Configurational Path to Financing Performance of Crowdfunding Projects Using Fuzzy Set Qualitative Comparative Analysis

Wentao Zhang, Xiangbin Yan, Yue Chen


Different from most of the existing studies, this paper analyzes the financing performance of crowdfunding projects in an asymmetric way. Qualitative comparative analysis has been conducted for antecedent conditions extracted from previous studies using the objected data collected from a Chinese leading crowdfunding platform, JD Crowdfunding. We find that all the antecedent conditions exercise both main and contrarian effects on the financing performance. In addition, progress updates number and history investments number are the most important positive factors, meanwhile financing goal and the minimum pledge amount the most important negative ones. The impact of a single antecedent factor on the financing performance has been proved to depend on the attribute combination it exists rather than remain the same. This study helps expand the crowdfunding performance research field by adopting the QCA method and provides a clearer understanding of the configurational impact on financing performance from asymmetrical perspective. Finally, implications for both research and practice have been discussed.



asymmetric analysis; antecedent condition configuration; crowdfunding; financing performance; fsQCA

Full Text: PDF

Print ISSN: 1392-2785
Online ISSN: 2029-5839