Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward–Based Investments?
研究了财务与非财务动机对个人在众筹平台选择股权投资还是奖励型投资的影响，发现非财务动机不显著，且已进行股权投资的人更可能继续提供奖励型支持。
Despite crowdfunding's increasing popularity as a vehicle for financing early–stage ventures, we still know relatively little about the mechanisms that drive individuals to pledge and invest via such online platforms. We explored the extent to which financial or nonfinancial motivations determine the decision to invest for equity or to pledge. In addition, we also looked at whether having invested for equity can crowd out individuals’ motivation to keep a pledge into the same project. Our results show that nonfinancial motives play no significant role. Furthermore, we find that having invested for equity is a positive predictor of keeping a pledge.