity in experience and team familiarity on team performance[J]. Manufacturing & Service Operations Management, 2011, 13(3):310-328. [31] Dewett, T., Williams, S. D. Innovators and imitators in novelty-intensive markets:A research agenda[J]. Creativity & Innovation Management, 2007, 16(1):80-92. [32] Becker, G. S. Accounting for tastes[M]. Cambridge, MA:Harvard University Press, 1999. [33] Fishburn, P. C. Multiattribute nonlinear utility theory[J]. Management Science, 1984, 30(11):1301-1310. [34] Eisenmann, T. R., Bower, J. L. The entrepreneurial M-form:Strategic integration in global media firms[J]. Organization Science, 2000, 11(3):348-55. [35] Menger, P.-M. Artistic labor markets and careers[J]. Annual Review of Sociology, 1999, 25:541-574. [36] Boudreau, K.J., Lakhani, K. R. How to manage outside innovation[J]. MIT Sloan Management Review, 2009, 50(4):69-76. [37] Kong, D.. Does corporate social responsibility matter in the food industry? Evidence from a nature experiment in China[J]. Food Policy, 2012, 37(3):323-334. [38] Li, D., Browne, G. J., Wetherbe, J. C. Why do internet users stick with a specific website? A relationship perspective[J]. International Journal of Electronic Commerce, 2006, 10(4):105-141. [39] Delamere, T. A., Wankel, L. M., Hinch, T. Development of a scale to measure resident attitudes towards the social impacts of community festivals. Part 1:Item generation and purification of the measure[J]. Event Management:An International Journal, 2001, 7(1):11-24. [40] Molina-Castillo, F.-J., Munuera-Aleman, J.-L. The joint impact of quality and innovativeness on short-term new product performance[J]. Industrial Marketing Management, 2009, 38(8):984-993. [41] Ke, W., Zhang, P. Motivations in open source software communities:The mediating role of effort intensity and goal commitment[J]. International Journal of Electronic Commerce, 2009, 13(4):39-66. [42] Sen, R., Subramaniam, C., Nelson, M. L. Determinants of the choice ofopen source software license[J]. Journal of management Information Systems, 2008-9, 25(3):207-240 [43]陈明亮,汪贵浦,邓生宇,孙元.初始网络信任和持续网络信任形成与作用机制比较[J].科研管理, 2008, 29(5):187-195.Mingliang, C., Guipu, W., Shengyu, D., Sun, Y.Comparative study on formative and functional mechanism of initial and sustainable online trust[J]. Science Research Management, 2008, 29(5):187-195. [44] Chin, W. W. Issues and opinion on structural equation modeling[J]. MIS Quarterly, 1998, 22(1):7-16. [45] Bollen, K. A. Structural equationswith latent variables[M]. New York:Wiley, 1989. [46] Chin, W. W., Todd, P. A. On the use, usefulness, and ease of use of structural equation modeling in MIS research:A note of caution[J]. MIS Quarterly, 1995, 19(2):237-246. [47] Nunnally, J. C. Psychometric theory, 2nd Ed[M]. New York:McGraw-Hill, 1978. [48] Fornell, C., Larcker, D. Evaluating structural equation models with unobservable variables and measurement error[J]. Journal of Marketing Research, 1981, 18(1):39-50.