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Are you part of the crowd? The role of sex and environmental characteristics for crowdfunding awareness
Vaznyte, Egle Andries, Petra Manigart, Sophie
Vaznyte, Egle
Andries, Petra
Manigart, Sophie
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2023
Journal
Journal of Small Business Management
Book
Publication Volume
61
Publication Issue
2
Publication Begin page
1062
Publication End page
1094
Publication NUmber of pages
Collections
Abstract
Crowdfunding has become an alternative source of financing for entrepreneurial new ventures and social projects. While several studies have analysed the success factors of crowdfunding campaigns, and identifying and “tapping the right crowd” has been shown crucial in this respect, we still lack a basic understanding of the individuals who are in the crowd. This study aims to increase our understanding of the supply side of crowdfunding by focussing on individuals’ crowdfunding awareness. Integrating information processing theory with insights from financial literacy and institutional theory, and using a sample of 1,042 individuals in Flanders (Belgium), we find that individuals’ awareness of specific crowdfunding initiatives is very low. A favourable normative environment and a conducive environment increases an individual’s awareness of crowdfunding in general, and women tend to derive their crowdfunding awareness to a larger extent from these environmental characteristics than men. These results have important practical and theoretical implications.
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Keywords
Crowdfunding Awareness, Information Processing Theory, Sex-Differences, Socioeconomic Environment