Internal Social Capital and the Attraction of Early Contributions in Crowdfunding
研究了众筹项目中发起人在社区内部积累的社会资本如何帮助吸引早期贡献，从而启动自我强化机制并最终影响项目成功。基于669个Kickstarter项目的计量分析，发现内部社会资本的效果完全由早期筹集的资金和支持者数量中介。
The nascent crowdfunding literature has highlighted the existence of a self–reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this pattern, we maintain that the internal social capital that proponents may develop inside the crowdfunding community provides crucial assistance in igniting a self–reinforcing mechanism. Results of an econometric analysis of a sample of 669 Kickstarter projects are consistent with this view. Moreover, the effect of internal social capital on the success of a campaign is fully mediated by the capital and backers collected in the campaign's early days.