Beyond financing: Crowdfunding as an informational mechanism

Research output: Contribution to journalArticlepeer-review


Besides providing financial support for new ventures, crowdfunding can bring additional advantages for entrepreneurs. In this paper, we test the hypothesis that crowdfunding also serves as an informational mechanism. Using a unique dataset built with publicly available data from Internet-based sources, and after controlling for alternative explanations, we empirically show that when not successful on crowdfunding, thus not accessing capital, project owners may decide to release the product in the market if contributions suggest positive valuation from the “crowd”.

Original languageEnglish
Pages (from-to)371-393
Number of pages23
JournalJournal of Business Venturing
Issue number3
Early online date22 Feb 2018
Publication statusPublished - 1 May 2018


  • crowdfunding
  • e-commerce
  • information
  • new product release
  • uncertainty


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