Conducta gregaria irracional en crowdfunding de recompensa: experimento de campo
Contenido principal del artículo
Resumen
el crowdfunding de recompensa es una interesante alternativa de financiación para iniciativas emprendedoras en su etapa inicial. Entre los factores que facilitan el éxito en dichas campañas destaca el comportamiento gregario, es decir, la tendencia a imitar las decisiones de financiación de los anteriores mecenas. El efecto gregario, o de rebaño, se ha demostrado robusto en investigaciones anteriores como un acto racional que apoya campañas con mayor probabilidad de conseguir el objetivo de financiación impuesto, su éxito. En este artículo se va más allá de ese resultado empírico de la literatura previa y se analiza si el comportamiento gregario se produce en el crowdfunding de recompensa incluso sin factor racional, como simple imitación de un comportamiento anterior, independientemente de la motivación racional del éxito del proyecto. Para ello, se diseña y ejecuta un experimento en una campaña real de financiación de un proyecto cultural en la plataforma Verkami, la más potente para proyectos culturales en España. Este experimento de campo permite analizar la causalidad entre las decisiones de los mecenas anterioressobre el color de una recompensa y las elecciones de los mecenas siguientes. Los resultados muestran claramente un comportamiento gregario no racional en las elecciones de los siguientes mecenas en el crowdfunding de recompensa, que escogen mayoritariamente el mismo color que las aportaciones iniciales. El artículo confirma la importancia del componente no racional en la conducta gregaria en crowdfunding.
Palabras Clave
comportamiento del consumidor, comportamiento gregario, crowdfunding, economía colaborativa, efectos de grupo, experimentos, experimento de campo, PYME consumer behavior, Crowdfunding, experiments, field experiment, herd behavior, peer effects, sharing economy, SME
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Banerjee, A. V. (1992). A Simple Model of Herd Behavior. The Quarterly Journal of Economics, 107, pp. 797-817 797–817. https://doi.org/10.2307/2118364
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades. Journal of Political Economy, 100, pp.992-1026. https://doi.org/10.1086/261849
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Chan, C.S.R.; Parhankangas, A.; Sahaym, A.; Oo, P. (2020). Bellwether and the herd? Unpacking the u-shaped relationship between prior funding and subsequent contributions in reward-based crowdfunding. Journal of Business Venturing, 35(2), 105934. https://doi.org/10.1016/j.jbusvent.2019.04.002
Chekfoung, T., Bakhtari, E. M., Alhammad, M., & Zolkepli, I. A. (2021). An Exploratory Study of Creating Persuasive and Effectiv Blurbs in Reward- Based Crowdfunding (RBCF). UK Academy for Information Systems Conference Proceedings. 19. Londres: AIS Electronic Library. https://aisel.aisnet.org/ukais2021/19/
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Greenberg, J., & Mollick, E. (2017). Activist Choice Homophily and the Crowdfunding of Female Founders. Administrative Science Quarterly, 62(2), pp.341-374. https://doi.org/10.1177/0001839216678847
Huang, J.H.; Chen, Y.F. (2006). Herding in Online Product Choice. Psychology & Marketing. 23, pp.413–428
Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowdfunding project matter?. Journal of Business Venturing, 32(1), pp.72-89, https://10.1016/j.jbusvent.2016.10.004
Leboeuf, G.; Schwienbacher, A. (2018). Crowdfunding as a New Financing Tool. In: Cumming, D., Hornuf, L. (eds) The Economics of Crowdfunding. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66119-3_2
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29, pp.1-16 https://doi.org/10.1016/j.jbusvent.2013.06.005
Muchnik, L.; Aral, S.; Taylor, S. J. (2013). Social Influence Bias: A Randomized Experiment. Science, 341, pp.647–651. DOI: 10.1126/science.1240466
Perez-Martinez, A., Rodriguez-Fernandez, A. (2022). Economia conductual: su influencia en la predicción de resultados deportivos. Retos Revista de Ciencias de la Administración y Economía, 12(23), pp. 125-138. https://doi.org/10.17163/ret.n23.2022.08
Sánchez Fontana, W.M., Tonon Ordóñez, L.B. (2020). Señalización y el éxito de las campañas de Crowdfunding latinoamericano. Retos Revista de Ciencias de la Administración y Economía, 10(19), pp.99-116. https://doi.org/10.17163/ret.n19.2020
Sasaki, S. (2019). Majority size and conformity behavior in charitable giving: Field evidence from a donation-based crowdfunding platform in Japan. Journal of Economic Psychology. 70, pp. 36–51. https://doi.org/10.1016/j.joep.2018.10.011
Segura-Mojica, F. J. (2021). Crowdfunding para el rescate de microempresas. Factores y percepciones de inversionistas potenciales en México. Retos Revista de Ciencias de la Administración y Economía, 11(21), pp. 71-91. https://doi.org/10.17163/ret.n21.2021.05
Statista.com (2023). Reward-based crowdfunding transaction value in Europe (excluding the UK) from 2013 to 2020, Recuperado de: bit.ly/3EGOALC [Fecha de consulta: 28 de febrero 2023]
Van de Rijt, A.; Kang, S. M.; Restivo, M.; Patil, A. (2014). Field experiments of success-breeds-success dynamics. PNAS, 111(19), pp. 6934–6939. https://doi.org/10.1073/pnas.1316836111
Vismara, S. (2016). Information Cascades among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice, 15, 467-497. https://doi.org/10.1111/etap.12261
Wessel, M.; Adam, M.; Benlian, A. (2019). The impact of sold-out early birds on option selection in reward-based crowdfunding. Decision Support Systems. 117, pp.48–61. https://doi.org/10.1016/j.dss.2018.12.002
Zaggl, M. A., Block, J. (2019). Do small funding amounts lead to reverse herding? A field experiment in reward-based crowdfunding. Journal of Business Venturing Insights, 12, e00139. https://doi.org/10.1016/j.jbvi.2019.e00139
Zhang, J.; Liu, P. (2012). Rational Herding in Microloan Markets. Management Science, 58, pp. 892–912. https://doi.org/10.1287/mnsc.1110.1459
Antonakis, J., Bendahan, S., Jacquart, P., & Lalive, R. (2010). On making causal claims: A review and recommendations, The Leadership Quarterly, 21 (6), pp.1086-1120. https://doi.org/10.1016/j.leaqua.2010.10.010
Banerjee, A. V. (1992). A Simple Model of Herd Behavior. The Quarterly Journal of Economics, 107, pp. 797-817 797–817. https://doi.org/10.2307/2118364
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades. Journal of Political Economy, 100, pp.992-1026. https://doi.org/10.1086/261849
Bitterl, S., Schreier, M. (2018). When consumers become project backers: The psychological consequences of participation in crowdfunding. International Journal of Research in Marketing, 35, pp. 673-685. https://doi.org/10.1016/j.ijresmar.2018.07.001
Chan, C.S.R.; Parhankangas, A.; Sahaym, A.; Oo, P. (2020). Bellwether and the herd? Unpacking the u-shaped relationship between prior funding and subsequent contributions in reward-based crowdfunding. Journal of Business Venturing, 35(2), 105934. https://doi.org/10.1016/j.jbusvent.2019.04.002
Chekfoung, T., Bakhtari, E. M., Alhammad, M., & Zolkepli, I. A. (2021). An Exploratory Study of Creating Persuasive and Effectiv Blurbs in Reward- Based Crowdfunding (RBCF). UK Academy for Information Systems Conference Proceedings. 19. Londres: AIS Electronic Library. https://aisel.aisnet.org/ukais2021/19/
Colombo, M.G., Franzoni, C., & Rossi-Lamastra, C. (2015). Internal Social Capital and the Attraction of Early Contributions in Crowdfunding. Entrepreneurship Theory and Practice, 39(1), https://doi.org/10.1111/etap.121
Comeig, I., Holt, C., Jaramillo-Gutiérrez, A. (2022). Upside versus downside risk: Gender, stakes, and skewness. Journal of Economic Behavior & Organization, 200, pp. 21-30. https://doi.org/10.1016/j.jebo.2022.04.017
Comeig, I., Mesa-Vázquez, E., Sendra-Pons, P., & Urbano, A. (2020). Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment. Sustainability, 12(23), 9827. https://doi.org/10.3390/su12239827
Cosh, A.; Cumming, D.; Hughes, A. (2009). Outside Entrepreneurial Capital. The Economic Journal, 119(540), pp.1494–1533. https://doi.org/10.1111/j.1468-0297.2009.02270.x
Cumming, D.; Hornuf, L. (2018). Preface & Introduction. In The Economics of Crowdfunding. Startups, Portals, and Investor Behavior (pp.1–8). Palgrave Macmillan: Cham, Switzerland.
Drehmann, M.; Oechssler, J.; Roider, A. (2007). Herding with and without payoff externalities -An internet experiment. International Journal of Industrial organization, 25, pp.391–415. https://doi.org/10.1016/j.ijindorg.2006.04.016
Dushnitsky, G., Fitza, M. (2018). Are we missing the platforms for the crowd? Comparing investment drivers across multiple crowdfunding platforms. Journal of Business Venturing Insights, 10, e00100. https://doi.org/10.1016/j.jbvi.2018.e00100
Gálvez-Mayo, S.A., Lioo-Jordan, F.M., Villanueva-Cadenas, D.I., Marín-Rodriguez, W.J. (2021). Crowdsourcing: herramienta de negocio en la creación de startup en una Universidad Pública del Perú. Revista Venezolana De Gerencia, 26(93), pp.370-383. https://doi.org/10.52080/rvg93.25
Gamboa-Salinas, J.M., Mancheno-Saá, M.J., Hurtado-Yugcha, J.P. (2023). Competencias gerenciales y transición digital para mipymes Zona 3-Ecuador. Revista Venezolana De Gerencia, 28(101), pp.297-315. https://doi.org/10.52080/rvgluz.28.101.19
Gierczak, M.M., Bretschneider, U., Haas, P., Blohm, I., Leimeister, J.M. (2016). Crowdfunding: Outlining the New Era of Fundraising. In: D. Brüntje, O. Gajda (eds.), Crowdfunding in Europe, FGF Studies in Small Business and Entrepreneurship, Springer. DOI 10.1007/978-3-319-18017-5_2
Gómez, G., Navarro-Barranzuela A., y Marchena-Ojeda, L.M. (2022). El Crowdlending como alternativa de financiamiento para las mipymes del Perú. Retos Revista de Ciencias de la Administración y Economía, 12(23), pp. 161-177. https://doi.org/10.17163/ret.n23.2022.10
Greenberg, J., & Mollick, E. (2017). Activist Choice Homophily and the Crowdfunding of Female Founders. Administrative Science Quarterly, 62(2), pp.341-374. https://doi.org/10.1177/0001839216678847
Huang, J.H.; Chen, Y.F. (2006). Herding in Online Product Choice. Psychology & Marketing. 23, pp.413–428
Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowdfunding project matter?. Journal of Business Venturing, 32(1), pp.72-89, https://10.1016/j.jbusvent.2016.10.004
Leboeuf, G.; Schwienbacher, A. (2018). Crowdfunding as a New Financing Tool. In: Cumming, D., Hornuf, L. (eds) The Economics of Crowdfunding. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66119-3_2
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29, pp.1-16 https://doi.org/10.1016/j.jbusvent.2013.06.005
Muchnik, L.; Aral, S.; Taylor, S. J. (2013). Social Influence Bias: A Randomized Experiment. Science, 341, pp.647–651. DOI: 10.1126/science.1240466
Perez-Martinez, A., Rodriguez-Fernandez, A. (2022). Economia conductual: su influencia en la predicción de resultados deportivos. Retos Revista de Ciencias de la Administración y Economía, 12(23), pp. 125-138. https://doi.org/10.17163/ret.n23.2022.08
Sánchez Fontana, W.M., Tonon Ordóñez, L.B. (2020). Señalización y el éxito de las campañas de Crowdfunding latinoamericano. Retos Revista de Ciencias de la Administración y Economía, 10(19), pp.99-116. https://doi.org/10.17163/ret.n19.2020
Sasaki, S. (2019). Majority size and conformity behavior in charitable giving: Field evidence from a donation-based crowdfunding platform in Japan. Journal of Economic Psychology. 70, pp. 36–51. https://doi.org/10.1016/j.joep.2018.10.011
Segura-Mojica, F. J. (2021). Crowdfunding para el rescate de microempresas. Factores y percepciones de inversionistas potenciales en México. Retos Revista de Ciencias de la Administración y Economía, 11(21), pp. 71-91. https://doi.org/10.17163/ret.n21.2021.05
Statista.com (2023). Reward-based crowdfunding transaction value in Europe (excluding the UK) from 2013 to 2020, Recuperado de: bit.ly/3EGOALC [Fecha de consulta: 28 de febrero 2023]
Van de Rijt, A.; Kang, S. M.; Restivo, M.; Patil, A. (2014). Field experiments of success-breeds-success dynamics. PNAS, 111(19), pp. 6934–6939. https://doi.org/10.1073/pnas.1316836111
Vismara, S. (2016). Information Cascades among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice, 15, 467-497. https://doi.org/10.1111/etap.12261
Wessel, M.; Adam, M.; Benlian, A. (2019). The impact of sold-out early birds on option selection in reward-based crowdfunding. Decision Support Systems. 117, pp.48–61. https://doi.org/10.1016/j.dss.2018.12.002
Zaggl, M. A., Block, J. (2019). Do small funding amounts lead to reverse herding? A field experiment in reward-based crowdfunding. Journal of Business Venturing Insights, 12, e00139. https://doi.org/10.1016/j.jbvi.2019.e00139
Zhang, J.; Liu, P. (2012). Rational Herding in Microloan Markets. Management Science, 58, pp. 892–912. https://doi.org/10.1287/mnsc.1110.1459
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abr 25, 2023
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