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| The Choice between Pre-sale Crowdfunding and Equity Crowdfunding:A Reputation Perspective |
| LIU Bo, LIU Yan, ZHAO Hongjiang, LENG Mengyue
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| School of Management and Economics,University of Electronic Science and Technology of China;Suining Bank |
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Abstract This paper extends Belleflamme et al. (2014) and Kumar et al. (2016) by incorporating the roles of reputations of the crowdfunding platform and entrepreneur as a novel angle to study how they influence the entrepreneur's choice between the pre-sale crowdfunding and equity crowdfunding and its economic mechanism. Based on our first finding of the positive impact of reputations on the launch of pre-sale crowdfunding and equity crowdfunding, we further propose the choice criteria between two crowdfunding patterns: (1)when the product quality is high but the equity crowdfunding investors do not prefer the product itself, the pre-sale crowdfunding will be a dominant strategy regardless of the crowdfunding platform's reputation, and the entrepreneur's reputation will strengthen this dominance; (2) when the equity crowdfunding investors prefer the product itself and the initial start-up capital requirement is relatively smaller, the entrepreneur's choice will be influenced by platform reputation, i.e., equity crowdfunding with low barrier to entry dominates when platform's reputation is weaker; otherwise, pre-sale crowdfunding dominates;(3) when the equity crowdfunding investors prefer the product itself but the initial start-up capital requirement is relatively larger, equity crowdfunding with low barrier to entry will always dominate regardless of the reputations; (4) when the equity crowdfunding investors prefer the product itself and the initial start-up capital requirement is moderate, equity crowdfunding with low barrier to entry will dominate either if both platform's reputation and entrepreneur's reputation are weaker or if entrepreneur's reputation is stronger despite the platform's reputation, while pre-sale crowdfunding will dominate if entrepreneur's reputation is weaker but platform's reputation is stronger.
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Received: 13 February 2017
Published: 18 January 2018
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