Skip to main content
Top
Published in: Journal of the Academy of Marketing Science 2/2023

16-05-2022 | Original Empirical Research

To exploit or explore? The impact of crowdfunding project descriptions and backers’ power states on funding decisions

Authors: Yufei Zhang, Thomas E. DeCarlo, Andrew S. Manikas, Abhi Bhattacharya

Published in: Journal of the Academy of Marketing Science | Issue 2/2023

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

Reward-based crowdfunding attracts significant research efforts to understand its success drivers; the current study expands such efforts by exploring the word choices within project descriptions and their potential effects for crowdsourced funding of innovative projects. Project descriptions have the potential to influence backer funding decisions significantly, and creators have complete control over them, suggesting the relevance of this previously unexplored factor. A secondary data analysis of 245,704 online requests for new project funding indicates greater success for project descriptions that emphasize exploitation rather than exploration themes. A series of follow-up experiments also demonstrate that risk perceptions mediate decision-making processes, and that a person’s power state is an important moderator of funding intentions. In particular, potential backers with less power are more likely to fund a project with an exploitation-focused description rather than one with an exploration focus. Conversely, backers with greater power perceive both project types as equally attractive, but they also are more likely to fund an explorative project than those with less power. These novel contributions help clarify how funding for startups varies as a function of specific word choices in funding requests, as well as the role of power in determining individual funding behaviors.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Appendix
Available only for authorised users
Footnotes
3
For completeness, we provide the results for the contrasts that examine the effects of power differences for each message type in Web Appendix G.
 
4
We ran the same analysis using Model 7, without any interaction between power and the direct effect of exploitation versus exploration. The results are consistent with the Model 8 results. Noting its greater empirical rigor, we report the Model 8 results in the main text.
 
5
For completeness, we also examine the effect of backer power on funding intentions and amounts for exploitation-focused projects (n = 191). The sample size of the high-power group is 150 and that of the low-power group is 41. The independent sample t-tests find that there are no signifcant differences in funding intentions and amounts across high- and low-power groups (Mintention_high_power = 4.14, SD = 1.70; Mintention_low_power = 4.49, SD = 1.87; t = −1.07, p > .10; Mamount_high_power = 42.07, SD = 31.31; Mamount_low_power = 49.02, SD = 33.15; t = −1.21, p > .10)
 
Literature
go back to reference Agrawal, A., Catalini, C., & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63–97.CrossRef Agrawal, A., Catalini, C., & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63–97.CrossRef
go back to reference Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017). Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of Business Venturing, 32(6), 707–725.CrossRef Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017). Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of Business Venturing, 32(6), 707–725.CrossRef
go back to reference Anderson, C., & Galinsky, A. D. (2006). Power, optimism, and risk-taking. European Journal of Social Psychology, 36(4), 511–536.CrossRef Anderson, C., & Galinsky, A. D. (2006). Power, optimism, and risk-taking. European Journal of Social Psychology, 36(4), 511–536.CrossRef
go back to reference Anderson, C., John, O. P., & Keltner, D. (2012). The personal sense of power. Journal of Personality, 80(2), 313–344.CrossRef Anderson, C., John, O. P., & Keltner, D. (2012). The personal sense of power. Journal of Personality, 80(2), 313–344.CrossRef
go back to reference Atuahene-Gima, K. (2005). Resolving the capability–rigidity paradox in new product innovation. Journal of Marketing, 69(4), 61–83.CrossRef Atuahene-Gima, K. (2005). Resolving the capability–rigidity paradox in new product innovation. Journal of Marketing, 69(4), 61–83.CrossRef
go back to reference Benner, M. J., & Tushman, M. (2002). Process management and technological innovation: A longitudinal study of the photography and paint industries. Administrative Science Quarterly, 47(4), 676–707.CrossRef Benner, M. J., & Tushman, M. (2002). Process management and technological innovation: A longitudinal study of the photography and paint industries. Administrative Science Quarterly, 47(4), 676–707.CrossRef
go back to reference Bi, S., Liu, Z., & Usman, K. (2017). The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research, 71, 10–18.CrossRef Bi, S., Liu, Z., & Usman, K. (2017). The influence of online information on investing decisions of reward-based crowdfunding. Journal of Business Research, 71, 10–18.CrossRef
go back to reference Briñol, P., Petty, R. E., Valle, C., Rucker, D. D., & Becerra, A. (2007). The effects of message recipients’ power before and after persuasion: A self-validation analysis. Journal of Personality and Social Psychology, 93(6), 1040–1053.CrossRef Briñol, P., Petty, R. E., Valle, C., Rucker, D. D., & Becerra, A. (2007). The effects of message recipients’ power before and after persuasion: A self-validation analysis. Journal of Personality and Social Psychology, 93(6), 1040–1053.CrossRef
go back to reference Burtch, G., Ghose, A., & Wattal, S. (2013). An empirical examination of the antecedents and consequences of contribution patterns in crowdfunded markets. Information Systems Research, 24(3), 499–519.CrossRef Burtch, G., Ghose, A., & Wattal, S. (2013). An empirical examination of the antecedents and consequences of contribution patterns in crowdfunded markets. Information Systems Research, 24(3), 499–519.CrossRef
go back to reference Burtch, G., Ghose, A., & Wattal, S. (2015). The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Science, 61(5), 949–962.CrossRef Burtch, G., Ghose, A., & Wattal, S. (2015). The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Science, 61(5), 949–962.CrossRef
go back to reference Cardon, M. S., Sudek, R., & Mitteness, C. (2009). The impact of perceived entrepreneurial passion on angel investing. Frontiers of Entrepreneurship Research, 29(2), 1. Cardon, M. S., Sudek, R., & Mitteness, C. (2009). The impact of perceived entrepreneurial passion on angel investing. Frontiers of Entrepreneurship Research, 29(2), 1.
go back to reference Chen, S., Thomas, S., & Kohli, C. (2016). What really makes a promotional campaign succeed on a crowdfunding platform?: Guilt, utilitarian products, emotional messaging, and fewer but meaningful rewards drive donations. Journal of Advertising Research, 56(1), 81–94.CrossRef Chen, S., Thomas, S., & Kohli, C. (2016). What really makes a promotional campaign succeed on a crowdfunding platform?: Guilt, utilitarian products, emotional messaging, and fewer but meaningful rewards drive donations. Journal of Advertising Research, 56(1), 81–94.CrossRef
go back to reference Chen, X. P., Yao, X., & Kotha, S. (2009). Entrepreneur passion and preparedness in business plan presentations: A persuasion analysis of venture capitalists’ funding decisions. Academy of Management Journal, 52(1), 199–214.CrossRef Chen, X. P., Yao, X., & Kotha, S. (2009). Entrepreneur passion and preparedness in business plan presentations: A persuasion analysis of venture capitalists’ funding decisions. Academy of Management Journal, 52(1), 199–214.CrossRef
go back to reference Chester, D. S., & Lasko, E. N. (2021). Construct validation of experimental manipulations in social psychology: Current practices and recommendations for the future. Perspectives on Psychological Science, 16(2), 377–395.CrossRef Chester, D. S., & Lasko, E. N. (2021). Construct validation of experimental manipulations in social psychology: Current practices and recommendations for the future. Perspectives on Psychological Science, 16(2), 377–395.CrossRef
go back to reference Cohen, J., Cohen, P., West, S. G., & Aiken, L. S. (2003). Applied multiple correlation/regression analysis for the behavioral sciences (3rd ed.). Lawrence Erlbaum Associates. Cohen, J., Cohen, P., West, S. G., & Aiken, L. S. (2003). Applied multiple correlation/regression analysis for the behavioral sciences (3rd ed.). Lawrence Erlbaum Associates.
go back to reference Cornelius, P. B., & Gokpinar, B. (2020). The role of customer investor involvement in crowdfunding success. Management Science, 66(1), 452–472.CrossRef Cornelius, P. B., & Gokpinar, B. (2020). The role of customer investor involvement in crowdfunding success. Management Science, 66(1), 452–472.CrossRef
go back to reference Cui, A. S., & Wu, F. (2016). Utilizing customer knowledge in innovation: Antecedents and impact of customer involvement on new product performance. Journal of the Academy of Marketing Science, 44(4), 516–538.CrossRef Cui, A. S., & Wu, F. (2016). Utilizing customer knowledge in innovation: Antecedents and impact of customer involvement on new product performance. Journal of the Academy of Marketing Science, 44(4), 516–538.CrossRef
go back to reference Cumming, D. J., Hornuf, L., Karami, M., & Schweizer, D. (2020). Disentangling crowdfunding from fraudfunding. Max Planck Institute for Innovation & competition research paper, (16–09). Cumming, D. J., Hornuf, L., Karami, M., & Schweizer, D. (2020). Disentangling crowdfunding from fraudfunding. Max Planck Institute for Innovation & competition research paper, (16–09).
go back to reference Dröge, C., Jayaram, J., & Vickery, S. K. (2000). The ability to minimize the timing of new product development and introduction: An examination of antecedent factors in the north American automobile supplier industry. Journal of Product Innovation Management, 17(1), 24–40.CrossRef Dröge, C., Jayaram, J., & Vickery, S. K. (2000). The ability to minimize the timing of new product development and introduction: An examination of antecedent factors in the north American automobile supplier industry. Journal of Product Innovation Management, 17(1), 24–40.CrossRef
go back to reference Elliot, A. J., & Thrash, T. M. (2002). Approach-avoidance motivation in personality: Approach and avoidance temperaments and goals. Journal of Personality and Social Psychology, 82(5), 804–818.CrossRef Elliot, A. J., & Thrash, T. M. (2002). Approach-avoidance motivation in personality: Approach and avoidance temperaments and goals. Journal of Personality and Social Psychology, 82(5), 804–818.CrossRef
go back to reference Fan, T., Gao, L., & Steinhart, Y. (2020). The small predicts large effect in crowdfunding. Journal of Consumer Research, 47(4), 544–565.CrossRef Fan, T., Gao, L., & Steinhart, Y. (2020). The small predicts large effect in crowdfunding. Journal of Consumer Research, 47(4), 544–565.CrossRef
go back to reference Fischer, E., & Reuber, A. R. (2014). Online entrepreneurial communication: Mitigating uncertainty and increasing differentiation via twitter. Journal of Business Venturing, 29(4), 565–583.CrossRef Fischer, E., & Reuber, A. R. (2014). Online entrepreneurial communication: Mitigating uncertainty and increasing differentiation via twitter. Journal of Business Venturing, 29(4), 565–583.CrossRef
go back to reference French Jr., J. R. P., & Raven, B. (1959). The bases of social power. In D. Cartwright (Ed.), Studies in social power (p. 150–167). University of Michigan. French Jr., J. R. P., & Raven, B. (1959). The bases of social power. In D. Cartwright (Ed.), Studies in social power (p. 150–167). University of Michigan.
go back to reference Galinsky, A. D., Gruenfeld, D. H., & Magee, J. C. (2003). From power to action. Journal of Personality and Social Psychology, 85(3), 453–466.CrossRef Galinsky, A. D., Gruenfeld, D. H., & Magee, J. C. (2003). From power to action. Journal of Personality and Social Psychology, 85(3), 453–466.CrossRef
go back to reference Gelman, A., & Rubin, D. B. (1992). Inference from iterative simulation using multiple sequences. Statistical Science, 7(4), 457–472.CrossRef Gelman, A., & Rubin, D. B. (1992). Inference from iterative simulation using multiple sequences. Statistical Science, 7(4), 457–472.CrossRef
go back to reference Guenther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance?-how investment decisions differ by investor type. Small Business Economics, 50(2), 289–305.CrossRef Guenther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance?-how investment decisions differ by investor type. Small Business Economics, 50(2), 289–305.CrossRef
go back to reference Gupta, A. K., Smith, K. G., & Shalley, C. E. (2006). The interplay between exploration and exploitation. Academy of Management Journal, 49(4), 693–706.CrossRef Gupta, A. K., Smith, K. G., & Shalley, C. E. (2006). The interplay between exploration and exploitation. Academy of Management Journal, 49(4), 693–706.CrossRef
go back to reference Han, D., Lalwani, A. K., & Duhachek, A. (2017). Power distance belief, power, and charitable giving. Journal of Consumer Research, 44(1), 182–195. Han, D., Lalwani, A. K., & Duhachek, A. (2017). Power distance belief, power, and charitable giving. Journal of Consumer Research, 44(1), 182–195.
go back to reference Hayes, A. F. (2017). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. Guilford publications. Hayes, A. F. (2017). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. Guilford publications.
go back to reference Holmqvist, M. (2004). Experiential learning processes of exploitation and exploration within and between organizations: An empirical study of product development. Organization Science, 15(1), 70–81.CrossRef Holmqvist, M. (2004). Experiential learning processes of exploitation and exploration within and between organizations: An empirical study of product development. Organization Science, 15(1), 70–81.CrossRef
go back to reference Hurley, R. F., & Hult, G. T. M. (1998). Innovation, market orientation, and organizational learning: An integration and empirical examination. Journal of Marketing, 62(3), 42–54.CrossRef Hurley, R. F., & Hult, G. T. M. (1998). Innovation, market orientation, and organizational learning: An integration and empirical examination. Journal of Marketing, 62(3), 42–54.CrossRef
go back to reference Jagarlamudi, J., Daumé III, H., & Udupa, R. (2012). Incorporating lexical priors into topic models. In proceedings of the 13th conference of the European chapter of the Association for Computational Linguistics (pp. 204-213). Jagarlamudi, J., Daumé III, H., & Udupa, R. (2012). Incorporating lexical priors into topic models. In proceedings of the 13th conference of the European chapter of the Association for Computational Linguistics (pp. 204-213).
go back to reference Jain, S. P., Mathur, P., & Maheswaran, D. (2009). The influence of consumers’ lay theories on approach/avoidance motivation. Journal of Marketing Research, 46(1), 56–65.CrossRef Jain, S. P., Mathur, P., & Maheswaran, D. (2009). The influence of consumers’ lay theories on approach/avoidance motivation. Journal of Marketing Research, 46(1), 56–65.CrossRef
go back to reference Joenssen, D., Michaelis, A., & Müllerleile, T. (2014). A link to new product preannouncement: Success factors in crowdfunding. Available at SSRN 2476841. Joenssen, D., Michaelis, A., & Müllerleile, T. (2014). A link to new product preannouncement: Success factors in crowdfunding. Available at SSRN 2476841.
go back to reference Johnson, P. O., & Neyman, J. (1936). Tests of certain linear hypotheses and their application to some educational problems. Statistical Research Memoirs, 1, 57–93. Johnson, P. O., & Neyman, J. (1936). Tests of certain linear hypotheses and their application to some educational problems. Statistical Research Memoirs, 1, 57–93.
go back to reference Josephson, B. W., Johnson, J. L., & Mariadoss, B. J. (2016). Strategic marketing ambidexterity: Antecedents and financial consequences. Journal of the Academy of Marketing Science, 44(4), 539–554.CrossRef Josephson, B. W., Johnson, J. L., & Mariadoss, B. J. (2016). Strategic marketing ambidexterity: Antecedents and financial consequences. Journal of the Academy of Marketing Science, 44(4), 539–554.CrossRef
go back to reference Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 363–391.CrossRef Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 363–391.CrossRef
go back to reference Keltner, D., Gruenfeld, D. H., & Anderson, C. (2003). Power, approach, and inhibition. Psychological Review, 110(2), 265–284.CrossRef Keltner, D., Gruenfeld, D. H., & Anderson, C. (2003). Power, approach, and inhibition. Psychological Review, 110(2), 265–284.CrossRef
go back to reference Kim, D., Seo, D., Cho, S., & Kang, P. (2019). Multi-co-training for document classification using various document representations: TF–IDF, LDA, and Doc2Vec. Information Sciences, 477, 15–29.CrossRef Kim, D., Seo, D., Cho, S., & Kang, P. (2019). Multi-co-training for document classification using various document representations: TF–IDF, LDA, and Doc2Vec. Information Sciences, 477, 15–29.CrossRef
go back to reference Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowdfunding project matter? Journal of Business Venturing, 32(1), 72–89.CrossRef Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowdfunding project matter? Journal of Business Venturing, 32(1), 72–89.CrossRef
go back to reference Laroche, M., McDougall, G. H., Bergeron, J., & Yang, Z. (2004). Exploring how intangibility affects perceived risk. Journal of Service Research, 6(4), 373–389.CrossRef Laroche, M., McDougall, G. H., Bergeron, J., & Yang, Z. (2004). Exploring how intangibility affects perceived risk. Journal of Service Research, 6(4), 373–389.CrossRef
go back to reference Leone, D., Schiavone, F., & Dezi, L. (2018). Post-campaign operational problems hindering promised rewards in crowdfunding projects. Journal of Innovation Economics Management, 2, 173–194. Leone, D., Schiavone, F., & Dezi, L. (2018). Post-campaign operational problems hindering promised rewards in crowdfunding projects. Journal of Innovation Economics Management, 2, 173–194.
go back to reference Lee, A. Y., & Aaker, J. L. (2004). Bringing the frame into focus: The influence of regulatory fit on processing fluency and persuasion. Journal of Personality and Social Psychology, 86(2), 205–218.CrossRef Lee, A. Y., & Aaker, J. L. (2004). Bringing the frame into focus: The influence of regulatory fit on processing fluency and persuasion. Journal of Personality and Social Psychology, 86(2), 205–218.CrossRef
go back to reference Lee, C. H., & Chiravuri, A. (2019). Dealing with initial success versus failure in crowdfunding market. Internet Research, 29(5), 1190–1212.CrossRef Lee, C. H., & Chiravuri, A. (2019). Dealing with initial success versus failure in crowdfunding market. Internet Research, 29(5), 1190–1212.CrossRef
go back to reference Lin, M., & Viswanathan, S. (2016). Home bias in online investments: An empirical study of an online crowdfunding market. Management Science, 62(5), 1393–1414.CrossRef Lin, M., & Viswanathan, S. (2016). Home bias in online investments: An empirical study of an online crowdfunding market. Management Science, 62(5), 1393–1414.CrossRef
go back to reference Ma, S., Hua, Y., Li, D., & Wang, Y. (2020). Proposing customers economic value or relational value? A study of two stages of the crowdfunding project. Decision Sciences. Forthcoming. Ma, S., Hua, Y., Li, D., & Wang, Y. (2020). Proposing customers economic value or relational value? A study of two stages of the crowdfunding project. Decision Sciences. Forthcoming.
go back to reference Mael, F., & Ashforth, B. E. (1992). Alumni and their alma mater: A partial test of the reformulated model of organizational identification. Journal of Organizational Behavior, 13(2), 103–123.CrossRef Mael, F., & Ashforth, B. E. (1992). Alumni and their alma mater: A partial test of the reformulated model of organizational identification. Journal of Organizational Behavior, 13(2), 103–123.CrossRef
go back to reference Magee, J. C., Galinsky, A. D., & Gruenfeld, D. H. (2007). Power, propensity to negotiate, and moving first in competitive interactions. Personality and Social Psychology Bulletin, 33(2), 200–212.CrossRef Magee, J. C., Galinsky, A. D., & Gruenfeld, D. H. (2007). Power, propensity to negotiate, and moving first in competitive interactions. Personality and Social Psychology Bulletin, 33(2), 200–212.CrossRef
go back to reference Mandel, N., Rucker, D. D., Levav, J., & Galinsky, A. D. (2017). The compensatory consumer behavior model: How self-discrepancies drive consumer behavior. Journal of Consumer Psychology, 27(1), 133–146.CrossRef Mandel, N., Rucker, D. D., Levav, J., & Galinsky, A. D. (2017). The compensatory consumer behavior model: How self-discrepancies drive consumer behavior. Journal of Consumer Psychology, 27(1), 133–146.CrossRef
go back to reference Maner, J. K., Gaillot, M. T., Butz, D. A., & Peruche, B. M. (2007). Power, risk and the status quo: Does power promote riskier or more conservative decision making? Personality and Social Psychology Bulletin, 33(4), 451–462.CrossRef Maner, J. K., Gaillot, M. T., Butz, D. A., & Peruche, B. M. (2007). Power, risk and the status quo: Does power promote riskier or more conservative decision making? Personality and Social Psychology Bulletin, 33(4), 451–462.CrossRef
go back to reference March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87.CrossRef March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87.CrossRef
go back to reference McKenny, A. F., Aguinis, H., Short, J. C., & Anglin, A. H. (2018). What doesn’t get measured does exist: Improving the accuracy of computer-aided text analysis. Journal of Management, 44(7), 2909–2933.CrossRef McKenny, A. F., Aguinis, H., Short, J. C., & Anglin, A. H. (2018). What doesn’t get measured does exist: Improving the accuracy of computer-aided text analysis. Journal of Management, 44(7), 2909–2933.CrossRef
go back to reference Mizik, N., & Jacobson, R. (2003). Trading off between value creation and value appropriation: The financial implications of shifts in strategic emphasis. Journal of Marketing, 67(1), 63–76.CrossRef Mizik, N., & Jacobson, R. (2003). Trading off between value creation and value appropriation: The financial implications of shifts in strategic emphasis. Journal of Marketing, 67(1), 63–76.CrossRef
go back to reference Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.CrossRef Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.CrossRef
go back to reference Moss, T. W., Payne, G. T., & Moore, C. B. (2014). Strategic consistency of exploration and exploitation in family businesses. Family Business Review, 27(1), 51–71.CrossRef Moss, T. W., Payne, G. T., & Moore, C. B. (2014). Strategic consistency of exploration and exploitation in family businesses. Family Business Review, 27(1), 51–71.CrossRef
go back to reference Palan, S., & Schitter, C. (2018). Prolific. Ac—A subject pool for online experiments. Journal of Behavioral and Experimental Finance, 17, 22–27.CrossRef Palan, S., & Schitter, C. (2018). Prolific. Ac—A subject pool for online experiments. Journal of Behavioral and Experimental Finance, 17, 22–27.CrossRef
go back to reference Parhankangas, A., & Renko, M. (2017). Linguistic style and crowdfunding success among social and commercial entrepreneurs. Journal of Business Venturing, 32(2), 215–236.CrossRef Parhankangas, A., & Renko, M. (2017). Linguistic style and crowdfunding success among social and commercial entrepreneurs. Journal of Business Venturing, 32(2), 215–236.CrossRef
go back to reference Pepitone, J. (2012), Why 84% of Kickstarter’s Projects Shipped Late, CNNMoney, December 18. http: // money.cnn .com / 2012 / 12 / 18 / technology / innovation / kickstarter- ship- delay /. Pepitone, J. (2012), Why 84% of Kickstarter’s Projects Shipped Late, CNNMoney, December 18. http: // money.cnn .com / 2012 / 12 / 18 / technology / innovation / kickstarter- ship- delay /.
go back to reference Righetti, F., Finkenauer, C., & Rusbult, C. (2011). The benefits of interpersonal regulatory fit for individual goal pursuit. Journal of Personality and Social Psychology, 101(4), 720–736.CrossRef Righetti, F., Finkenauer, C., & Rusbult, C. (2011). The benefits of interpersonal regulatory fit for individual goal pursuit. Journal of Personality and Social Psychology, 101(4), 720–736.CrossRef
go back to reference Rodgers, S. (2003). The effects of sponsor relevance on consumer reactions to internet sponsorships. Journal of Advertising, 32(4), 67–76.CrossRef Rodgers, S. (2003). The effects of sponsor relevance on consumer reactions to internet sponsorships. Journal of Advertising, 32(4), 67–76.CrossRef
go back to reference Rothaermel, F. T., & Deeds, D. L. (2004). Exploration and exploitation alliances in biotechnology: A system of new product development. Strategic Management Journal, 25(3), 201–221.CrossRef Rothaermel, F. T., & Deeds, D. L. (2004). Exploration and exploitation alliances in biotechnology: A system of new product development. Strategic Management Journal, 25(3), 201–221.CrossRef
go back to reference Rucker, D. D., Dubois, D., & Galinsky, A. D. (2011). Generous paupers and stingy princes: Power drives consumer spending on self versus others. Journal of Consumer Research, 37(6), 1015–1029.CrossRef Rucker, D. D., Dubois, D., & Galinsky, A. D. (2011). Generous paupers and stingy princes: Power drives consumer spending on self versus others. Journal of Consumer Research, 37(6), 1015–1029.CrossRef
go back to reference Rucker, D. D., & Galinsky, A. D. (2008). Desire to acquire: Powerlessness and compensatory consumption. Journal of Consumer Research, 35(2), 257–267.CrossRef Rucker, D. D., & Galinsky, A. D. (2008). Desire to acquire: Powerlessness and compensatory consumption. Journal of Consumer Research, 35(2), 257–267.CrossRef
go back to reference Rucker, D. D., Galinsky, A. D., & Dubois, D. (2012). Power and consumer behavior: How power shapes who and what consumers value. Journal of Consumer Psychology, 22(3), 352–368.CrossRef Rucker, D. D., Galinsky, A. D., & Dubois, D. (2012). Power and consumer behavior: How power shapes who and what consumers value. Journal of Consumer Psychology, 22(3), 352–368.CrossRef
go back to reference Sargeant, A., West, D. C., & Ford, J. (2001). The role of perceptions in predicting donor power. Journal of Marketing Management, 17, 407–428. Sargeant, A., West, D. C., & Ford, J. (2001). The role of perceptions in predicting donor power. Journal of Marketing Management, 17, 407–428.
go back to reference Sewaid, A., Parker, S. C., & Kaakeh, A. (2021). Explaining serial crowdfunders' dynamic fundraising performance. Journal of Business Venturing, 36(4), 106124.CrossRef Sewaid, A., Parker, S. C., & Kaakeh, A. (2021). Explaining serial crowdfunders' dynamic fundraising performance. Journal of Business Venturing, 36(4), 106124.CrossRef
go back to reference Slater, S. F., & Narver, J. C. (1995). Market orientation and the learning organization. Journal of Marketing, 59(3), 63–74.CrossRef Slater, S. F., & Narver, J. C. (1995). Market orientation and the learning organization. Journal of Marketing, 59(3), 63–74.CrossRef
go back to reference Steigenberger, N. (2017). Why supporters contribute to reward-based crowdfunding. International Journal of Entrepreneurial Behavior & Research, 23(2), 336–353.CrossRef Steigenberger, N. (2017). Why supporters contribute to reward-based crowdfunding. International Journal of Entrepreneurial Behavior & Research, 23(2), 336–353.CrossRef
go back to reference Toubia, O., Iyengar, G., Bunnell, R., & Lemaire, A. (2019). Extracting features of entertainment products: A guided latent dirichlet allocation approach informed by the psychology of media consumption. Journal of Marketing Research, 56(1), 18–36.CrossRef Toubia, O., Iyengar, G., Bunnell, R., & Lemaire, A. (2019). Extracting features of entertainment products: A guided latent dirichlet allocation approach informed by the psychology of media consumption. Journal of Marketing Research, 56(1), 18–36.CrossRef
go back to reference Uotila, J., Maula, M., Keil, T., & Zahra, S. A. (2009). Exploration, exploitation, and financial performance: Analysis of S&P 500 corporations. Strategic Management Journal, 30(2), 221–231.CrossRef Uotila, J., Maula, M., Keil, T., & Zahra, S. A. (2009). Exploration, exploitation, and financial performance: Analysis of S&P 500 corporations. Strategic Management Journal, 30(2), 221–231.CrossRef
go back to reference Vorhies, D. W., Orr, L. M., & Bush, V. D. (2011). Improving customer-focused marketing capabilities and firm financial performance via marketing exploration and exploitation. Journal of the Academy of Marketing Science, 39(5), 736–756.CrossRef Vorhies, D. W., Orr, L. M., & Bush, V. D. (2011). Improving customer-focused marketing capabilities and firm financial performance via marketing exploration and exploitation. Journal of the Academy of Marketing Science, 39(5), 736–756.CrossRef
go back to reference Wang, Z., Li, H., & Law, R. (2017). Determinants of tourism crowdfunding performance: An empirical study. Tourism Analysis, 22(3), 323–336.CrossRef Wang, Z., Li, H., & Law, R. (2017). Determinants of tourism crowdfunding performance: An empirical study. Tourism Analysis, 22(3), 323–336.CrossRef
go back to reference Wilson, T. D., Aronson, E., & Carlsmith, K. (2010). The art of laboratory experimentation. In S. T. Fiske, D. T. Gilbert, & G. Lindzey (Eds.), Handbook of social psychology (Vol. 1, pp. 51–81). Wiley. Wilson, T. D., Aronson, E., & Carlsmith, K. (2010). The art of laboratory experimentation. In S. T. Fiske, D. T. Gilbert, & G. Lindzey (Eds.), Handbook of social psychology (Vol. 1, pp. 51–81). Wiley.
go back to reference Xiang, D., Zhang, L., Tao, Q., Wang, Y., & Ma, S. (2019). Informational or emotional appeals in crowdfunding message strategy: An empirical investigation of backers’ support decisions. Journal of the Academy of Marketing Science, 47(6), 1046–1063.CrossRef Xiang, D., Zhang, L., Tao, Q., Wang, Y., & Ma, S. (2019). Informational or emotional appeals in crowdfunding message strategy: An empirical investigation of backers’ support decisions. Journal of the Academy of Marketing Science, 47(6), 1046–1063.CrossRef
go back to reference Yalcinkaya, G., Calantone, R. J., & Griffith, D. A. (2007). An examination of exploration and exploitation capabilities: Implications for product innovation and market performance. Journal of International Marketing, 15(4), 63–93.CrossRef Yalcinkaya, G., Calantone, R. J., & Griffith, D. A. (2007). An examination of exploration and exploitation capabilities: Implications for product innovation and market performance. Journal of International Marketing, 15(4), 63–93.CrossRef
go back to reference Zhou, M. J., Lu, B., Fan, W. P., & Wang, G. A. (2018). Project description and crowdfunding success: An exploratory study. Information Syst Zhou, M. J., Lu, B., Fan, W. P., & Wang, G. A. (2018). Project description and crowdfunding success: An exploratory study. Information Syst
Metadata
Title
To exploit or explore? The impact of crowdfunding project descriptions and backers’ power states on funding decisions
Authors
Yufei Zhang
Thomas E. DeCarlo
Andrew S. Manikas
Abhi Bhattacharya
Publication date
16-05-2022
Publisher
Springer US
Published in
Journal of the Academy of Marketing Science / Issue 2/2023
Print ISSN: 0092-0703
Electronic ISSN: 1552-7824
DOI
https://doi.org/10.1007/s11747-022-00871-w

Other articles of this Issue 2/2023

Journal of the Academy of Marketing Science 2/2023 Go to the issue