What drives the rapid achievement of a funding target in crowdfunding? Evidence from China

Abstract

As a novel financing mechanism, crowdfunding can raise funds provided by many people for entrepreneurs in various industries, including the agri-food industry. Achieving a funding target in the shortest time possible is a key concern. Based on customer delivered value theory, we constructed a research model to empirically study the factors hastening the achievement of a funding target using large samples (N = 1 138). The indicators reflecting product value and image value were found to have significant positive impacts on the rapid achievement of the funding target; the indicators reflecting person value and service value also impacted the quick achievement of the funding target. Moreover, the results showed that the indicator reflecting monetary value, the minimum investment amount, has a positive impact on the rapid achievement of the funding target. The number of comments plays a mediating role in the relationship between the indicators reflecting the customer delivered value and the quick achievement of the funding target. Finally, practical implications of this study for initiators, platforms, and regulators are discussed.

Keywords

• agri-food crowdfunding
• customer delivered value theory
• determinant
• funding target