Deriving Execution Effectiveness of Crowdfunding Projects from the Fundraiser Network
研究了2017年Kickstarter上筹资者网络的结构特征（互惠性、可及性和网络地位）如何影响众筹项目的执行有效性，对创业者评估众筹活动有参考价值。
Reward-based crowdfunding has become a popular fundraising marketspace for entrepreneurs. However, few studies take a process perspective and examine how fundraiser network influences the execution effectiveness of crowdfunding projects. Collecting the funding activities of all fundraisers on Kickstarter in 2017, we construct a fundraiser network and examine the effects of fundraiser network structural characteristics on project execution effectiveness. Employing endogenous stochastic frontier analysis, we show that reciprocity and accessibility in the fundraiser network increase project execution effectiveness. We also demonstrate that gaining network status by virtue of being an authoritative figure in the fundraiser network increases project execution effectiveness. In sum, our study identifies the effects of the fundraiser network characteristics on project execution effectiveness and introduces a process perspective for evaluating crowdfunding campaigns.