Abstract
In recent years, equity-based crowdfunding (EBC) has become one of the leading ways of enterprise fundraising. However, the drivers of equity-based crowdfunding success are still poorly understood. Based on the existing literature, we study the effect of early-bird policy (EBP), which allows professional investors to contribute to a project before it is open, on crowdfunding performance of the project. we introduce the concepts of crowdfunding and prefunding. Using archival data on Wefunder platform, we adopt multiple analysis technologies to explore the relationship between the early-bird policy, entrepreneurial gender, product type and the performance of EBC projects respectively. We find that EBP has a significant negative impact on the crowdfunding performance of enterprises. Moreover, the negative effect of EBP on crowdfunding performance is exacerbated when the main founders are female or the enterprise has tangible products.
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Acknowledgement
The authors appreciate the constructive comments and suggestions provided to us by the review team. The authors also wish to acknowledge the National Natural Science Foundation of China (72172103,72231004) for financial support. Yi Wu is the corresponding author of this work.
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Zhang, Y., Wen, Z., Wu, Y. (2023). Does Early-Bird Policy Matter for Equity Crowdfunding Performance: The Moderation Roles of Entrepreneur Gender and Project Types. In: Tu, Y., Chi, M. (eds) E-Business. Digital Empowerment for an Intelligent Future. WHICEB 2023. Lecture Notes in Business Information Processing, vol 481. Springer, Cham. https://doi.org/10.1007/978-3-031-32302-7_22
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