HERBERT CHITEPO SCHOOL OF LAW & BUSINESS SCIENCES

DEPARTMENT OF BANKING AND FINANCE

NAME TAVONGA ENERST MASWERA

REG NUMBER M210820

MODULE FINANCIAL TECHNOLOGY

COURSE CODE HBF 4112

LEVEL 4.1

LECTURER DR. M DIZA

Step 2
To tackle the question, create a literature review summary table as follows: (20
articles)
Aut Title Variabl Typ Pla Sa Dat Met MF1 MF2 MF3 MF4
hor of the es and e of ce mpl a hod
s article sub res of e coll of
and variabl ear stu siz ecti anal
Yea es. ch dy e on ysis
r tool &
s soft
use war
d. e
use
d
(Zh Untan qua Chi 455 colle The the Find –
ao gling Perceiv ntit na bac cts se findi ings The
et the ed ativ ker data parti findi ngs – se
al., influen sustain e s from al ngs can The findi
201 ce ability sur crow least can prov resu ngs
7) of perc orientat vey dfun squ pro. ide lts can
(Lia eived ion ding ares vide impli sho prov
ng sustai (PSO) back is impli cati w ide
et nabilit 2. ers use catio ons that impli
al., y Perceiv and d to ns for perc catio
202 orienta ed exa anal for bac eive ns
3) tion on affectiv min yze proj kers d for
value- e es data ect and sust proj
co-c reactio the and crea help aina ect
investi n (PAR) imp test tors the bility crea
gating 3. act the to m orie tors
reactio Perceiv of hyp impr eval ntati to
n ed self- perc othe ove uate on impr
behavi effectiv eive ses the cro influ ove
our in eness d valu wdf enc the
crowdf (PSE) sust es undi es valu
unding 4. aina co- ng valu es
proces Perceiv bility crea proj e- co-
s: a ed risk orie ted ects co- crea
mediat (PR) ntati with . crea ted
ion 5. on back tion with
model Informa (PS ers beh back
tion O) in avio ers
seeking on futur r in
(ISE) 6. valu e thro futur
Informa e- sust ugh e
tion co- aina perc sust
sharing crea bility eive aina
(ISH) 7. tion - d bility
Respon beh orie affec -
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behavio r proj reac nted
r (RB) ects. tion proj
8. and ects.
Person self- Furt
al effec her
interacti tiven mor
on (PI) ess. e,
9. the
Altruis findi
m (AL) ngs
10. can
Advoca prov
cy (AD) ide
11. impli
Toleran catio
ce (TO) ns
for
back
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and
help
the
m
eval
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crow
dfun
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proj
ects.
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neid ego- Recogn tion lan bac min stica futur arch IS indic
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mei ng Lobbyin s equi war stre oper ers back
ster, backer g Liking (IS) ty- e am ator as ers
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7) motiva Compa ear ed catio rese may as ed
tion for rison ch onlin n, arch dra crow hav
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incenti ey S w on our prac ral
ve- platf 2.0 our findi tition self-
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nect gn, or syst pros
s impl rede ema pect
proj eme sign ticall of a
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tors eval spe gn, exp
with uate cific impl ecta
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ect ntial cust nt, of
back ince omi and reco
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for syst ince uate on
fina ems ntiv pote from
ncin that es. ntial othe
g attra ince rs;
start ct ntive to
- the syst lobb
ups. crow ems ya
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vest mor resp ain
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t effe to ect
focu ctive rew in
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on inve reco hop
high st in gniti es
- cert on-, of its
tech ain lobb fruiti
com vent ying on;
pani ures -, and
es . ima to
and ge- dev
has and elop
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ady g- ima
fund moti ge
ed ves
127 and
start ther
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with attra
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e crow
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ntals syst
we ems
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d:
i.e.,
UP
Ws
for
back
ers,
a
proj
ect
colle
ction
pag
e,
as
well
as
proj
ect
pag
es
that
inclu
de
all
the
abo
ve
desc
ribe
d
feat
ures
and
func
-
tona
lities
.
How
ever
,
ther
e is
one
exce
ptio
n.
Unli
ke
mos
t
ince
ntive
-
bas
ed
crow
dfun
ding
platf
orm
s,
Inno
vest
men
t’s
UP
Ws
do
not
displ
ay
the
exac
t
 amo
unt
of
mon
ey a
back
er
has
alre
ady
fund
ed
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AR NG (USD) crip el 63, was OTH the findi egy. trac
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MARK Succes a and that othe ing
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G /Goal) algo are ers ct w
PLATF Num. of rith visib is mor that
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TION Num. of on ssibl and y to
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Backer d rate incr
s in one the s. eas
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reward ect- whe
categor user n
y and the
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in proj said
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m start iousl
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Create sup rs.
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s publi mor
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s
Project
s but
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ded
Owner
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Other
Project
s
Num.
Project
s
 Previou
sly
Backed
by the
Project'
s
Owner
(Ki Are all BB_Indi res Kor 25, our Scra our Inde Our
m et spillov cator ear ea 644 stud pe findi ed, findi
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of Project 106, start the w essa
blockb _Social 801 er, sligh that ry to
usters _Expos proj alex t it is cons
and ure ects a, cha nec ider
the Num_V and face nge ess the
compo ideo 2,91 boo of ary simil
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of hoto 1 Two ficie anal That
backer Backin obs nts. yze betw
s in g_Histo erva Lasti at een
online ry tions ng the bloc
crowdf Creatin . proj kbus
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ry level and
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reator_ er r
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Pseudo mor
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prec
isely
and
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ousl
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our
mai
n
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sug
gest
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kbus
ters
give
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posit
ive
spill
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ct to
proj
ects
in
the
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e
cate
gory
, but
the
mag
nitu
des
are
larg
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the
dista
nce
from
the
bloc
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ssel emerg negativ ne ma 000 use war is in resu diffe ings
et ence e res ny bac da e- line lts renc sug
al., and binomin ear ker larg as- with mig e in gest
201 effects al ch: s e a- findi ht thes that
6) of fake regress ) in data servi ngs help e “act
social ion with the set ce, on plat- findi ors
inform the nu over and man form ngs that
ation: number mb a digit ipula prov can are
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ce tional of peri- busi re- s to expl ren-
from backers Fac od ness view iden aine tially
crowdf as our ebo of mod s tify d situa
unding depend ok time el whic cam with ted
ent Like , we h paig the eco
variable s limit are n stru nom
to test ed com crea ctur icall
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probit our ed uire es ge
model stud clos non- betw in
with the y to e to gen een pro
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dummy er, ch al e revi
variable whic of a infor and ewin
fake h prod mati qua g to
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test the g al bly
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H4, and erali acti - rent
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3) a ity of mig on nt”
negativ our ht and [12,
e resu not betw p.
binomin lts. be een
al nec rank
regress ess ings
ionwith ary and
the bec ratin
number aus gs.
of e,
campai acc
gns ordi
that ng
use to
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per do
categor not
y as the gain
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dent adv
variable anta
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H5a to over
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our first est
model, cam
our paig
depend n
ent crea
variable tors.
is the
number
ofadditi
on-
al
backers
a
campai
gn
acquire
s each
day,
which
measur
es the
adoptio
n rate
during
the life
cycle
ofa
campai
gn.
(Hol A Scholar sca US 693 in hyp wer Und Bas In
land conce ly (peer nt A bac facili othe e erst ed their
er & ptual reviewe res ker tatin sis cog andi on findi
Gre frame d) ear s g niza ng liter ngs,
ene, work Acade ch, the nt of the atur Lin
201 for mic Info colle whic und e, et
9) unders Empiric rma ction h erlyi repo al.
tandin al* tion of crow ng rts note
g Non- Sys data dfun stru findi thes
iatroph empiric tem from ding ctur ngs e
obia al Non- s back mod e of on findi
acade Res ers el a moti ngs
mic ear by was phe vatio may
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topic and view g eno behi expl
Workin onli ing studi n is nd aine
g ne ed imp back d by
papers* res and orta er’s back
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papers ch d bec ns who
(2 how aus lack
empiric their e it “sop
al*) findi imp histi
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review fit the d
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ment the erali asse
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Unclas oper allo and
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TOTAL nal for inter
Empiric mod usef pret
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as a insig ds
whol hts as a
e. that sign
How mig al of
ever ht quali
, othe ty
thro rwis
ugh e be
out over
all of look
the ed.
liter
atur
e, a
com
preh
ensi
ve
view
of
crow
 dfun
ding
mod
els
is
yet
to
be
pres
ente
d
(Xia Buildin Time- Onli US 3,3 Our hyp Moti For A The
o et g the invarian ne A 36 data othe vate the posit diffe
al., Mome t and uni colle ses d by man ive renc
202 ntum: Variabl Eco que ction testi thes ager corr e in
1) Inform es (at no ca proc ng e s of elati thes
ation the mic mp edur findi the on e
Disclo campai s aig e ngs, cro betw findi
sure gn and ns. adh we wdf een ngs
and level) Bus eres are undi thes can
Herdin Len ines to also ng e be
g in Descrip s the inter platf two expl
Online tion Res web este orm vari aine
Crowd # of ear site’ d in s, able d
fundin charact ch s exa our s with
g ers in robo mini findi will the
descript t ng ngs infor stru
ion excl how can m ctur
#Pictur usio the guid us al
e n quali e that diffe
# of prot tativ the suc- renc
pictures ocol e m to cess es
in and mea desi ors betw
descript surv sure gn tend een
ion ey of cam to quali
#Rewar data upd paig mimi tativ
dTier ates n c e
# of and feat pred and
reward com ures eces qua
tiers men that sors’ ntita
Creator ts allo deci tive
Tenure affe w sion soci
Creator cts crea s by al
tenure back tors cho infor
on the ers’ to osin -
platfor fund prov g mati
m ing ide cam on
Time- and infor paig and
variant herd mati ns betw
Variabl ing on that een
 es (at beh to hav rank
the avior pote e ings
campai . ntial alre and
gn-day bac ady ratin
level) kers accu gs.
New . mul
Backer ated
# of a
new larg
backers e
Cumula back
tive er
Backer bas
# of e
cumulat (i.e.,
ive a
backers larg
Cumula er
tive herd
Update ) to
# of cont
cumulat ribut
ive e.
update
s
Comme
nt Ratio
The
ratio of
creator
s’ to
total
comme
nts
Compet
ing
Campai
gn
# of
active
campai
gns in
same
categor
y
(You Blue Festival Onli Uni 4,8 Que Hyp Our This Our The
et Monda it ne ver 90 stion othe emp resu findi pre
al., y? New_ra Res sity proj ers sis irical lt ngs, mise
n.d.) Decod isedit ear of ect inve alig we of
ing Its New_b ch Wa s stiga ns gau our
Impact ackerit shi tions with ged anal
on Avg_co ngt yield the their ysis
Rewar ntributi on, ed findi eco rest
d- onit Bot the ngs nom s on
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Crowd sedi, t- , wing reinf imp asse
fundin 1 Wa key orci act rtion
g Pre_ba shi findi ng on that
ckeri, t- ngt ngs. the crow the
1 on At pote dfun Mon
Pre_opt 980 the ntial ding day
ion_bac 11, proj expl prac Effe
keri,t- US ect anat tice ct in
1(fundi A) level ion thro crow
ng , that ugh dfun
option crow intri a ding
level) dfun nsic seri can
Report ding ally es be
it perf moti of attri
Report orm vate anal bute
_scores anc d yses d to
e bac bas back
tend kers ed ers'
s to are on risk-
be gen our aver
less erall esti se
favo y mat beh
rabl mor ed avio
e on e mod r on
Mon toler els Mon
days ant days
com of . To
pare risk enh
d to com anc
othe pare e
r d to the
days extri valid
,a nsic ity of
patt ally our
ern moti findi
cons vate ngs,
isten d we
t bac con
acro kers duct
ss ed
all sup
type ple
s of men
proj tary
ects. tests
 to
fortif
y
this
prop
ositi
on.
(Wa Under Gender so Sch a Qua Stati Our Ther The The
ng standi Age me ool sa ntity stica findi e findi preli
& ng Income sch of mpl Surv l ngs are ngs min
Yan backer Educati olar Bus e of ey anal sho sev illust ary
g, s’ on s ine 212 ysis w eral rate rese
201 fundin Product hav ss, was e. g that limit that arch
9) g innovati e Lud use desc crow atio cent findi
intenti veness inve ong d in riptiv dfun ns ral ngs
on in (PI) stig Uni our e ding in rout focu
reward Creator ate ver em and proj this es s on
crowdf ability d sity, piri infer ect stud (pro the
unding (CA) the Chi cal enti at- y duct follo
: An Perceiv fact na ana al tribu that inno wing
elabor ed ors lysi stati tes also vativ two
ation product influ s. stics (e.g. sug ene area
likeliho quality enci , gest ss, s.So
od (PQ) ng prod opp perc me
perspe Crowdf cro uct or- eive scho
ctive unding wdf inno tunit d lars
platfor und vativ ies prod hav
m ing ene for uct e
reputati perf ss futur quali inve
on (PR) orm and e ty stiga
Webpa anc perc rese and ted
ge e eive arch crea the
visual and d . tor fact
design bac prod First abilit ors
(WD) ker uct , as y) influ
Product s' quali our and enci
knowle fun ty) vign peri ng
dge din and ette pher crow
(PK) g crea desi al dfun
PI*PK inte tors' gn rout ding
CA*PK ntio cap emp es perf
PQ*PK ns. abilit loye (we orm
PR*PK Res ies d bpa anc
WD*PK ear posit only ge e
Adj-R2 che ively one visu and
F rs affe cro al back
△R2 find ct wdf desi ers'
△F that back undi gn) fund
cre ers’ ng hav ing
ator fund proj e inte
s' ing ect posit ntio
soci inte in ive ns.
al ntio the effec Res
capi ns. tech ts earc
tal, Sec nolo on hers
dur ond, gy back find
atio the cate ers’ that
n of resu gory fund crea
fun lts , the ing tors'
din sho appl inte soci
g, wed icati ntio al
deg that on ns. capit
ree web of al,
of pag our dura
exp e findi tion
osu visu ngs of
re, al to fund
und desi othe ing,
erlyi gn r degr
ng posit cro ee
proj ively wdf of
ect influ undi exp
qua enc ng osur
lity es cate e,
and back gori und
pro ers' es erlyi
duc fund sho ng
t ing uld proj
cre inte be ect
ativi ntio treat quali
ty ns, ed ty
posi but with and
tivel crow caut prod
y dfun ion. uct
affe ding crea
ct platf tivity
cro orm posit
wdf re- ively
und puta affe
ing tion ct
perf doe crow
orm s dfun
anc not. ding
e perf
and orm
bac anc
ker e
s' and
fun back
din ers'
g fund
inte ing
ntio inte
n ntio
[4– n
12].
Sec
ond
,
so
me
sch
olar
s
hav
e
expl
ore
d
the
mot
ivati
ons
of
bac
ker
s to
part
icip
ate
in
cro
wdf
und
ing
acti
vitie
s.
Re-
sea
rch
ers
find
that
bac
ker
s’
mot
ivati
ons
 incl
ude
coll
ecti
ng
rew
ard
s,
hel
pin
g
oth
ers,
sup
port
ing
cau
ses,
and
bei
ng
part
of a
co
mm
unit
y
(Xia Invest (1) Qu Sh 2,6 Surv Cont we we ther Proj
o& ors’ related alita ang 53 eys ent hav esti e is ect
Yue, inertia variable tive hai, proj and anal e to mat a attri
201 behavi s, and Chi ect Obs ysis ackn ed nee bute
8) or and (2) peer Qu na s erva and owle the d to s
their influenc anti tion disc dge prop con relat
repeat e tativ ours that ose duct ed
ed related e e ther d such fact
decisi variable Res anal e emp an ors
on- (3) ear ysis exist irical anal hav
makin fundrai ch sa mod ysis e
g in sers’ nee el in diffe
online marketi d for bas othe rent
reward ng furth ed r imp
-based related er on a cou acts
crowdf variable studi uniq ntry on
unding s es ue to inve
market (4) to and verif stor
investor verif indiv y s’
s’ y idua the deci
heterog the l- gen sion
eneity gen level erali -
related erali pan zabil maki
variable zabil el ity of ng
s. ity of data our and
Indepe our and findi peer
ndent findi the ngs inve
Variabl ngs esti in stor
es in mati futur s’
Accum othe on e aver
NumUp r resu rese age
datei, crow lts arch inve
Accum dfun sug . stm
NumCo ding gest Thir ent
mmenti cont the d, amo
,t ext follo prior unt
Project (e.g. wing studi see
Catego , the mai es ms
ry equi n hav to
Control ty- findi e hav
Time bas ngs: poin e
Effect ed (1) ted stro
Contro crow Inve out nger
dfun stor that imp
ding s’ IB back act
mar doe ers’ on
ket, s moti their
the exist vatio inve
lendi in n of stm
ng- both parti ent
bas their cipat timin
ed rew ing g
crow ard in sele
dfun tier diffe ction
ding sele rent whe
mar ctio kind n
ket). n s of com
and crow pare
inve dfun d
stm ding with
ent mar fund
timi ket rais
ng vari ers’
sele es, mar
ctio and ketin
n their g
deci inve relat
sion stm ed
s. ent fact
(2) beh ors.
Inve avio
stor r
s’ IB and
in deci
cho sion
osin maki
g ng
rew proc
ard ess
tier may
see be
ms also
to diffe
be rent.
stro
nger
than
that
in
cho
osin
g
inve
stm
ent
timi
ng.
(3)
Inve
stor
s’
platf
orm
tenu
re
signi
fica
ntly
acc
entu
ates
their
IB in
rew
ard
tier
sele
ctio
n,
but
wea
ken
s
 that
in
inve
stm
ent
timi
ng
sele
ctio
n.

(Zh Deter Gender Des Coll 520 Surv Hyp The Alth the whe
ao minant Male crip ege bak eys, othe posit oug imp n
et s of Female tive of erie onlin sis ive h orta back
al., backer Age res Sci s e or effe this nt ers
201 s' <20 ear enc pap ct of stud role belie
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1)Comment on the titles of the studies and the different places where the were
conducted (10)
Untangling the influence of perceived sustainability orientation on value-co-c
investigating reaction behaviour in crowdfunding process: a mediation model was
studied in China. The collection of data from crowdfunding backers and examines
the impact of perceived sustainability orientation (PSO) on value-co-creation
behaviour. The title "Untangling the influence of perceived sustainability orientation
on value-co-creation: Investigating reaction behavior in the crowdfunding process in
China" is a clear and concise description of the research study. Here's a breakdown
of the title "Untangling the influence" suggests that the study aims to clarify and
understand the complex relationships between variables. "Perceived sustainability
orientation" refers to the focus on sustainability and environmental responsibility in
the context of crowdfunding. "Value-co-creation" highlights the collaborative nature of
crowdfunding, where creators and backers work together to bring a project to life.
"Investigating reaction behavior" implies that the study examines how people
respond to and interact with crowdfunding campaigns. "In the crowdfunding process
in China" specifies the context and geographic location of the study, which is
important for understanding cultural and market-specific factors. Overall, the title
effectively conveys the main research question, methodology, and context of the
study, making it easy for readers to understand the focus and scope of the research.
The title "Not just an ego-trip: Exploring backers' motivation for funding in incentive-
based crowdfunding studied in Switzerland" is a catchy and informative title that
effectively conveys the focus of the research study. Here's a breakdown of the title:
"Not just an ego-trip" is a playful phrase that suggests that backers' motivations go
beyond mere self-interest or vanity. "Exploring backers' motivation" clearly states the
research focus on understanding why people support crowdfunding campaigns. “For
funding in incentive-based crowdfunding" specifies the type of crowdfunding model
being studied, which is important since different models may attract different
motivations. "Studied in Switzerland" provides context and geographic specificity,
which is important for understanding cultural and market-specific factors that may
influence backers' motivations. Overall, the title effectively conveys that the study
aims to delve deeper into the motivations of crowdfunding backers, moving beyond
simplistic assumptions and exploring the complexities of their motivations. The use
of a playful phrase also makes the title more engaging and attention-grabbing.
The title "Playing Both Sides of the Market: Success and Reciprocity on
Crowdfunding Platforms Introduction" suggests a research paper that explores the
dynamics of crowdfunding platforms in Israel. The phrase "Playing Both Sides of the
Market" implies a strategic approach where individuals or projects engage with both
the supply and demand sides of the market, potentially creating a mutually beneficial
scenario. The addition of "Success and Reciprocity" hints at the paper's focus on the
factors contributing to successful crowdfunding campaigns and the reciprocal
relationships between creators, backers, and platforms. The use of "Introduction" as
part of the title indicates that this is the opening section of the paper, setting the
stage for the research and findings that follow. Overall, the title suggests a
fascinating study that delves into the intricacies of crowdfunding ecosystems in
Israel, offering insights into the strategies and dynamics that drive success in these
online platforms.
The title "Are all spillovers created equal? The impact of blockbusters and the
composition of backers in online crowdfunding" suggests a research paper that
investigates the effects of successful projects (blockbusters) on other projects in
online crowdfunding platforms in Korea. The question "Are all spillovers created
equal?" implies that the researchers are examining whether all successful projects
have the same impact on other projects, or if there are variations in the spillover
effects. The phrase "The impact of blockbusters" refers to the influence of highly
successful projects on the platform, while "the composition of backers" suggests that
the researchers are also looking at the characteristics and diversity of the backers
themselves. Overall, the title indicates that the paper explores how the success of
blockbusters affects other projects and backers on crowdfunding platforms in Korea,
potentially shedding light on the dynamics of online innovation and entrepreneurship
in the region. The use of "spillovers" also implies a focus on the indirect effects and
externalities that arise from successful projects, adding a layer of depth to the
research.
The title "The Emergence and Effects of Fake Social Information: Evidence from
Crowdfunding" suggests a research paper that explores the dynamics of fake social
information in the context of crowdfunding in Germany. The phrase "The Emergence
and Effects of Fake Social Information" implies an investigation into the origins and
consequences of false social information, while "Evidence from Crowdfunding"
indicates that the paper draws on data from crowdfunding platforms to support its
findings. The title suggests a fascinating study that delves into the intricacies of
social information, its impact on decision-making, and the implications for the
crowdfunding ecosystem in Germany. "A Conceptual Framework for Understanding
Iatrophobia" is a study by Mara A.G. Hollander and MG Greene published in Patient
Education and Counselling in 2019. The study discusses the fear of doctors, or
iatrophobia, which is a type of anxiety disorder where a person has an extreme fear
of doctors. This phobia can cause people to avoid visiting their healthcare provider,
even if they have symptoms or a known health problem. The exact cause of
iatrophobia is unknown, although it is thought to be linked to heritability, learned
behavior, and past negative experiences with a doctor. Treatment options include
cognitive behavioural therapy and exposure therapy, and hypnotherapy and
medications such as anti-anxiety drugs may also be helpful.
The title "Building the Momentum: Information Disclosure and Herding in Online
Crowdfunding" suggests a research paper that explores the dynamics of online
crowdfunding platforms, specifically the impact of information disclosure and herding
behavior on campaign success. The phrase "Building the Momentum" implies a
focus on how campaigns gain traction and sustain support over time. The addition of
"Information Disclosure and Herding" highlights the two key factors examined in the
study, which are crucial in understanding how backers make decisions and interact
with each other on these platforms. Overall, the title suggests a fascinating study that
delves into the intricacies of online crowdfunding, offering insights into the strategies
and dynamics that drive campaign success.
"Blue Monday? Decoding Its Impact on Reward-Based Crowdfunding" is a research
paper by W. You, J. Hu and X. Wei. The title suggests that the paper investigates the
effects of "Blue Monday" (the third Monday in January, which is said to be the most
depressing day of the year) on reward-based crowdfunding. The paper was likely
published in 2024 in the title "Understanding backers’ funding intention in reward
crowdfunding: An elaboration likelihood perspective" refers to a study conducted in
China by Wang and Yang in 2019. The study examines the motivations behind why
people decide to fund projects through reward-based crowdfunding platforms.
Reward-based crowdfunding is a type of crowdfunding in which individuals contribute
to projects in exchange for non-monetary rewards. he title "Understanding backers’
funding intention in reward crowdfunding: An elaboration likelihood perspective"
refers to a study conducted in China by Wang and Yang in 2019. The study
examines the motivations behind why people decide to fund projects through reward-
based crowdfunding platforms. Reward-based crowdfunding is a type of
crowdfunding in which individuals contribute to projects in exchange for non-
monetary rewards.
2)Comment on the types of research, sample size, data collection methods and
methods of analysis. (20)
Type of Research
The type of research conducted in many articles are using daily data from a leading
reward-based crowdfunding platform. The sample size is not specified, but the study
used daily data from the platform. The data collection method was extracting data
from the platform, and the methods of analysis were not specified in the provided
search results as used on the title, I would infer that the type of research that used is
Quantitative research, likely using a correlational or causal-comparative design to
examine the relationship between Blue Monday and reward-based crowdfunding.
The type of research conducted in "Understanding backers’ funding intention in
reward crowdfunding: An elaboration likelihood perspective" is a quantitative study
The sample size is not specified, but a similar study, "Backer funding intention in
reward-based crowdfunding: service-dominant logic and stimulus-organism-
response perspectives" had a sample size of 401 registered backers from two
reward-based crowdfunding platforms in Taiwan.
Basic Research: Explores fundamental knowledge and understanding, without
practical application. Some other articles uses applied research which has the aims
to solve real-world problems and apply knowledge practically. Qualitative Research
also used in other articles on focusing on non-numerical data, such as text, images,
and observations. Experimental Research was also used Involves manipulating
variables to test hypotheses and cause-and-effect relationships. Other researchers
uses a survey research to collects data through questionnaires, interviews, and
observations. In addition to that case study research and action research was also
used In-depth examination of a single case or a small number of cases and
collaborative problem-solving in real-world settings. Descriptive Research was also
used to describes and summarizes existing phenomena. Explores new areas,
identifies research questions, and generates hypotheses and examines relationships
between variables. Based on the title "Understanding the effect of fundraising Goals
on Crowd funding behavior", here are my comments on the types of research,
sample size, data collection methods, and methods of analysis: on type of Research:
Quantitative research, specifically a correlational or experimental study examining
the relationship between fundraising goals and crowdfunding behavior.

Sample Size
Sample size: Likely a large dataset, possibly in the thousands or tens of thousands,
given the use of daily data from a leading crowdfunding platform. Data collection
methods: Archival data collection, where existing data from the crowdfunding
platform was extracted and analysed. Methods of analysis: Likely used statistical
analysis techniques such as regression analysis, ANOVA, or time-series analysis to
examine the impact of Blue Monday on crowdfunding outcomes. Based on the title
"Blue Monday? Decoding Its Impact on Reward-Based Crowdfunding, “Who can
claim innovation and benefit from it? Gender and expectancy violations in reward-
based crowdfunding. The Sample Size based on "Understanding the effect of
fundraising Goals on Crowd funding behavior",Large sample size, likely between
1,000 to 5,000 crowdfunding projects or campaigns, given the need for reliable
estimates of the effect of fundraising goals on crowdfunding behavior
Benedikt, and the context of the study, I would estimate the sample size to be in the
range of: Minimum: 1,000 to 5,000 crowdfunding projects or campaigns Maximum:
50,000 to 100,000 or more individual backers or donations Based on the title
"Understanding backers' funding intention in reward crowdfunding: An elaboration
likelihood perspective" and the context of the study, I would estimate the sample size
to be in the range of Minimum: 300 to 500 backers or respondents and the
Maximum: 1,500 to 2,000 or more backers or respondents. This estimate is based
on the following assumptions: The study is examining the funding intentions of
backers in reward crowdfunding, which suggests a need for a moderate to large
sample size to capture diverse perspectives. The study is using an online survey as
the data collection method, which can facilitate a larger sample size. The study is
employing structural equation modelling (SEM) as the method of analysis, which
typically requires a minimum sample size of 200-300 cases to produce reliable
results. Many articles uses more than 200 backers as their sample size.
The study is analysing daily data from a leading reward-based crowdfunding
platform, which suggests a large volume of data. The study is examining the impact
of Blue Monday on crowdfunding outcomes, which implies a need for a sufficient
sample size to detect significant effects. The study is likely using statistical analysis
techniques that require a moderate to large sample size to produce reliable results.
Based on the title "Blue Monday? Decoding Its Impact on Reward-Based
Crowdfunding" and the context of the study, I would infer that the following data
collection methods were used: Archival data collection: The study likely extracted
existing data from the crowdfunding platform's database, including: - Project
characteristics (for example, goal amount, duration, category) - Funding data (for
example., amount pledged, number of backers - Time-stamped data (e.g., date of
project launch, updates, and funding milestones).Web scraping: The researchers
might have used web scraping techniques to collect data from the crowdfunding
platform's website, including, Project descriptions and updates, Backer comments
and feedback, Project creator information. API data collection: The study might have
utilized the crowdfunding platform's Application Programming Interface (API) to
collect data, such as: Real-time funding data, Project and backer metadata. Surveys
or interviews: Although less likely, the researchers might have conducted surveys or
interviews with project creators, backers, or platform administrators to gather
additional insights and contextual information.

Data Collection Methods

The data collection method was an online survey, and the method of analysis was
covariance-based structural equation modelling. Based on the title "Understanding
backers' funding intention in reward crowdfunding: An elaboration likelihood
perspective" and the context of the study, I would infer that the following data
collection methods were used: Online Survey: A self-administered questionnaire was
likely used to collect data from backers, which included, Demographic information
(for example., age, gender, income),Funding behaviour and preferences, Attitudes
and perceptions towards reward crowdfunding and Likert-scale questions to
measure attitudes and intentions. We also have Snowball Sampling: The
researchers might have used snowball sampling to recruit participants, where
existing backers were asked to refer friends or fellow backers to participate in the
survey. In addition to that Convenience Sampling: The study might have used
convenience sampling, where backers were recruited from popular reward
crowdfunding platforms or social media groups. Quantitative Data Collection: The
study focused on collecting quantitative data, which was likely collected through
online survey tools like SurveyMonkey, Google Forms, or Qualtrics.. Cross-Sectional
Design: The study likely employed a cross-sectional design, where data was
collected from backers at a single point in time, rather than longitudinally over a
period of time. Data Collection Methods: Archival data collection, using existing data
from crowdfunding platforms, such as: Project characteristics (for example, goal
amount, duration, category, Funding data (for example., amount pledged, number of
backers) Project updates and comments and Web scraping or API data collection
from crowdfunding platforms
Methods of Analysis
Partial least squares is used to analyse data and test the hypotheses was used by
many scholars on different articles. Other articles uses Structural Equation Modelling
(SEM): The study likely employed SEM to examine the relationships between
backers' attitudes, perceptions, and funding intentions, and to test the elaboration
likelihood model. Confirmatory Factor Analysis (CFA): CFA was possibly used to
validate the measurement models and confirm the factor structure of the constructs.
Regression Analysis: Regression analysis might have been used to examine the
relationships between specific variables, such as the impact of attitudes on funding
intentions. Mediation Analysis: The study could have employed mediation analysis to
examine the indirect effects of variables, such as the role of perceived risk in the
relationship between attitudes and funding intentions. Moderation Analysis:
Moderation analysis might have been used to examine the conditional effects of
variables, such as the impact of rewards on funding intentions under different
conditions. Statistical Software: The researchers likely used statistical software such
as Mplus, AMOS, or R to conduct the analysis. Model Fit Indices: The study likely
reported model fit indices, such as Chi-square, RMSEA, CFI, and TLI, to evaluate
the goodness of fit of the models. Other methods of Analysis: Statistical analysis
techniques, including: Regression analysis (for example., linear, logistic) to examine
the relationship between fundraising goals and crowdfunding behavior, ANOVA or t-
tests to compare means between different goal categories, Correlation analysis to
examine the strength of relationships between variables and Data visualization
techniques (e.g., plots, charts) to illustrate findings.
Additionally, the study might employ machine learning algorithms or data mining
techniques to identify patterns and predict crowdfunding success based on
fundraising goals and other project characteristics. Overall, the study appears to be a
quantitative archival study using statistical analysis and data visualization to examine
the effect of fundraising goals on crowdfunding behavior.
3)Comment on variables and sub variable in the studies. (10)
Based on the study "Seigner et al., 2022. Here's a breakdown of the variables and
sub-variables that might be included in such a study: Independent Variable such as
Fundraising Goals (FG) and Sub-variables are also include specificity of goals (for
example., clear, specific, measurable), Challengingness of goals (for example,
ambitious, realistic), Goal amount (such as $1,000, $10,000) and Goal duration (for
example 30 days, 60 days). Dependent Variable are also include Crowdfunding
Behavior (CB)
To overcome this challenge, we used the Stata orthog command to orthogonalize the
three trustworthiness variables using a modified Gram-Schmidt algorithm (Golub &
Van Loan, 2013). Finally, while we used random assignment to mitigate the threat of
individual differences on our findings, we also collected data on social desirability
bias using the 10-item measure created by Strahan and Gerbasi. However, the
bootstrapped confidence intervals for all conditional indirect effects and for the index
of moderated mediation contained zero for both dependent variables as well. Thus,
our hypotheses were not supported in the experiment sample
These sub-variables are very important in research because they provide specificity
that is it help to narrow down the scope of the main variable, making it more specific
and precise and also it clarify the concept or idea being studied, reducing ambiguity
and confusion. Enable researchers to operationalize and measure the main variable
more effectively. Allow for nuanced analysis: Sub-variables permit examination of
specific aspects or dimensions of the main variable, revealing deeper insights. Sub-
variables facilitate comparisons between different groups, contexts, or conditions.

Support theory development that help researchers refine and test theories,
identifying key factors and relationships and Improve generalizability: Sub-variables
enhance the applicability of findings to specific contexts or populations. Sub-
variables help distinguish between related but distinct concepts. By incorporating
sub-variables, researchers can conduct more precise, comprehensive, and
meaningful investigations, ultimately contributing to the advancement of knowledge
in their field.
The study "Aspect-based Sentiment Classification with Aspect-specific Graph
Convolutional Networks" by Zhang and Chen in 2019, examines the following
variables and sub-variables Independent variable such as aspect-based sentiment
classification. Sub-variables are also include: Attention mechanism, Convolutional
Neural Networks (CNNs), Graph Convolutional Network (GCN), Dependency tree of
a sentence and Syntactical information and word dependencies.
In the male participant subsample (n = 244), we found no significant effects of any
independent variable or interaction. In the female participant subsample (n = 178), all
three independent variables were significant and positive, and two of the four
interactions (innovation claims? fashion category, female entrepreneur ? fashion
category) were significant and negative in predicting ability perceptions. These
observations should be interpreted with caution due to the small sample sizes
relative to the complexity of our model and because the findings arise from separate
PROCESS analyses. Nevertheless, these post hoc analyses suggest that there may
be valuable future research opportunities in examining the role of backers' sex in
crowdfunding The dependent variable in our model, denoted by yi, t, is the number of
new backers during the t th time interval for project . To control the unobserved
project heterogeneity, we apply a project fixed effect model with the following
specification.
Variables are essential components of research, and their importance cannot be
overstated. Here are some comments on the importance of variables: Clarity,
Variables provide clarity and specificity to research questions and objectives,
ensuring that the study focuses on a well-defined concept or phenomenon.
Measurement: Variables enable researchers to measure and quantify concepts,
making it possible to collect data and analyze it. Analysis: Variables are the building
blocks of data analysis, allowing researchers to identify patterns, relationships, and
correlations.
Variables help researchers develop and test theories, hypotheses, and models,
advancing our understanding of phenomena. Generalizability: Variables facilitate the
generalization of findings to broader populations or contexts, enhancing the
applicability of research results. Comparability: Variables enable comparisons
between different groups, contexts, or conditions, highlighting similarities and
differences. Contextualization that is Variables provide context and background
information, helping researchers understand the research setting and participants.
Operationalization: Variables are operationalized, making abstract concepts concrete
and measurable. Data quality: Variables impact data quality, with well-defined
variables leading to more accurate and reliable data. Research validity: Variables
influence research validity, with clear and relevant variables enhancing the accuracy
and generalizability of findings. In summary, variables are the foundation of research,
enabling researchers to investigate phenomena, test theories, and draw meaningful
conclusions.
4) Analyse the major findings (30)
These findings can provide implications for project creators to improve the values co-
created with backers in future sustainability-oriented projects. Findings can provide
implications for backers and help them evaluate crowdfunding projects. The results
show that perceived sustainability orientation influences value-co creation behavior
through perceived affective reaction and self-effectiveness. These findings can
provide implications for project creators to improve the values co-created with
backers in future sustainability-oriented projects. Furthermore, the findings can
provide implications for backers and help them evaluate crowdfunding projects.
In the future, this stream of IS research may draw on our findings to systematically
design, implement, and evaluate potential incentive systems that attract the crowd
more effectively to invest in certain ventures.IS researchers and operators may draw
on our findings to systematically design or redesign and test specific and customized
incentives. Strategic IS researchers as well as crowdfunding practitioners can draw
on our findings to systematically design, implement, and evaluate potential incentive
systems that respond to reward-, recognition-, lobbying-, image- and liking-motives
and thereby attract the crowd more effectively to invest in ventures presented on
incentive-based crowdfunding systems Results indicate that backers indeed have
several self-interest motivations for funding: prospect of a reward; expectation of
recognition from others; to lobby a certain project in the hopes of its fruition; and to
develop their image.
Both the funding history and the backing history of the project owner are visible and
accessible. Findings also confirm that reciprocal backing among project owners is
prevalent. Owners who back others prior to their current campaign attract more
backers and achieve higher success rates. By tracking specific backing actions of
platform participants, we show that the propensity to back a target project increases
when the owner of said project has previously backed others. Furthermore, findings
are consistent, with the slight change of coefficients. Findings show that it is
necessary to analyse at the project-level rather than the category-level to find useful
implications.
Findings highlight that it is necessary to consider the similarity between blockbusters
and other projects in order to analyse the impact of blockbusters more precisely and
rigorously. is, our main findings suggest blockbusters give a positive spillover effect
to projects in the same category, but the magnitudes are largely different according
to the distance from the blockbuster.
This is in line with findings on manipulative re- views which are commonly posted
close to the launch of a product. Results might help platform providers to identify
campaign creators who acquire non-genuine social information, punishing their
actions might not be necessary because, according to our findings, they do not gain
an advantage over honest campaign creators. The difference in these findings can
be explained with the structural differences between qualitative and quantitative
social information and between rankings and ratings. Findings suggest that “actors
that are differentially situated economically will indulge in promotional reviewing to a
measurably different extent”
were cognizant of which crowdfunding model was being studied and noted how their
findings fit into the structure of crowdfunding operational models as a whole.
However, throughout all of the literature, a comprehensive view of crowdfunding
models is yet to be present. Understanding the underlying structure of a
phenomenon is important because it impacts the generalizability of findings and
allows for useful insights that might otherwise be overlooked. Based on literature,
reports findings on motivation behind backer’s actions In their findings, Lin et al. note
these findings may be explained by backers who lack “sophisticated risk assessment
methodologies” and may interpret friends as a signal of quality
Motivated by these findings, we are also interested in examining how the qualitative
measure of updates and comments affects backers’ funding and herding behavior.
For the managers of the crowdfunding platforms, our findings can guide them to
design campaign features that allow creators to provide information to potential
backers. A positive correlation between these two variables will inform us that
successors tend to mimic predecessors’ decisions by choosing campaigns that have
already accumulated a large backer base (i.e., a larger herd) to contribute. The
difference in these findings can be explained with the structural differences between
qualitative and quantitative social information and between rankings and ratings.
The major findings of the paper "Aspect-based Sentiment Classification with Aspect-
specific Graph Convolutional Networks" are the proposed model, ASGCN, tackles
the limitations of attention-based and CNN-based models by leveraging syntactical
information and long-range word dependencies. The use of GCN over dependency
trees of sentences enables the model to capture syntactical constraints and long-
range word dependencies. The multi-layered graph convolution structure and
aspect-specific masking mechanism allow the model to extract aspect-oriented
features. The aspect-aware attention mechanism refines the representation of the
hidden state vectors, enabling the model to retrieve significant features semantically
relevant to the aspect words. The experimental results demonstrate the effectiveness
of the ASGCN model in aspect-based sentiment classification, outperforming state-
of-the-art models on benchmarking datasets.
Based on major findings, backers might, in some cases, pay more attention to
signals from affiliated others compared to the whole crowd. For crowdfunding
platforms, our findings provide a rationale for why there might be room for new
crowdfunding platforms to thrive and grow. Although several crowdfunding platforms
have flourished in the past decade, Kickstarter, Indiegogo, and GoFundMe have
arguably dominated the market. However, major findings point to one source of
competitive advantage for newer platforms: negative affiliation effects are more likely
in well-established platforms with large backer communities. Strategically building
diverse and unaffiliated communities of backers might confer a competitive
advantage to new platforms. Major findings are also applicable to crowdfunding
contests (for example., Camacho et al. 2019; Hurst 2017), where participants could
be encouraged to vote across categories to reduce co-participation and help them
break away from the adverse effects of groupthink. Major findings are in line with
findings from other research (for example Simpson et al. 2021). The findings
particularly indicate that social capital effects are stronger in big cities whilst it
matters less in wealthier U.S. counties. Giudici et al. (2018) also discovers localized
social capital contributes to the success of RBCF campaigns. Furthermore, Belle
Flamme et al. (2014); Burtch et al. (2013); Thies et al. (2018) found that the number
of projects posted on the platform helps to attract many users and encourages users
to participate in the platform and fund projects.
The findings also contribute empirically, particularly to the fund-seekers, to help them
understand what factors might impact the backer’s behavior and enhance their
chances of designing a successful campaign. Major Findings, Creators’ credibility
and backers’ endorsements are decisive factors in crowdfunding success. Results
from an additional test related to location (developing and developed countries)
suggest that creators’ credibility is more important than backers’ endorsements,
especially in developing countries. The study’s findings show that creator’s credibility,
as measured by the creator’s past successes, plays a significant role in the success
of donation crowdfunding campaigns, as it mitigates problems associated with
information asymmetry. This finding is aligned with other studies (for example
Courtney et al., 2017; Usman et al., 2019). The study’s findings are also aligned with
previous findings on the role of disclosure of information about the project creator’s
reputation and experience in crowdfunding, which can persuade those in an online
community environment to contribute (Kim et al., 2017).
Hence, the findings support claims that a campaign that is endorsed by third parties
has a higher probability of success than an unendorsed campaign (Thies et al.,
2018). Furthermore, since the sample has a defined community and purpose, it is
not possible to claim that the findings may be applicable to all categories and virtual
communities. The findings illustrate that central routes (product innovativeness,
perceived product quality and creator ability) and peripheral routes (webpage visual
design) have positive effects on backers’ funding intentions. However, our research
considers this important factor and examines the moderating effects of backers'
knowledge level in their funding decisions. Our findings highlight the important
influence of backers' cognitive abilities in their funding decisions. Second, the ELM
model is applied into our study earlier explaining backers' funding intention. It could
help us have a deep understanding of the information processing process in backers’
funding decisions.
The goal of this study was to understand backers' funding intention in reward
crowdfunding. Based on the elaboration likelihood theory, we proposed five
influencing factors with central and peripheral routes. There are several limitations in
this study that also suggest opportunities for future research. First, as our vignette
design employed only one crowdfunding project in the technology category, the
application of our findings to other crowdfunding categories should be treated with
caution. Since webpage visual design and creator ability are constructs general to
most crowdfunding projects, we expect these results to be generalizable to other
projects. For the managers of the crowdfunding platforms, major findings can guide
them to design campaign features that allow creators to provide information to
potential backers. Motivated by these findings, we are also interested in examining
how the qualitative measure of updates and comments affects backers’ funding and
herding behavior. For the managers of the crowdfunding platforms, our findings can
guide them to design campaign features that allow creators to provide information to
potential backers. Even though we see that a short-term gain can be induced, our
findings demonstrate that non- genuine Facebook Likes have a negative effect on
the outcome of crowdfunding campaigns.
For platform providers, our study provides insights on both the extent of manipulation
as well as under what conditions and campaign characteristics it is most prevalent.
Though our results might help plat- form providers to identify campaign creators who
acquire non-genuine social information, punishing their actions might not be
necessary because, according to our findings, they do not gain an advantage over
honest campaign creators. Still, manipulative actions might hurt the overall
reputation of the platform and long-term effects need to be considered.
Major findings thus far can be summarized as follows: 1) blockbuster projects show
positive spillover effects to the projects inside and outside the cluster regardless of
concurrent and lasting models, but they give a cannibalization effect to the projects
outside the category; and 2) The number of projects inside the cluster increases,
whereas the number of projects outside the cluster decreases. In other words,
blockbusters may give a positive signal to both project creators and backers in the
same category. However, blockbusters may give a negative impact on projects in
other category in terms of gathering backers. This finding may imply that the interest
and attention of backers can be concentrated when the blockbuster is in place in a
particular category, and the spillover effect may not be extended to the projects that
are far from the blockbusters.
Anecdotally, our findings are consistent with the evidence from social psychology.
The new entry may bring with the fear of risk. In this regard, in order to avoid
potential risk, new backers are more likely to follow what the majority of people do. In
our case, a blockbuster project can be regarded as the output of the investment that
the majority of people made. To avoid risk and examine how a project proceeds,
newcomers may participate in backing one of blockbuster projects. If there are
detailed descriptions presenting the risk of a project, new backers may feel more
comfortable with the blockbuster project than other projects. There is also a
possibility that new backers enter the crowdfunding platform through a link provided
by one of their Facebook friends. This intimacy may also be related to the entry
incentive of new backers, which results in a high ratio of new backers.
Our findings highlight that it is necessary to consider the similarity between
blockbusters and other projects in order to analyze the impact of blockbusters more
precisely and rigorously. That is, our main findings suggest blockbusters give a
positive spillover effect to projects in the same category, but the magnitudes are
largely different according to the distance from the blockbuster. For this reason, it is
important to take the proximity into consideration when we measure the impact of
blockbusters, but previous studies did not account for the difference. More
specifically, projects in the outside cluster of the same category are less likely to be
affected by the blockbuster project in the short run, but the effect becomes greater as
time progresses. In addition, our findings suggest that it is important to consider the
characteristics of blockbusters by showing the differential effect of the composition of
new and returning backers. As emphasized earlier, this may be the first study to
untangle the impact of blockbuster projects in the context of crowdfunding by the use
of semantic network analysis.
In the perspective of managerial implications, our result can help managers who are
going to open a new project. An entrepreneur planning to initiate a new project
similar to an ongoing blockbuster project may take advantage of the opportunity.
They can see whether there is a similar project with theirs and decide to keep going
on creating the project or to stop. They can strategically decide where to create their
projects according to the projects in the inside-cluster group and the outside-cluster
group. Besides, managers can think about the composition of new and returning
backers of blockbuster projects to determine the characteristics of a blockbuster,
which may, in turn, provide a varying degree of the spillover effect on other projects.

5) Write a summary of your work (10)

Backers hope to support a crowdfunding project to obtain material or spiritual
benefits. Different crowdfunding models of a project have been found to induce
additional findings. The effect of each determinant on crowdfunding success can be
explained by reviewing the research findings of each representative study. Backer-
related factors rarely appear in most studies, and therefore warrant more intensive
study in future research. Existing literature highlighting the following key findings
such as backer motivation, backer engagement, backer demographics, repeat
backing, social influence, project updates just to mention but a few.
By understanding these backer attributes and behaviors, creators and platforms can
optimize their strategies to improve crowdfunding performance and achieve success.
Backer motivation refers to the reasons why individuals choose to support a
crowdfunding project. Research has identified several key motivations, including
Rewards that is the desire for tangible or intangible rewards, such as products,
services, or recognition. Social impact deals with wranting to support a project that
aligns with their values, beliefs, or social causes. Personal interest which is passion
for the project's topic, industry, or category. Understanding backer motivation is
crucial for creators to effectively market and promote their projects, tailor their
messaging and rewards, and build a loyal community of supporters.

Backer engagement refers to the level of involvement and participation of backers in

a crowdfunding campaign. It encompasses various activities and behaviors that
demonstrate a backer's commitment and enthusiasm for a project. Some key
aspects of backer engagement include: Crowdfunding platforms gradually encourage
creators to disclose their social media information, so as to reduce information
asymmetry. It is thus important to investigate the influence of social media
information and its input intensity on crowdfunding performance. To this end, we
measure the social media input intensity from three dimensions: credibility, activity
and spread. Then we examine their roles in improving crowdfunding performance
through an empirical analysis on a dataset of 1206 projects from different articles the
major crowdfunding platform and social media platform in China. The empirical
findings confirm that disclosing social media accounts contributes greatly to
crowdfunding performance. Additionally, all of three dimensions of the social media
input intensity have a positive impact on crowdfunding performance. The findings
have important implications for the three parties of crowdfunding market from both
theoretical and practical perspectives.
In conclusion, the existing literature highlights the significant impact of backer
attributes and behavior on crowdfunding performance. By understanding the
complex relationships between backer attributes, behavior, and crowdfunding
performance, the industry can move towards more effective and successful
campaigns, ultimately driving innovation and growth

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