Third-Party Signals in Crowdfunded Microfinance: The Role of Microfinance Institutions
研究了小额信贷机构作为第三方信号如何影响众筹贷款绩效，发现机构的财务和社会表现驱动了贷款融资，为理解投资者平衡社会动机与财务关切提供了新视角。
Crowdfunded microfinance research has routinely examined how campaign characteristics drive funding to crowdfunding campaigns but has neglected to examine the critical role of the microfinance institution (MFI). We leverage signaling theory to contend that entrepreneurs’ MFI affiliation is a salient third-party signal that shapes the performance of their crowdfunding campaign and examine how the financial and social performance of MFIs drive campaign funding. Our examination of 220,649 loans paired 173 MFIs supports our arguments. We provide insight into the importance of third-party signals in crowdfunding and into how investors seek to balance social motives with financial concerns in crowdfunded microfinance.