Investigating Crowdfunding Campaign Value Capture Strategy from the Consumer‐based Perspective
基于精细加工可能性模型，利用中国最大回报型众筹平台数据，发现创业者面向支持者的行为（如回答问题、提供详细解答）能促进众筹成功，强调消费者视角在筹资阶段的重要性。
Abstract Knowledge about whether entrepreneurs’ backer‐oriented actions help facilitate successful fundraising, and the mechanism behind it, is still limited. This study aims to mitigate this gap by exploring reward‐based crowdfunding success through the consumer‐based perspective (CBP). Using the elaboration likelihood model (ELM), we investigate how entrepreneurs’ backer‐oriented behaviour influences potential backers’ information processing and changes their attitude towards campaigns. By analysing a unique dataset collected from China's largest reward‐based crowdfunding platform, our empirical results demonstrate that an entrepreneur's backer‐oriented behaviour and strength are positively associated with reward‐based crowdfunding success. This paper provides a new angle to investigate reward‐based crowdfunding success, emphasizing the importance of CBP during the fundraising stage. In addition to high‐quality campaign content, entrepreneurs’ backer‐oriented actions, such as answering questions and providing elaborate answers, are crucial in facilitating fundraising. The implications for future theory development, empirical research and crowdfunding practitioners are discussed.