signaling in donation crowdfunding - seoul national...
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경영학석사학위논문
Signaling in Donation Crowdfunding
기부형 크라우드펀딩의 시그널링 효과
2016년 2월
서울대학교 대학원
경영학과 경영학 전공
원 유 진
- i -
ABSTRACT
SignalinginDonation
Crowdfunding
YuJinWon
CollegeofBusinessAdministration
SeoulNationalUniversity
Thispaperpresentsanexaminationoftheeffectivenessofsignalsthat
projectorsusetoinducedonorstocommitfinancialresourcesindonation
crowdfunding.Westudy theimpactoftheprojectquality on funding
successondonationcrowdfunding.Theprojectquality,researchmodel,is
organisedhumancapitalfrom education,humancapitalfrom experience,
andsocial(alliance)capital.
The reason ofchoosing donation crowdfunding,almostcrowdfunding
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researcheshavebeenfocusedondirectlyrelatedbusinesstypessuchas
equity,lending,and reward based,even ifdonation crowdfunding is
properlydemonstratedoriginalframe.Inaddition,thereasonoflooking
detailathuman capitaland socialcapital,crowdfunding isessentially
happenedthroughtheinternet.Inthismeaning,anyonehaswillingtorely
onperhapsunknownpersonandofferinginformation.Forthatreason,to
beprovidedinformationascertificationandprevioushistoryisthebest
directorindirectindicativefactors.
Fortheempiricaltest,weusetheoneofactivedonationcrowdfunding
Donorschoose.org.Ourdata highlightthatretaining providing detailed
informationaboutlevelofeducation,previousprojector’shistorywiththe
same subject,and number ofparticipants from otherprojectors and
thereforestronglyimpacttheprobabilityoffundingsuccess.Thestandard
offundingsuccessismeasuredbyfullfundingfrom all-or-nothingrule
onDonorschoose.
In theresultofempiricaltest,levelofeducation andsocial(alliance)
capitalissupportedtopositivelyaffectonfundingsuccess.Unfortunately,
however,humancapitalwithexperienceasanearlierpracticewithsame
subject has negative impact on funding success.We discuss the
implicationsofourresultsforfurtherresearchandpractice.
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Keywords: Donation Crowdfunding, Donorschoose, Fintech, Funding
success,Humancapital,Projectquality,Social(alliance)capital
StudentIDNumber:2014-20399
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TABLEOFCONTENTS
TABLEOFCONTENT·······································································································iv
LIST OFTABLES················································································································vi
LIST OFFIGURES···············································································································vi
1.INTRODUCTION···············································································································1
2.BACKGROUND RESEARCH························································································3
2.1CrowdfundingtoDonationCrowdfunding·······························································3
3.THEORETICALBACKGROUND················································································5
3.1Humancapital··················································································································6
3.1.1HumanCapitalwithEducation··········································································6
3.1.2HumanCapitalwithExperience·······································································8
3.2Social(Alliance)Capital·······························································································9
3.3FundingSuccess···········································································································10
4.RESEARCH METHODOLOGY···················································································11
4.1Data··································································································································11
4.2TheDonorschooseDonationProcess······································································12
4.3DataSet··························································································································14
4.4MeasurementDevelopment························································································15
4.4.1IndependentVariablesandAnalysis······························································15
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4.4.2DependentVariablesandAnalysis································································18
4.4.3ControlVariables································································································20
5.RESULTS····························································································································20
6IMPLICATION AND LIMITATION··········································································22
7.CONCLUSION···················································································································25
REFERENCES························································································································27
APPENDIXES·························································································································33
Appendix1:NumberofprojectsonDonorschoose······················································33
Appendix2:TotalamountdonationandprojectfundedofDonorschoose···········34
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LIST OFTABLES
<TABLE1>DescriptiveStatistics······································································17
<TABLE2>CorrelationMatrix···········································································19
<TABLE3>Logisticregressionofresearchmodel·······································22
LIST OFFIGURES
<FIGURE1>DeterminantsofFundingSuccess·········································11
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1.INTRODUCTION
Inthesedays,apersonwhofacedcurrentbusinessmarketslongsfor
new enterprisewithin rapidly innovating technology by IT.Thereare
overlyplentyofproductsandservicesinfacedcurrentindustries.Forthis
reason,one ofICT convergence,Fintech (Financialand Technology),
attractsmoreattention.Itisanew compoundwordanddemonstrates
generallyaneconomicindustrywithhightechnologyforefficientfinancial
systems(Daniel,2014).Among theindustriesofFintech,crowdfunding
bringsnew financialtransactionsresources.Crowdfundingisanevidence
indicating direction to new financial business market with highly
innovatedinformationtechnology.
A commonly used definition of crowdfunding describes that
“Crowdsourcing takes place when a profit oriented firm outsources
specifictasksessentialforthemaking orsaleofitsproductto the
generalpublici.e.thecrowdintheform ofanopencallovertheInternet,
withtheintentionofanimatingindividualstomakeacontributiontothe
firm's production process forfree orforsignificantly less than that
contributionisworthtothefirm (Kleemannetal,2008).”Itmeansthata
projectofcrowdfundingismadeinform ofdonationorinexchangefor
someform ofrewardforspecificpurposesthroughtheinternet(Lambert
andSchwienbacher,2010).
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One of crowdfunding types,donation,is the birth ofcrowdfunding
(Barnett,2013).Othertypessuchasequity,lending,andrewardedbased
areemergedfrom theframeofdonation.Atthistime,itneedtofigure
outandhighlightthroughtheoreticallyandempirically.
To begin with a donation crowdfunding study,the research question
startedfrom how topredictfundingsuccessoftheproject.Therearea
lotofissuessuch assuccessfulfundraising on crowdfunding.On the
otherside,therearecountlessfailedcrowdfundingprojects.Atthistime,
todoconsiderbothsidessuchasprojectandinvestors,whichfactors
accelerateinvestors’decisionmakingincrowdfunding.Priorresearchesare
consistentwith the view thatpotentialinvestors try to evaluate the
unobservablecharacteristics(Connellyetal,2011& Ahlersetal,2015).
However,inthisstudy,wewouldliketofocusthatwhatkindofproject
qualityisneededforfundingsuccess.
Thispaperpresentsanempiricalexaminationofdonationcrowdfunding.
Weexaminewhichcrowdfundingprojectsignalsandattributesofproject
qualityaremostlikelytoinduceinvestorstocommitfinancialresources
inadonationcrowdfundingcontext.Weexamine364,356offeringbetween
September2000and September2014based on data from oneofthe
activitydonationcrowdfundingplatforms,theDonorschoose.org.
Tothisend,inthispaper,weprovidetheoryandsupportingevidenceof
theresultfrom data.Weexaminetheimpactofprojectquality(interms
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ofhuman capitalwith education,human capitalwith experience,and
social[alliance)capital)on funding success.Ourdata highlightthat
retaining detailed information aboutthe donation and projectcan be
interpretedashighprobabilityfundraisingsignalsandthereforeaffectthe
fundingsuccess.
2.BACKGROUND RESEARCH
2.1CrowdfundingtoDonationCrowdfunding
While crowdfunding has the basic conceptthatitis “an open call,
essentiallythroughtheInternet,fortheprovisionoffinancialresources
eitherintheform ofdonationorinexchangeforsomeform ofreward
and/orvotingrightsinordertosupportinitiativesforspecificpurposes”
(LambertandSchwienbacher,2010).fourtypesofcrowdfundingmodels
canbeidentified.Theseare:donated,equity,lending,andrewardbased
(pre-purchased)format(Buysereetal,2012).
Inthisexamination,webelievethatdonationcrowdfundingistheoriginal
formatofcrowdfunding and othertypessuch asequity,lending and
rewardhavedevelopedfrom thedonationcrowdfundingmodel.Bradford
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(2012)explainscrowdfundingwasstartedbypoliticianstocollectsmall
campaigndonationsfrom thegeneralpublic.Largecharitableorganizations
began collecting donationsonlinelong beforeWeb-based crowdfunding
emerged.
Barnett(2013)assertsthattheoriginalcrowdfundingisdonationtypeand
othertypeshavebeenextendedthroughitas“thebirthofcrowdfunding
hascomethroughthismodel,wherefundersdonateviaacollaborative
goalbasedprocessinreturnforproducts,perksorrewards”Davidand
Matthew (2015)arguethatlargecharitableorganisationsusedtocollect
funds online before crowdfunding emerged.They report that small
organisationsandindividualssoliciteddonationsfrom crowdafter2010.
Basedonpreviousresearchontheterm donationcrowdfunding,itliterally
described there are nothing to receive regardless of their donation
unimaginableamountofmoney(Bradford,2012).
Incrowdfunding,donationsarenotjuststrictlyfortheuseofcharities.
LambertandSchwienbacher(2010)show thatnotallprojectsofferany
rewardstoinvestors.Inmeansthat,aprojectwhichisnotacharitable
charactercanbeadonationmodelforenterprisesprofit.
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3.THEORETICALBACKGROUND
A frameworkisdevelopedbasedonAshlersetal[2015]frameworkwith
relatedhypothesesforhow attributesofprojectquality arerelatedto
funding success. Thereafter, it becomes literature review for how
characteristicsofprojectqualityandtheassociatedsignalsarerelatedto
fundingsuccess.
3.1Humancapital
Human capitaltheory is defined as a valuable assetthatprovides
individuals with theircognitive abilities,making more productive and
potentialactivity (Schultz,1959;Becker,1964;Mincer,1974).Coleman
(1988)explains“human capitaliscreated by changesin personsthat
bringaboutskillsandcapabilitiesthatmakethem abletoactinnew
ways.”Thetheoryhasbeenverifiedinpreviousresearchthatwhether
personwhocanbewillingtodevelopandprofitablebusinessisornoton
entrepreneurshipandventuresuccess.
Forthatreason,humancapitalistheessentialfactortobeassociated
withventuresuccessandprojectintheliteraturereview ofentrepreurship
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(Ungeretal,2011).Todiscussmoreprecisely,ashighhumancapital
meanshighcapabilitiesandskills,thesearedirectlyrelatedtoaventure
orprojectquality(Ahlersetal,2015).
Thenetofhumancapitalcanbemeasuredbyeducationandexperience
(Boxmanetal,1991).Itmeansthatdependingonthesetwofactors,we
canrecognizehumancapital.Anindividualwhogetsmoreeducationand
experiencecanbeseenashighhumancapitalanditisthemeasureof
effectivesignalventurefounders.
Factorssuchaseducationandexperiencecanbevaluableinformationto
predictsuperiorabilityinsuccessfullyexploiting opportunities.Forthat
reasonitcantypicallyhaveaninfluenceonaninvestor’sdecisionmaking
(Bottazzietal,2008).Thus,humancapitalisoneofthesignalstobe
guaranteesandcollateraltomakeadecision(Robb&Robinson.2014).
Inthisresearch,consequently,educationandexperiencearedealtwithfor
classifying human capitalinfluence on funding success.As discussed,
thesetwovariablesprovidesignalstoattractmoreinvestorsandtherefore
increasesthechancesofsuccessfulcrowdfunding.
3.1.1HumanCapitalwithEducation
Oneofthemainfactorsthatincreaseshumancapitaliseducation.General
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human capitalrepresented here by the entrepreneur’s education may
reflecttheextenttowhichtheentrepreneurhashadtheopportunityto
develop relevantskills and contacts (Cooper etal,1994).To make
learning something would be a positive basis forfuture performance
(Ackerman& Humphreys,1990;Hunter,1986).
Education isnota compulsory,in detaileducation degreeaspartof
humancapitalcanbeaneffectivesignalforaproject’squality(Ahlerset
al,2015).Itcanbeaproject’sstrategy(Baum etal,2001).Levieand
Gimmon (2008)havedemonstratedthattodofirst-timeaprojectcan
haveaneffectivesignalbyeducationdegree.Therefore,througheducation
levelshallbe recognized exploiting business opportunities (Shane &
Venkataraman,2000).
Previous research highlights thateducation is a key determinantof
entrepreneurial success. As the characters of crowdfunding and
inexperienced investors,itistotally relied and engaged on projector’s
abilityandskill.
The following hypothesis proposes forthe role ofhuman capitalof
educationonaprojectquality:
Hypothesis1:TheHumanCapitalbyEducationpositivelyaffectsfunding
success.
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3.1.2HumanCapitalwithExperience
Anothercomponentofhuman capitalis experiencing.Earlierresearch
mentions “specific vocationally oriented experience is theoretically
predictedtoincreasehumancapital(Becker,1964).”Inotherwords,to
accumulateexperienceinarelevantfieldbringsimprovedhumancapital.
Iftheypretendtomakevariousimpreciseexperiences,itcannotensure
thatitwillhelpwithanystageoftheprojectprocess(Davidsson,P.,&
Honig,B,2003).
In addition,itis happened notonly the resultofformaleducation,
practicaland specificpractice(Davidsson,P.,& Honig,B,2003).For
instance,entrepreneurialactivity is expressively related with previous
entrepreneurialexperiences(Bates,1995;RobinsonandSexton,1994).
Bymeansofpreviousresearch,priorexperiencewouldberelevanttothe
currentventureresult.Itcouldbedifferenthow manytriesareneeded,
butgenerally,agreaterimpactcanbemadefrom previousexperience.In
thisexamination,itishardtoreachagoalthefirsttimewithoutactual
understanding.
The following hypothesis proposes forthe role ofhuman capitalof
experienceonprojectquality:
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Hypothesis2:TheHumanCapitalbyExperiencepositivelyaffectsfunding
success
3.2Social(Alliance)Capital
Socialcapitalasnetworkcapitalemphasisethatnetworksandbusiness
linkageshavevaluablechannelsto access each otherwith resources,
complementaryandsoon(Baum & Silverman,2004;Hoang& Antoncic,
2003).WellmanandFrank(2001)arguethatnetworkcapitalistheform
ofsocialcapital,whichhappen“personalcommunity networks.”During
thisterm,theysupporttohelpandtradeeachotherwithanytiesand
networksincommon.Itencouragesfacilitateactionintherelationsamong
persons(Coleman,1988).
Moreover,informationbysocialcapitalismorevaluablethingstomake
“moreuseful,reliable,exclusiveandlessredundant”thanformalchannels
(Brüderl& Preisendörfer,1998).Thereason of that,itmakesup a
reputation on signal of project quality (Hoang &Antoncic, 2003).
Specifically,theseare essentially benefits to unknown organization or
individuals.Brüderland Preisendörfer(1998)identified,itis “network
successhypothesis.”Sincetheygetsteadyinformation,advice,andoverall
support(Hoang& Antoncic,2003).
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Thisshouldbeespeciallyimportantcrowdfunding,foraprojectcreatesan
onlinefrom unknownpersons.Ifsomeoneislookingforaproject,they
canrecognisethatthereareinformationaboutproject,teacher,schooland
materials.
Thefollowinghypothesisproposesfortheroleofsocial(alliance)capital
onprojectquality:
Hypothesis3:The Social(Network)Capitalpositively affects funding
success
3.3FundingSuccess
Aslookingatatheoryofthegrowthofthefirm,managerialresources
play apivotalroleandsomefactorssuch ascapabilities,culture,and
environmentalcapacityaffectventuregrowth(Penrose,1959).Theconcept
offundingsuccessonthecrowdfundingplatform canbeacontroversial
point.In thiscase,thereisoneobvioussuccessmeasurewhethera
projectis fully funded.Crowdfunding is especially importantforthe
successofa project,becausemostoftheplatformsusethefunding
model,“all-or-nothing”.Astodotransferfundingmoneytoprojectors,
fundedmoneyhastobeoverastandardpercentageoffundingtarget.If
itisnot,thenitwillautomaticallyberefundedtofunders.Accordingly,
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fullfundingisabasicandimportantmeasureoffundingsuccess.
<Figure1>
DeterminantsofFundingSuccess
4.RESEARCH METHODOLOGY
4.1Data
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Tofigureoutthecorrelationbetweenhypotheses,oneofthedonation
typeofcrowdfundingplatform,Donorschoose,dataisused.Thishasbeen
inoperatingsince2000intheUnitedStates.Itisatypicalnon-profit
organization in U.S forK-12publicschoolsin all50statesand the
DistrictofColumbia(Donorschoose,2015).Theonlyallowedteacherscan
postrequestsforpedagogicalneedsbydonations.
Basedonanalysisofthedata,theplatform islively,expandingoverthe
years.Theyhavebeenoperating789,590projectsbetween2000and2014
(Appendix1).Inaddition,withUSD 89millionfundedin2014,ithas
raised the largest totalamount of donations (Appendix 2).Donors
typicallyputemphasisontransparency,soallofthetransactiondatais
openontheweb-site.
4.2TheDonorschooseDonationProcess
Asitismentioned,Donorschooseisonly used foran onlinecharity
crowdfunding.Eachoftheprojectsfundamentallyhavedifferentperiodsof
timeupto4months.Thebasicprocesstodonateisthatifsomeone
decidestofundraiseaproject,adonorcanpayfrom aminimum ofone
dollartotherestofthegoal.Moreover,thereisanoptionaldonationto
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supportDonorschoose.orgby0,12,15and19thepercentageofthetotal
payment.
Tobeclassifiedasafundingsuccess,aspreviouslydiscussed,theyhave
an“all-or-nothing”rule.From thisrule,theyhavechosenseventypercent
ofthetotalgoal.Itdoesnotneedthefullcollectedamountofgoals,but
ithastoreachaminimum ofseventypercent.Consequently,thismeans
that when the amount of funds raised is over seventy percent,
Donorschoosepreparesmaterialsaslistedonthe“whereyourdonation
goes”oftheweb-siteanddelivery ofteacher.Thereafter,the“where
yourdonationgoes”showstheguaranteeofdetailsofusage,suchas
cost,quantityandmaterials.Thisinformationisoneoftheperformances
ontransparency.
Ifdonationiscollectedbelow 70percent,themoneyreceivedfrom the
crowdfundingisreturnedtodonors.However,thisweb-sitewouldliketo
giveoptionalchoicestodonors,(1)todonatetoadifferentproject,and
(2)tosendaDonorschoose.orggiftcardtotheteacherwithouttaxes.
Donorschoose makes donors to keep fundraising repeatedly on the
web-siteduringthisprocess.
After delivering allmaterials,there is obviously no monetary value
rewardtodonors.However,thereisathank-youletterfordonors.The
letterliterallyimpliesappreciationmessagefrom students.
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4.3DataSet
Asitismentionedseveraltimes,Donorschooseputsthetransparencyinto
practiceandallofrecordeddataareopenedsuchasOpenAPI.Ourfinal
datasourcesconsist364,356projectspublishedonDonorschoosebetween
2002 and 2014.Allabouttheprocessing statusofprojectshasbeen
deleted.This study,because,has funding success as the dependent
variable.
What we use in this experiment two open data “Projects“ and
“Donations”from Donorschoose.org.Projectdataprovidetheinformation
oneachofapostedprojectontheplatform suchasteachers’id,school
location,targetgoal,fundingstatus,andsoon.Donationsdatashow all
donorinformationwhichiswheretheylive,how muchtheypaid,andso
on.Usingthesehugetwodatasources,wecanfigureoutthecorrelations
betweenhypotheses.
Therefore,as follows above data set,364,356 data are leftforthis
empiricaltest.Wecollectedfourtypesofdata:(1)humancapitalwith
education,(2)humancapitalwithexperience,(3)social(network)capital,
(4)furthercontrolvariables,and(5)fundingstatus:fullyfundedornot
fullyfunded.<Tables1> and<Table2> describeforallvariablesand
thecorrelation matrix.In orderto examineourhypotheses,following
variablesareused.
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4.4MeasurementDevelopment
4.4.1IndependentVariablesandAnalysis
HumancapitalwithEducationWeobtainedinformationabouttheproject,
suchascompositionandqualificationfrom theopenAPI. Eachofthe
projectincludesshortbiographiesofprojectorasateacher.Amongthe
information,therearetwoteachingcertificationinformation.Onthesedata
sources,theprojectoristypically ateacher.Thus,education isabout
teaching certification.Originally there are two columns of teaching
certification.
HoweverNew YorkCityTeachingFellow (NYCTF)isoneofthelargest
andmostrecognisedurbancertificationprograms(NYC,2015).Thisis
overone-fifthofthecity’smath,scienceandspecialeducationteachers
program.We created a listofall364,356 projectors (teachers)and
distinguishbyNew YorkCityTeachingFellow.
WeuseadummyvariableNew YorkCityTeachingFellow whethera
teacher possesses a qualification (1),or not (0).It is based on
Backes-Gellnerand Werner(2007)and Levieand Gimmon (2008)and
arguethateducationdegrees,aspartofhumancapital,areaneffective
signalforaventure’squality.Forthatreason,wechooseateaching
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degreeasaproxyforeducation.
Human Capital with Experience Regarding Human capital with
experience,we follow thatDabisson and Honig (2003) use training
experienceasmakinghigherhumancapital.Moreprecisely,weusehow
many timesa projector,theteacher,hastried projectexperience.To
examinetacticknowledge,itcumulatestotaltimesofprojectsspecifically
inrelatedtopic.
Moreover,how manytimesprojectorhavefocussedsamesubjectina
project.OntheDonorschoose,theyhavesixtypesofprojecttopicsuch
asmath,science,literacyandsoon.Itshowsbyherfindahlindexfrom 0
to1.Ascloserwith1,itmeansprojectorhasalmostthesametopicona
project.Inreverse,iftheindexisnearby0,itpresentsaprojectorhas
madewith varioussubjects.In addition,wecutoffunderfourtimes
projects'data to figure outclean data result.Itcannotbe enough
opportunitytoaccumulateexperiencejustoneorthreetimes.Forthat
reason,weusednumberofpreviousprojectswithinoverlappingsubject
overfourtimes.
Social(Alliance)CapitalHumancapitalandsocial(network)capitalare
sometimesintertwined.Baum andSilberman(2004)alsomentionthathigh
humancapitalisnotonlyexistedwithlargenumberofteams,butjustat
thattimetheymayhavesocialcapital.Likewise,wemeasuretheother
projectors(i.e.Teachers)cooperationasaproxyofnetworkcapital.
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Number of
ObservationMin Max Mean SD
Education 364356 0 1 0.02 0.14Experience 364356 0.2 1 0.48 0.19
Social(Alliance)Capital 364356 0 300 1.02 4.67
FullFunding 364356 0 1 0.84 0.37TypeofProject 364356 1 6 3.16 1.04
NtimesProject 364356 4 288 24.11 32.96Gender 364356 0 1 0.86 0.33
Location 364356 0 1 0.62 0.48
Otherprojectors,teachers,mayexactlycatchouthow manyaprojector
hasabilityandunderstandingofclassandwillmakesuccessclassusing
funding money.They arethebestpanelofjudgesandnetwork than
anyoneelse.Thus,wemeasurehow manyotherteachersparticipateand
investinaproject.Thenumberofmeasuringcanreadsupportingfrom a
networkandpossibilityofsuccess.
<Table1>
DescriptiveStatistics
Notes:Thistableshowsthemean,standarddeviation (SD),minimum
value(min),and maximum value(max)forallvariables.Thesample
covers364,356crowdfundingprojects.
- 18 -
4.4.2DependentVariablesandAnalysis
FullyFunded.Thedependentvariable,fundingsuccess,inthispaperis
identified crucialone measure.Itis FullFunded which means that
whetheraprojecthasreceivedoverthecriterionoffundingsuccesson
theplatform.Thisismadedichotomousvariablewhichisfullyfunded(1)
ornotfullyfunded(0).Thisissufficientindicatortoaccessdifferentiation
aprojectreceivesfullfundingordonotreceivefullfunding.
Asitisexplained,theDonorschoosealsohasownfundingmodelwhich
mustbecollected overseventy percentofgoal.Thereisthecolumn
“funding status”on Projectsdata.Itpresentsfourcategoriessuch as
completed,expiredandreallocated.
These are literately meaning thatcompleted is whatwe think full
funding,expired and reallocated covernotfully funded as below 70
percentageofgoalandcontinuetooptionalchoicecontinuallytodonate
anotherproject.Inthisexamination,weonlyneedtoclassifyaproject
successornot,thusalldataareapplied‘notfullfunding(0)’without
completeddata.
- 19 -
。
。 。
。 。 。
。 。 。 。
。 。 。 。 。
<Table2>
CorrelationMatrix
Notes:This table shows the Pearson correlation coefficients forthe
variablesinTable1.***,**and*indicatestatisticalsignificanceatthe
1%,5% and10% levels,respectively.
- 20 -
4.4.3ControlVariables
GenderInmostresearches,genderhasbeenfoundtobeasignificant
factorintheprobabilityofestablishingaventure.LocationLocationhas
alsobeenanassociatedfactor.Thesevariablesareabsorptivecapacityof
the implementing a projecton crowdfunding.We include these two
variablesascontrols.
5.RESULTS
<Table3> presentslogisticreasonsforthefullfundraisingoffunding
success on independentvariable.We explore whetherand how fully
funded projectdifferfrom non-fully funded projects in terms ofthe
describedattributesofprojectquality.Forthatreason,weonlyusea
univariate analysis with stepwise and interaction techniques which is
testingthefullfundingofaproject.
Within theoriginallargerdata,wefind missing valuesforindividual
variables.Weexcludethese casesforthe mostdetailed analyses.In
subsequentanalyses,weusethereducedsampleof364,356projects,and
wefindwhereallprojectsoffercompleteinformationforallattributesof
- 21 -
quality.Mostimportantly,<Table3> showsthathigherexperiencelevel
is associated with non-fully funded projects which supports our
hypothesis2.
We also found that high level of experience combined with the
networking powerhas interaction between two variables to make a
positiveeffectoftheindependentvariable.Thisiskindofbiginteresting
points.Becausebeforestarting empiricaltest,wedonothaveaclear
predictionabouttherelationshipwithfundingsuccess.
For the controlvariables,we find very limited evidence of stable
relationships with funding success.Therefore,we find a significant
supportforourhypothesis 1 and 3.These two dependentvariables
positivelyaffectsfundingsucess. Ontheotherhand,thereisnoinitial
supportfor hypothesis 2.Even ifitmakes up interaction between
hypothesis2and3.
Tobedetailedexplainingtheresults,allofindependentvariableshave
correlationwiththedependentvariable.Whenaprojectorhasasmuchas
higherlevelsofeducation,theprojectpositivelyaffecttoincreasefunding
success.Inaddition,social(alliance)capitalhasparallelcorrelationwith
fundingsuccess.Itisexistedondonationcrowdfunding,althoughitis
calledcrowdfunding.
Unfortunately,hypothesis2aslevelofexperienceisnotsupportedbythe
data.Thelevelofexperienceworksnegativelyeffectonfundingsuccess.
Itmeansthatwhenaprojectorhasbeentriedalotoftimeswiththe
- 22 -
Estimate Pr(>|z|)IndependentvariablesEducation 0.672 .000Experience -0.222 .000Social(Alliance)Capital 0.034 .000Experience:Social(Alliance)Capital 0.038 .000
ControlvariablesGender 0.789 .000Location 1.052 .000
same subject on crowdfunding, it may affect unfavorably to the
projector’sabilityandpreviousresultoftheprojects.Thiscanbringthe
distrustcapabilityofprojectorandwillleadlackoffundraising.
<Table3>
Logisticregression,
Notes:Thistablepresentstheresultbylogisticregression.Tobemore
valuableresult,itusedstepwiseandinteractiononlogisticregression.
6.ImplicationsandLimitations
Research on donation crowdfunding has nothad much progress,and
naturally a lot of interesting unanswered questions remain.In the
following,itgivessomeimplicationsandlimitationsoftheresearch.
- 23 -
Firstofall,itcanhelpforbothpractitionersandevenpolicymakers.The
reasonforthat,awordofcrowdfundingisnotonlycreatedrecentlybut
alsoithavetodeveloprelevantregulations.Becauseitisoneoffinancial
categoriesmarket.Inthismeaning,itcanbehelpfuldevelopinginthe
other expanding crowdfunding market.According to Breaking Banks
writtenbyBrettKing(2014),thereisimpactsentence“inthenext10
years,wewillseemoredisruption and changes to thebanking and
financialindustrythatnwehaveseem inthepreceding100years.”Our
findings offer guidance to make a successful project and brisk
crowdfundingmarket.
Second ofall,there are notenough previous studies aboutdonation
crowdfunding,evenitistheoriginalform ofit.Almosttheoreticaland
empiricalresearchhasbeentakingaboutrewardfundingmodel.Atthis
time,thereporthighlightsdonationcrowdfundingmarketwithempirical
test,althoughitisjustasmallsteptobegeneralizedtotheconceptual
model.
Finally,thefindingconductanempiricalexaminationoftheprojectquality
attributes.Human capitaland socialcapitalpresent to be a good
investmentbyincreasingtheprobabilityofsomeoneintheenteringintoa
nascentprocess (Davidsson,P.,& Honig,B,2003).We demonstrate
managerialstrategiesandthesetwotheoreticalperspectivesatthetimeof
crowdfundingexpansion.
- 24 -
Whilewebelievewehavedeveloped hypothesesand model,wealso
know ithasmany controversiallimitations.First,wechoosethedata
sourcefrom uniquecharactercrowdfundingsuchasclass.Itiskindof
donationcrowdfunding,buttheyhavearestrictionofsubjectandothers.
Forthatreason,iftheresearchmakesidentifyingandcomparedonation
crowdfundingandanotherdonationcrowdfundingornotspecificdonation
project.Thenitmaybringmorepreciseresulttofigureoutsignalingon
donationcrowdfunding.Evenifweusednolackofdataquantity,weare
limitedingeneralisingourfindingwidely.Thismayaffecttoeducation
donationcrowdfunding.
Another,thisisonly focusedon sideoftheproject.Asthetopicof
crowdfunding,thisisnotoverdecaderesearch.Itmayneedplentyof
theoreticalandempiricalstudytofigureoutwhatcrowdfundingmarket
hasdifferentcharacterswithnormalmarketandhow fundersmay be
motivatedbynon-monetaryrewardsandwhicharedominanteffectsin
patronageandreward-basedcrowdfunding(Molick,2014).Unfortunately,
thisstudyonlyfindsabouttheproject.Thus,afurtherempiricalstudy
would be needed to individualfunders and donors’decision making
processes.
- 25 -
7.CONCLUSION
Thispaperisan empiricalexamination oftheeffectivenessofproject
quality attributes.Thedatahighlighthow importantthelevelofeach
variable in a donation crowdfunding context. It demonstrates the
importanceofhumancapitalwitheducation,asmeasuredbythelevelof
theprojector’s with certification and social(alliance)capital.Wealso
found somewhatsurprisingly,thathuman capitalwith experience as
measured by previous history ofprojects had little orno significant
impacton funding success.In addition,thereare interaction relations
betweenhumancapitalwithexperienceandsocial(alliance)capital.
Ourfindingshaveinterestingimplicationsforbothpractitionersandpolicy
makers.Forprojectorsthatusedonationcrowdfunding,thedatasuggest
thatretainingalotofprojectexperiencetypicallyaboutsamesubjectcan
beinterpreted as effectivesignalsthatcan increasethelikelihood of
fundingsuccess.Moreover,internalgovernancesuchaseducationlevelof
projectorandlinkageofprojectorcanenhancethelikelihoodofattracting
investorsaswellasfundraising.Furthermore,from interactionofdata,it
figuresouttherelationshipbetweenthehighlevelofpreviousexperience
withinthesametopicandlinkageofprojectorbringfundingsuccess.
Inthistimeofexpandingdonationcrowdfunding,ourdatahighlightthe
factthattheparticipantsonthedonationcrowdfundingsitesourresearch
- 26 -
seem todifferentiateamongtheattributesofprojectqualityandvaluable
signals.Crowdfunding,atthispoint,theindustryisstillinitsinfancyfor
allpoliciesandresearch.From theempiricaltest,wehopesuchissues
willbeexploredfurthermoretothepersonsconcerned.
- 27 -
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YEAR(Month) NumberofProjects2015 (1-8) 891862014 (1-12) 170,3032013 (1-12) 1313012012 (1-12) 1176182011 (1-12) 1041862010 (1-12) 864442009 (1-12) 635462008 (1-12) 480302007 (1-12) 316022006 (1-12) 202882005 (1-12) 92142004 (1-12) 45662003 (1-12) 19672002 (9-12) 514
Total 878776
APPENDIXES
Appendix1:NumberofprojectsonDonorschoose
- 35 -
[국문 록]
최근 몇 년간 IT 기술발 은 매우 빠르게 진행되고 있다.그러나 반면, 재
의 시장은 제품과 서비스가 풍족함을 넘어서 과포화 상태로 어들고 있어
다수 사람이 새로운 사업에 한 갈망이 있었다.이 결과 IT 발 과 더불
어 ICT 융합이라는 새로운 비즈니스 역 개발이 최근 들어 많은 이목을 끌
고 있으며,이 핀테크라는 개념이 발생하게 되었다.
핀테는 융과 IT의 목된 신조어로서 효율 인 융 서비스 산업으로
정의되고 있다 (Daniel,2014).핀테크 산업 분야 크라우드 펀딩은 침체한
융 경제 경기 활성의 하나의 방안으로서 많은 이목을 끌고 있다.이번 연
구에서도 집 으로 보고자 한 크라우드 펀딩은 어떠한 특정 목 을 해
인터넷에서 경제자원을 단순 기부 혹은 보상의 조건으로 지지받은 상이라
설명된다 (LambertandSchwienbacher,2010).
재 세계 으로 크라우드 펀딩을 통해 자 모 을 성공 으로 이룬 많은 사
례가 보이지만 셀 수 없이 수많은 크라우드 펀딩 로젝트들이 모 에 있어
실패에 직면하고 있다.이에 이번 연구를 통해 학문 으로 혹은 실용 인 면
에서 크라우드 펀딩의 성공 지표가 될 수 있도록 노력하 다.그리하여 본
연구는 기부형 크라우드 펀딩에서 로젝트 리자가 효과 으로 기부자들을
설득하여 자원을 지원 가능할지에 한 주제로 진행되었다.특히
로젝트의 질 수 에 따른 성공 인 기부 정도를 악하는 데 주력하 다.
로젝트의 수 을 단하는 요소를 교육으로부터 발생하는 인 자본,경험
- 36 -
으로부터 발생하는 인 자본,그리고 상호 간의 이익을 해 동맹으로 발생
하는 사회 자본을 사용하 다.
특히 여러 가지 크라우드 펀딩 사업 모델 기부형을 선택한 이유는 크라우
드 펀딩의 시 이며 부분의 기존 연구들이 사업과 직결되며 기부형을 바탕
으로 발 한 보상 형, 출형,그리고 투자형 주제로 활발히 진행되고 있었
다.이에 이번 연구를 통해 기부형 크라우드 펀딩을 재조명하며 실사용자와
련 정책을 성립함에 학문 실무 의의를 기여하고 싶었다.
실증 연구를 바탕으로 하기 해 기부형 크라우드 펀딩 제일 활발하
게 진행되고 있는 Donorschoose.org라는 미국의 기부형 크라우드 펀딩의 데
이터를 사용하게 되었다.기부와 로젝트에 한 발생한 실제 데이터를 통
해 로젝트 리자의 교육 여부, 련 주제로의 로젝트 경험 정도,그리고
다른 로젝트 리자들로부터 발생한 업 기부 정도를 측정하여 성공 인
모 발생과의 상 계를 확인하 다.
성공 인 모 의 기 이란 Donorschoose.org와 다른 부분의 크라우드 펀딩
에서 사용되는 기 인 all-or-nothing으로 정하 다.즉,기 이상의 모 이
발생하면 모 성공 혹은 기 미만으로 발생하면 모 실패가 되는 이분형
범주 값을 사용하 다.
결과 으로 로젝트 리자의 교육 여부는 성공 인 크라우드 펀딩에 정
인 향을 미치는 것을 확인하 으며, 한 다른 로젝트 리자들로부터
발생한 상호 간의 업 여부도 크라우드 펀딩 성공과 정 인 상 계인
것을 데이터 결과로 증명하 다.그러나 불행히도 련 주제의 크라우드 펀
딩 경험은 오히려 성공 인 크라우드 펀딩이 발생하는 요소로서 부정 인