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| Subsequent Market Effect of Reward-Based Crowdfunding: A Study from the Perspective of Context |
| \PENG Zhengyin, HU Xi, LUO Guanqing |
| School of Business, Tianjin University of Finance & Economics |
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Abstract: Contextualization imparts distinctive emotional experiences and community value to reward-based crowdfunding.The purpose of reward-based crowdfunding has expanded beyond its initial role in financing to encompass a diverse range of functions,including new product promotion,brand incubation,and contextual marketing.This study analyzes the context-based development and value creation of reward-based crowdfunding models.By utilizing data from the Xiaomi Youpin crowdfunding platform,this study empirically examines the subsequent market effect of reward-based crowdfunding,and the moderating effects of contextual marketing and contextual interaction.The findings indicate that the performance of reward-based crowdfunding significantly contributes to the subsequent market performance of products,and this positive relationship can be strengthened by contextual marketing.Ordinary users-interactions play a more significant moderating role than lead users.The results of the heterogeneity test show that the effect of reward-based crowdfunding varies across enterprises with different platform embeddedness degrees.Additionally,crowdfunding has a significant effect on brand promotion,positively influencing brand awareness.This study extends the boundaries of crowdfunding research from a contextual perspective and provides valuable guidance for contextual innovation of rewardbased crowdfunding platforms and enterprises.
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Received: 29 August 2023
Published: 15 March 2024
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2024, Vol. 44 
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