저 시-비 리- 경 지 2.0 한민

는 아래 조건 르는 경 에 한하여 게

l 저 물 복제, 포, 전송, 전시, 공연 송할 수 습니다.

다 과 같 조건 라야 합니다:

l 하는, 저 물 나 포 경 , 저 물에 적 된 허락조건 명확하게 나타내어야 합니다.

l 저 터 허가를 면 러한 조건들 적 되지 않습니다.

저 에 른 리는 내 에 하여 향 지 않습니다.

것 허락규약(Legal Code) 해하 쉽게 약한 것 니다.

Disclaimer

저 시. 하는 원저 를 시하여야 합니다.

비 리. 하는 저 물 리 목적 할 수 없습니다.

경 지. 하는 저 물 개 , 형 또는 가공할 수 없습니다.

경영학석사학위논문

Signaling in Donation Crowdfunding

기부형 크라우드펀딩의 시그널링 효과

2016년 2월

서울대학교 대학원

경영학과 경영학 전공

원 유 진

- i -

ABSTRACT

SignalinginDonation

Crowdfunding

YuJinWon

CollegeofBusinessAdministration

SeoulNationalUniversity

Thispaperpresentsanexaminationoftheeffectivenessofsignalsthat

projectorsusetoinducedonorstocommitfinancialresourcesindonation

crowdfunding.Westudy theimpactoftheprojectquality on funding

successondonationcrowdfunding.Theprojectquality,researchmodel,is

organisedhumancapitalfrom education,humancapitalfrom experience,

andsocial(alliance)capital.

The reason ofchoosing donation crowdfunding,almostcrowdfunding

- ii -

researcheshavebeenfocusedondirectlyrelatedbusinesstypessuchas

equity,lending,and reward based,even ifdonation crowdfunding is

properlydemonstratedoriginalframe.Inaddition,thereasonoflooking

detailathuman capitaland socialcapital,crowdfunding isessentially

happenedthroughtheinternet.Inthismeaning,anyonehaswillingtorely

onperhapsunknownpersonandofferinginformation.Forthatreason,to

beprovidedinformationascertificationandprevioushistoryisthebest

directorindirectindicativefactors.

Fortheempiricaltest,weusetheoneofactivedonationcrowdfunding

Donorschoose.org.Ourdata highlightthatretaining providing detailed

informationaboutlevelofeducation,previousprojector’shistorywiththe

same subject,and number ofparticipants from otherprojectors and

thereforestronglyimpacttheprobabilityoffundingsuccess.Thestandard

offundingsuccessismeasuredbyfullfundingfrom all-or-nothingrule

onDonorschoose.

In theresultofempiricaltest,levelofeducation andsocial(alliance)

capitalissupportedtopositivelyaffectonfundingsuccess.Unfortunately,

however,humancapitalwithexperienceasanearlierpracticewithsame

subject has negative impact on funding success.We discuss the

implicationsofourresultsforfurtherresearchandpractice.

- iii -

Keywords: Donation Crowdfunding, Donorschoose, Fintech, Funding

success,Humancapital,Projectquality,Social(alliance)capital

StudentIDNumber:2014-20399

- iv -

TABLEOFCONTENTS

TABLEOFCONTENT·······································································································iv

LIST OFTABLES················································································································vi

LIST OFFIGURES···············································································································vi

1.INTRODUCTION···············································································································1

2.BACKGROUND RESEARCH························································································3

2.1CrowdfundingtoDonationCrowdfunding·······························································3

3.THEORETICALBACKGROUND················································································5

3.1Humancapital··················································································································6

3.1.1HumanCapitalwithEducation··········································································6

3.1.2HumanCapitalwithExperience·······································································8

3.2Social(Alliance)Capital·······························································································9

3.3FundingSuccess···········································································································10

4.RESEARCH METHODOLOGY···················································································11

4.1Data··································································································································11

4.2TheDonorschooseDonationProcess······································································12

4.3DataSet··························································································································14

4.4MeasurementDevelopment························································································15

4.4.1IndependentVariablesandAnalysis······························································15

- v -

4.4.2DependentVariablesandAnalysis································································18

4.4.3ControlVariables································································································20

5.RESULTS····························································································································20

6IMPLICATION AND LIMITATION··········································································22

7.CONCLUSION···················································································································25

REFERENCES························································································································27

APPENDIXES·························································································································33

Appendix1:NumberofprojectsonDonorschoose······················································33

Appendix2:TotalamountdonationandprojectfundedofDonorschoose···········34

- vi -

LIST OFTABLES

<TABLE1>DescriptiveStatistics······································································17

<TABLE2>CorrelationMatrix···········································································19

<TABLE3>Logisticregressionofresearchmodel·······································22

LIST OFFIGURES

<FIGURE1>DeterminantsofFundingSuccess·········································11

- 1 -

1.INTRODUCTION

Inthesedays,apersonwhofacedcurrentbusinessmarketslongsfor

new enterprisewithin rapidly innovating technology by IT.Thereare

overlyplentyofproductsandservicesinfacedcurrentindustries.Forthis

reason,one ofICT convergence,Fintech (Financialand Technology),

attractsmoreattention.Itisanew compoundwordanddemonstrates

generallyaneconomicindustrywithhightechnologyforefficientfinancial

systems(Daniel,2014).Among theindustriesofFintech,crowdfunding

bringsnew financialtransactionsresources.Crowdfundingisanevidence

indicating direction to new financial business market with highly

innovatedinformationtechnology.

A commonly used definition of crowdfunding describes that

“Crowdsourcing takes place when a profit oriented firm outsources

specifictasksessentialforthemaking orsaleofitsproductto the

generalpublici.e.thecrowdintheform ofanopencallovertheInternet,

withtheintentionofanimatingindividualstomakeacontributiontothe

firm's production process forfree orforsignificantly less than that

contributionisworthtothefirm (Kleemannetal,2008).”Itmeansthata

projectofcrowdfundingismadeinform ofdonationorinexchangefor

someform ofrewardforspecificpurposesthroughtheinternet(Lambert

andSchwienbacher,2010).

- 2 -

One of crowdfunding types,donation,is the birth ofcrowdfunding

(Barnett,2013).Othertypessuchasequity,lending,andrewardedbased

areemergedfrom theframeofdonation.Atthistime,itneedtofigure

outandhighlightthroughtheoreticallyandempirically.

To begin with a donation crowdfunding study,the research question

startedfrom how topredictfundingsuccessoftheproject.Therearea

lotofissuessuch assuccessfulfundraising on crowdfunding.On the

otherside,therearecountlessfailedcrowdfundingprojects.Atthistime,

todoconsiderbothsidessuchasprojectandinvestors,whichfactors

accelerateinvestors’decisionmakingincrowdfunding.Priorresearchesare

consistentwith the view thatpotentialinvestors try to evaluate the

unobservablecharacteristics(Connellyetal,2011& Ahlersetal,2015).

However,inthisstudy,wewouldliketofocusthatwhatkindofproject

qualityisneededforfundingsuccess.

Thispaperpresentsanempiricalexaminationofdonationcrowdfunding.

Weexaminewhichcrowdfundingprojectsignalsandattributesofproject

qualityaremostlikelytoinduceinvestorstocommitfinancialresources

inadonationcrowdfundingcontext.Weexamine364,356offeringbetween

September2000and September2014based on data from oneofthe

activitydonationcrowdfundingplatforms,theDonorschoose.org.

Tothisend,inthispaper,weprovidetheoryandsupportingevidenceof

theresultfrom data.Weexaminetheimpactofprojectquality(interms

- 3 -

ofhuman capitalwith education,human capitalwith experience,and

social[alliance)capital)on funding success.Ourdata highlightthat

retaining detailed information aboutthe donation and projectcan be

interpretedashighprobabilityfundraisingsignalsandthereforeaffectthe

fundingsuccess.

2.BACKGROUND RESEARCH

2.1CrowdfundingtoDonationCrowdfunding

While crowdfunding has the basic conceptthatitis “an open call,

essentiallythroughtheInternet,fortheprovisionoffinancialresources

eitherintheform ofdonationorinexchangeforsomeform ofreward

and/orvotingrightsinordertosupportinitiativesforspecificpurposes”

(LambertandSchwienbacher,2010).fourtypesofcrowdfundingmodels

canbeidentified.Theseare:donated,equity,lending,andrewardbased

(pre-purchased)format(Buysereetal,2012).

Inthisexamination,webelievethatdonationcrowdfundingistheoriginal

formatofcrowdfunding and othertypessuch asequity,lending and

rewardhavedevelopedfrom thedonationcrowdfundingmodel.Bradford

- 4 -

(2012)explainscrowdfundingwasstartedbypoliticianstocollectsmall

campaigndonationsfrom thegeneralpublic.Largecharitableorganizations

began collecting donationsonlinelong beforeWeb-based crowdfunding

emerged.

Barnett(2013)assertsthattheoriginalcrowdfundingisdonationtypeand

othertypeshavebeenextendedthroughitas“thebirthofcrowdfunding

hascomethroughthismodel,wherefundersdonateviaacollaborative

goalbasedprocessinreturnforproducts,perksorrewards”Davidand

Matthew (2015)arguethatlargecharitableorganisationsusedtocollect

funds online before crowdfunding emerged.They report that small

organisationsandindividualssoliciteddonationsfrom crowdafter2010.

Basedonpreviousresearchontheterm donationcrowdfunding,itliterally

described there are nothing to receive regardless of their donation

unimaginableamountofmoney(Bradford,2012).

Incrowdfunding,donationsarenotjuststrictlyfortheuseofcharities.

LambertandSchwienbacher(2010)show thatnotallprojectsofferany

rewardstoinvestors.Inmeansthat,aprojectwhichisnotacharitable

charactercanbeadonationmodelforenterprisesprofit.

- 5 -

3.THEORETICALBACKGROUND

A frameworkisdevelopedbasedonAshlersetal[2015]frameworkwith

relatedhypothesesforhow attributesofprojectquality arerelatedto

funding success. Thereafter, it becomes literature review for how

characteristicsofprojectqualityandtheassociatedsignalsarerelatedto

fundingsuccess.

3.1Humancapital

Human capitaltheory is defined as a valuable assetthatprovides

individuals with theircognitive abilities,making more productive and

potentialactivity (Schultz,1959;Becker,1964;Mincer,1974).Coleman

(1988)explains“human capitaliscreated by changesin personsthat

bringaboutskillsandcapabilitiesthatmakethem abletoactinnew

ways.”Thetheoryhasbeenverifiedinpreviousresearchthatwhether

personwhocanbewillingtodevelopandprofitablebusinessisornoton

entrepreneurshipandventuresuccess.

Forthatreason,humancapitalistheessentialfactortobeassociated

withventuresuccessandprojectintheliteraturereview ofentrepreurship

- 6 -

(Ungeretal,2011).Todiscussmoreprecisely,ashighhumancapital

meanshighcapabilitiesandskills,thesearedirectlyrelatedtoaventure

orprojectquality(Ahlersetal,2015).

Thenetofhumancapitalcanbemeasuredbyeducationandexperience

(Boxmanetal,1991).Itmeansthatdependingonthesetwofactors,we

canrecognizehumancapital.Anindividualwhogetsmoreeducationand

experiencecanbeseenashighhumancapitalanditisthemeasureof

effectivesignalventurefounders.

Factorssuchaseducationandexperiencecanbevaluableinformationto

predictsuperiorabilityinsuccessfullyexploiting opportunities.Forthat

reasonitcantypicallyhaveaninfluenceonaninvestor’sdecisionmaking

(Bottazzietal,2008).Thus,humancapitalisoneofthesignalstobe

guaranteesandcollateraltomakeadecision(Robb&Robinson.2014).

Inthisresearch,consequently,educationandexperiencearedealtwithfor

classifying human capitalinfluence on funding success.As discussed,

thesetwovariablesprovidesignalstoattractmoreinvestorsandtherefore

increasesthechancesofsuccessfulcrowdfunding.

3.1.1HumanCapitalwithEducation

Oneofthemainfactorsthatincreaseshumancapitaliseducation.General

- 7 -

human capitalrepresented here by the entrepreneur’s education may

reflecttheextenttowhichtheentrepreneurhashadtheopportunityto

develop relevantskills and contacts (Cooper etal,1994).To make

learning something would be a positive basis forfuture performance

(Ackerman& Humphreys,1990;Hunter,1986).

Education isnota compulsory,in detaileducation degreeaspartof

humancapitalcanbeaneffectivesignalforaproject’squality(Ahlerset

al,2015).Itcanbeaproject’sstrategy(Baum etal,2001).Levieand

Gimmon (2008)havedemonstratedthattodofirst-timeaprojectcan

haveaneffectivesignalbyeducationdegree.Therefore,througheducation

levelshallbe recognized exploiting business opportunities (Shane &

Venkataraman,2000).

Previous research highlights thateducation is a key determinantof

entrepreneurial success. As the characters of crowdfunding and

inexperienced investors,itistotally relied and engaged on projector’s

abilityandskill.

The following hypothesis proposes forthe role ofhuman capitalof

educationonaprojectquality:

Hypothesis1:TheHumanCapitalbyEducationpositivelyaffectsfunding

success.

- 8 -

3.1.2HumanCapitalwithExperience

Anothercomponentofhuman capitalis experiencing.Earlierresearch

mentions “specific vocationally oriented experience is theoretically

predictedtoincreasehumancapital(Becker,1964).”Inotherwords,to

accumulateexperienceinarelevantfieldbringsimprovedhumancapital.

Iftheypretendtomakevariousimpreciseexperiences,itcannotensure

thatitwillhelpwithanystageoftheprojectprocess(Davidsson,P.,&

Honig,B,2003).

In addition,itis happened notonly the resultofformaleducation,

practicaland specificpractice(Davidsson,P.,& Honig,B,2003).For

instance,entrepreneurialactivity is expressively related with previous

entrepreneurialexperiences(Bates,1995;RobinsonandSexton,1994).

Bymeansofpreviousresearch,priorexperiencewouldberelevanttothe

currentventureresult.Itcouldbedifferenthow manytriesareneeded,

butgenerally,agreaterimpactcanbemadefrom previousexperience.In

thisexamination,itishardtoreachagoalthefirsttimewithoutactual

understanding.

The following hypothesis proposes forthe role ofhuman capitalof

experienceonprojectquality:

- 9 -

Hypothesis2:TheHumanCapitalbyExperiencepositivelyaffectsfunding

success

3.2Social(Alliance)Capital

Socialcapitalasnetworkcapitalemphasisethatnetworksandbusiness

linkageshavevaluablechannelsto access each otherwith resources,

complementaryandsoon(Baum & Silverman,2004;Hoang& Antoncic,

2003).WellmanandFrank(2001)arguethatnetworkcapitalistheform

ofsocialcapital,whichhappen“personalcommunity networks.”During

thisterm,theysupporttohelpandtradeeachotherwithanytiesand

networksincommon.Itencouragesfacilitateactionintherelationsamong

persons(Coleman,1988).

Moreover,informationbysocialcapitalismorevaluablethingstomake

“moreuseful,reliable,exclusiveandlessredundant”thanformalchannels

(Brüderl& Preisendörfer,1998).Thereason of that,itmakesup a

reputation on signal of project quality (Hoang &Antoncic, 2003).

Specifically,theseare essentially benefits to unknown organization or

individuals.Brüderland Preisendörfer(1998)identified,itis “network

successhypothesis.”Sincetheygetsteadyinformation,advice,andoverall

support(Hoang& Antoncic,2003).

- 10 -

Thisshouldbeespeciallyimportantcrowdfunding,foraprojectcreatesan

onlinefrom unknownpersons.Ifsomeoneislookingforaproject,they

canrecognisethatthereareinformationaboutproject,teacher,schooland

materials.

Thefollowinghypothesisproposesfortheroleofsocial(alliance)capital

onprojectquality:

Hypothesis3:The Social(Network)Capitalpositively affects funding

success

3.3FundingSuccess

Aslookingatatheoryofthegrowthofthefirm,managerialresources

play apivotalroleandsomefactorssuch ascapabilities,culture,and

environmentalcapacityaffectventuregrowth(Penrose,1959).Theconcept

offundingsuccessonthecrowdfundingplatform canbeacontroversial

point.In thiscase,thereisoneobvioussuccessmeasurewhethera

projectis fully funded.Crowdfunding is especially importantforthe

successofa project,becausemostoftheplatformsusethefunding

model,“all-or-nothing”.Astodotransferfundingmoneytoprojectors,

fundedmoneyhastobeoverastandardpercentageoffundingtarget.If

itisnot,thenitwillautomaticallyberefundedtofunders.Accordingly,

- 11 -

fullfundingisabasicandimportantmeasureoffundingsuccess.

<Figure1>

DeterminantsofFundingSuccess

4.RESEARCH METHODOLOGY

4.1Data

- 12 -

Tofigureoutthecorrelationbetweenhypotheses,oneofthedonation

typeofcrowdfundingplatform,Donorschoose,dataisused.Thishasbeen

inoperatingsince2000intheUnitedStates.Itisatypicalnon-profit

organization in U.S forK-12publicschoolsin all50statesand the

DistrictofColumbia(Donorschoose,2015).Theonlyallowedteacherscan

postrequestsforpedagogicalneedsbydonations.

Basedonanalysisofthedata,theplatform islively,expandingoverthe

years.Theyhavebeenoperating789,590projectsbetween2000and2014

(Appendix1).Inaddition,withUSD 89millionfundedin2014,ithas

raised the largest totalamount of donations (Appendix 2).Donors

typicallyputemphasisontransparency,soallofthetransactiondatais

openontheweb-site.

4.2TheDonorschooseDonationProcess

Asitismentioned,Donorschooseisonly used foran onlinecharity

crowdfunding.Eachoftheprojectsfundamentallyhavedifferentperiodsof

timeupto4months.Thebasicprocesstodonateisthatifsomeone

decidestofundraiseaproject,adonorcanpayfrom aminimum ofone

dollartotherestofthegoal.Moreover,thereisanoptionaldonationto

- 13 -

supportDonorschoose.orgby0,12,15and19thepercentageofthetotal

payment.

Tobeclassifiedasafundingsuccess,aspreviouslydiscussed,theyhave

an“all-or-nothing”rule.From thisrule,theyhavechosenseventypercent

ofthetotalgoal.Itdoesnotneedthefullcollectedamountofgoals,but

ithastoreachaminimum ofseventypercent.Consequently,thismeans

that when the amount of funds raised is over seventy percent,

Donorschoosepreparesmaterialsaslistedonthe“whereyourdonation

goes”oftheweb-siteanddelivery ofteacher.Thereafter,the“where

yourdonationgoes”showstheguaranteeofdetailsofusage,suchas

cost,quantityandmaterials.Thisinformationisoneoftheperformances

ontransparency.

Ifdonationiscollectedbelow 70percent,themoneyreceivedfrom the

crowdfundingisreturnedtodonors.However,thisweb-sitewouldliketo

giveoptionalchoicestodonors,(1)todonatetoadifferentproject,and

(2)tosendaDonorschoose.orggiftcardtotheteacherwithouttaxes.

Donorschoose makes donors to keep fundraising repeatedly on the

web-siteduringthisprocess.

After delivering allmaterials,there is obviously no monetary value

rewardtodonors.However,thereisathank-youletterfordonors.The

letterliterallyimpliesappreciationmessagefrom students.

- 14 -

4.3DataSet

Asitismentionedseveraltimes,Donorschooseputsthetransparencyinto

practiceandallofrecordeddataareopenedsuchasOpenAPI.Ourfinal

datasourcesconsist364,356projectspublishedonDonorschoosebetween

2002 and 2014.Allabouttheprocessing statusofprojectshasbeen

deleted.This study,because,has funding success as the dependent

variable.

What we use in this experiment two open data “Projects“ and

“Donations”from Donorschoose.org.Projectdataprovidetheinformation

oneachofapostedprojectontheplatform suchasteachers’id,school

location,targetgoal,fundingstatus,andsoon.Donationsdatashow all

donorinformationwhichiswheretheylive,how muchtheypaid,andso

on.Usingthesehugetwodatasources,wecanfigureoutthecorrelations

betweenhypotheses.

Therefore,as follows above data set,364,356 data are leftforthis

empiricaltest.Wecollectedfourtypesofdata:(1)humancapitalwith

education,(2)humancapitalwithexperience,(3)social(network)capital,

(4)furthercontrolvariables,and(5)fundingstatus:fullyfundedornot

fullyfunded.<Tables1> and<Table2> describeforallvariablesand

thecorrelation matrix.In orderto examineourhypotheses,following

variablesareused.

- 15 -

4.4MeasurementDevelopment

4.4.1IndependentVariablesandAnalysis

HumancapitalwithEducationWeobtainedinformationabouttheproject,

suchascompositionandqualificationfrom theopenAPI. Eachofthe

projectincludesshortbiographiesofprojectorasateacher.Amongthe

information,therearetwoteachingcertificationinformation.Onthesedata

sources,theprojectoristypically ateacher.Thus,education isabout

teaching certification.Originally there are two columns of teaching

certification.

HoweverNew YorkCityTeachingFellow (NYCTF)isoneofthelargest

andmostrecognisedurbancertificationprograms(NYC,2015).Thisis

overone-fifthofthecity’smath,scienceandspecialeducationteachers

program.We created a listofall364,356 projectors (teachers)and

distinguishbyNew YorkCityTeachingFellow.

WeuseadummyvariableNew YorkCityTeachingFellow whethera

teacher possesses a qualification (1),or not (0).It is based on

Backes-Gellnerand Werner(2007)and Levieand Gimmon (2008)and

arguethateducationdegrees,aspartofhumancapital,areaneffective

signalforaventure’squality.Forthatreason,wechooseateaching

- 16 -

degreeasaproxyforeducation.

Human Capital with Experience Regarding Human capital with

experience,we follow thatDabisson and Honig (2003) use training

experienceasmakinghigherhumancapital.Moreprecisely,weusehow

many timesa projector,theteacher,hastried projectexperience.To

examinetacticknowledge,itcumulatestotaltimesofprojectsspecifically

inrelatedtopic.

Moreover,how manytimesprojectorhavefocussedsamesubjectina

project.OntheDonorschoose,theyhavesixtypesofprojecttopicsuch

asmath,science,literacyandsoon.Itshowsbyherfindahlindexfrom 0

to1.Ascloserwith1,itmeansprojectorhasalmostthesametopicona

project.Inreverse,iftheindexisnearby0,itpresentsaprojectorhas

madewith varioussubjects.In addition,wecutoffunderfourtimes

projects'data to figure outclean data result.Itcannotbe enough

opportunitytoaccumulateexperiencejustoneorthreetimes.Forthat

reason,weusednumberofpreviousprojectswithinoverlappingsubject

overfourtimes.

Social(Alliance)CapitalHumancapitalandsocial(network)capitalare

sometimesintertwined.Baum andSilberman(2004)alsomentionthathigh

humancapitalisnotonlyexistedwithlargenumberofteams,butjustat

thattimetheymayhavesocialcapital.Likewise,wemeasuretheother

projectors(i.e.Teachers)cooperationasaproxyofnetworkcapital.

- 17 -

Number of

ObservationMin Max Mean SD

Education 364356 0 1 0.02 0.14Experience 364356 0.2 1 0.48 0.19

Social(Alliance)Capital 364356 0 300 1.02 4.67

FullFunding 364356 0 1 0.84 0.37TypeofProject 364356 1 6 3.16 1.04

NtimesProject 364356 4 288 24.11 32.96Gender 364356 0 1 0.86 0.33

Location 364356 0 1 0.62 0.48

Otherprojectors,teachers,mayexactlycatchouthow manyaprojector

hasabilityandunderstandingofclassandwillmakesuccessclassusing

funding money.They arethebestpanelofjudgesandnetwork than

anyoneelse.Thus,wemeasurehow manyotherteachersparticipateand

investinaproject.Thenumberofmeasuringcanreadsupportingfrom a

networkandpossibilityofsuccess.

<Table1>

DescriptiveStatistics

Notes:Thistableshowsthemean,standarddeviation (SD),minimum

value(min),and maximum value(max)forallvariables.Thesample

covers364,356crowdfundingprojects.

- 18 -

4.4.2DependentVariablesandAnalysis

FullyFunded.Thedependentvariable,fundingsuccess,inthispaperis

identified crucialone measure.Itis FullFunded which means that

whetheraprojecthasreceivedoverthecriterionoffundingsuccesson

theplatform.Thisismadedichotomousvariablewhichisfullyfunded(1)

ornotfullyfunded(0).Thisissufficientindicatortoaccessdifferentiation

aprojectreceivesfullfundingordonotreceivefullfunding.

Asitisexplained,theDonorschoosealsohasownfundingmodelwhich

mustbecollected overseventy percentofgoal.Thereisthecolumn

“funding status”on Projectsdata.Itpresentsfourcategoriessuch as

completed,expiredandreallocated.

These are literately meaning thatcompleted is whatwe think full

funding,expired and reallocated covernotfully funded as below 70

percentageofgoalandcontinuetooptionalchoicecontinuallytodonate

anotherproject.Inthisexamination,weonlyneedtoclassifyaproject

successornot,thusalldataareapplied‘notfullfunding(0)’without

completeddata.

- 19 -

。

。 。

。 。 。

。 。 。 。

。 。 。 。 。

<Table2>

CorrelationMatrix

Notes:This table shows the Pearson correlation coefficients forthe

variablesinTable1.***,**and*indicatestatisticalsignificanceatthe

1%,5% and10% levels,respectively.

- 20 -

4.4.3ControlVariables

GenderInmostresearches,genderhasbeenfoundtobeasignificant

factorintheprobabilityofestablishingaventure.LocationLocationhas

alsobeenanassociatedfactor.Thesevariablesareabsorptivecapacityof

the implementing a projecton crowdfunding.We include these two

variablesascontrols.

5.RESULTS

<Table3> presentslogisticreasonsforthefullfundraisingoffunding

success on independentvariable.We explore whetherand how fully

funded projectdifferfrom non-fully funded projects in terms ofthe

describedattributesofprojectquality.Forthatreason,weonlyusea

univariate analysis with stepwise and interaction techniques which is

testingthefullfundingofaproject.

Within theoriginallargerdata,wefind missing valuesforindividual

variables.Weexcludethese casesforthe mostdetailed analyses.In

subsequentanalyses,weusethereducedsampleof364,356projects,and

wefindwhereallprojectsoffercompleteinformationforallattributesof

- 21 -

quality.Mostimportantly,<Table3> showsthathigherexperiencelevel

is associated with non-fully funded projects which supports our

hypothesis2.

We also found that high level of experience combined with the

networking powerhas interaction between two variables to make a

positiveeffectoftheindependentvariable.Thisiskindofbiginteresting

points.Becausebeforestarting empiricaltest,wedonothaveaclear

predictionabouttherelationshipwithfundingsuccess.

For the controlvariables,we find very limited evidence of stable

relationships with funding success.Therefore,we find a significant

supportforourhypothesis 1 and 3.These two dependentvariables

positivelyaffectsfundingsucess. Ontheotherhand,thereisnoinitial

supportfor hypothesis 2.Even ifitmakes up interaction between

hypothesis2and3.

Tobedetailedexplainingtheresults,allofindependentvariableshave

correlationwiththedependentvariable.Whenaprojectorhasasmuchas

higherlevelsofeducation,theprojectpositivelyaffecttoincreasefunding

success.Inaddition,social(alliance)capitalhasparallelcorrelationwith

fundingsuccess.Itisexistedondonationcrowdfunding,althoughitis

calledcrowdfunding.

Unfortunately,hypothesis2aslevelofexperienceisnotsupportedbythe

data.Thelevelofexperienceworksnegativelyeffectonfundingsuccess.

Itmeansthatwhenaprojectorhasbeentriedalotoftimeswiththe

- 22 -

Estimate Pr(>|z|)IndependentvariablesEducation 0.672 .000Experience -0.222 .000Social(Alliance)Capital 0.034 .000Experience:Social(Alliance)Capital 0.038 .000

ControlvariablesGender 0.789 .000Location 1.052 .000

same subject on crowdfunding, it may affect unfavorably to the

projector’sabilityandpreviousresultoftheprojects.Thiscanbringthe

distrustcapabilityofprojectorandwillleadlackoffundraising.

<Table3>

Logisticregression,

Notes:Thistablepresentstheresultbylogisticregression.Tobemore

valuableresult,itusedstepwiseandinteractiononlogisticregression.

6.ImplicationsandLimitations

Research on donation crowdfunding has nothad much progress,and

naturally a lot of interesting unanswered questions remain.In the

following,itgivessomeimplicationsandlimitationsoftheresearch.

- 23 -

Firstofall,itcanhelpforbothpractitionersandevenpolicymakers.The

reasonforthat,awordofcrowdfundingisnotonlycreatedrecentlybut

alsoithavetodeveloprelevantregulations.Becauseitisoneoffinancial

categoriesmarket.Inthismeaning,itcanbehelpfuldevelopinginthe

other expanding crowdfunding market.According to Breaking Banks

writtenbyBrettKing(2014),thereisimpactsentence“inthenext10

years,wewillseemoredisruption and changes to thebanking and

financialindustrythatnwehaveseem inthepreceding100years.”Our

findings offer guidance to make a successful project and brisk

crowdfundingmarket.

Second ofall,there are notenough previous studies aboutdonation

crowdfunding,evenitistheoriginalform ofit.Almosttheoreticaland

empiricalresearchhasbeentakingaboutrewardfundingmodel.Atthis

time,thereporthighlightsdonationcrowdfundingmarketwithempirical

test,althoughitisjustasmallsteptobegeneralizedtotheconceptual

model.

Finally,thefindingconductanempiricalexaminationoftheprojectquality

attributes.Human capitaland socialcapitalpresent to be a good

investmentbyincreasingtheprobabilityofsomeoneintheenteringintoa

nascentprocess (Davidsson,P.,& Honig,B,2003).We demonstrate

managerialstrategiesandthesetwotheoreticalperspectivesatthetimeof

crowdfundingexpansion.

- 24 -

Whilewebelievewehavedeveloped hypothesesand model,wealso

know ithasmany controversiallimitations.First,wechoosethedata

sourcefrom uniquecharactercrowdfundingsuchasclass.Itiskindof

donationcrowdfunding,buttheyhavearestrictionofsubjectandothers.

Forthatreason,iftheresearchmakesidentifyingandcomparedonation

crowdfundingandanotherdonationcrowdfundingornotspecificdonation

project.Thenitmaybringmorepreciseresulttofigureoutsignalingon

donationcrowdfunding.Evenifweusednolackofdataquantity,weare

limitedingeneralisingourfindingwidely.Thismayaffecttoeducation

donationcrowdfunding.

Another,thisisonly focusedon sideoftheproject.Asthetopicof

crowdfunding,thisisnotoverdecaderesearch.Itmayneedplentyof

theoreticalandempiricalstudytofigureoutwhatcrowdfundingmarket

hasdifferentcharacterswithnormalmarketandhow fundersmay be

motivatedbynon-monetaryrewardsandwhicharedominanteffectsin

patronageandreward-basedcrowdfunding(Molick,2014).Unfortunately,

thisstudyonlyfindsabouttheproject.Thus,afurtherempiricalstudy

would be needed to individualfunders and donors’decision making

processes.

- 25 -

7.CONCLUSION

Thispaperisan empiricalexamination oftheeffectivenessofproject

quality attributes.Thedatahighlighthow importantthelevelofeach

variable in a donation crowdfunding context. It demonstrates the

importanceofhumancapitalwitheducation,asmeasuredbythelevelof

theprojector’s with certification and social(alliance)capital.Wealso

found somewhatsurprisingly,thathuman capitalwith experience as

measured by previous history ofprojects had little orno significant

impacton funding success.In addition,thereare interaction relations

betweenhumancapitalwithexperienceandsocial(alliance)capital.

Ourfindingshaveinterestingimplicationsforbothpractitionersandpolicy

makers.Forprojectorsthatusedonationcrowdfunding,thedatasuggest

thatretainingalotofprojectexperiencetypicallyaboutsamesubjectcan

beinterpreted as effectivesignalsthatcan increasethelikelihood of

fundingsuccess.Moreover,internalgovernancesuchaseducationlevelof

projectorandlinkageofprojectorcanenhancethelikelihoodofattracting

investorsaswellasfundraising.Furthermore,from interactionofdata,it

figuresouttherelationshipbetweenthehighlevelofpreviousexperience

withinthesametopicandlinkageofprojectorbringfundingsuccess.

Inthistimeofexpandingdonationcrowdfunding,ourdatahighlightthe

factthattheparticipantsonthedonationcrowdfundingsitesourresearch

- 26 -

seem todifferentiateamongtheattributesofprojectqualityandvaluable

signals.Crowdfunding,atthispoint,theindustryisstillinitsinfancyfor

allpoliciesandresearch.From theempiricaltest,wehopesuchissues

willbeexploredfurthermoretothepersonsconcerned.

- 27 -

References

Aaker,J.,Vohs,K.D.,& Mogilner,C.(2010).Nonprofitsareseenas

warm andfor-profitsascompetent:Firm stereotypesmatter. Journalof

ConsumerResearch, 37(2),224-237.

Ackerman,P.L.,& Humphreys,L.G.(1990).Individualdifferencestheory

inindustrialandorganizationalpsychology.Handbook ofindustrialand

organizationalpsychology,1,223-282.

Ahlers,G.K.,Cumming,D.,Günther,C.,& Schweizer,D.(2015).

Signalinginequitycrowdfunding.EntrepreneurshipTheoryandPractice.

Backes-Gellner,U.,& Werner,A.(2007).Entrepreneurialsignaling via

education:A success factor in innovative start-ups. SmallBusiness

Economics, 29(1-2),173-190.

Barnett,C.(2013).Top 10Crowdfunding SitesForFundraising.New

York:Forbes.

Bates,T.(1995).Self-employmententryacrossindustrygroups.Journal

ofBusinessVenturing,10(2),143-156.

Bates, T. (1998). Survival patterns among newcomers to

franchising. JournalofBusinessVenturing, 13(2),113-130.

Baum,J.A.,& Silverman,B.S.(2004).Picking winnersorbuilding

- 28 -

them? Alliance,intellectual,and human capitalasselection criteria in

venturefinancingandperformanceofbiotechnologystartups.Journalof

businessventuring,19(3),411-436.

Baum,J.R.,Locke,E.A.,& Smith,K.G.(2001).A multidimensional

modelofventuregrowth.Academyofmanagementjournal,44(2),292-303.

Becker,G.S.(1964).Humancapitaltheory.Columbia,New York.

Becker,W.A.(1964).Manualofprocedures in quantitative genetics.

Manualofproceduresinquantitativegenetics.

Bottazzi,L.,DaRin,M.,& Hellmann,T.(2008).Whoaretheactive

investors?:Evidencefrom venturecapital.JournalofFinancialEconomics,

89(3),488-512.

Boxman,E.A.,DeGraaf,P.M.,& Flap,H.D.(1991).Theimpactof

socialandhumancapitalontheincomeattainmentofDutchmanagers.

Socialnetworks,13(1),51-73.

Bradford,C.S.(2012).Crowdfunding and thefederalsecurities laws.

ColumbiaBusinessLaw Review,2012(1).

Brüderl,J.,& Preisendörfer,P.(1998).Networksupportandthesuccess

ofnewlyfoundedbusiness.Smallbusinesseconomics,10(3),213-225.

Chung,S.A.,Singh,H.,& Lee,K.(2000).Complementarity,status

similarity and socialcapitalasdriversofallianceformation.Strategic

managementjournal,21(1),1-22.

- 29 -

Coleman,J.S.(1988).Socialcapitalin thecreation ofhuman capital.

Americanjournalofsociology,S95-S120.

Coleman,J.S.(1990).Foundationsofsocialtheory Belknap Pressof

HarvardUniversityPress.Cambridge,MA.

Connelly,B.L.,Certo,S.T.,Ireland,R.D.,& Reutzel,C.R.(2011).

Signaling theory:A review and assessment.JournalofManagement,

37(1),39-67.

Cooper,A.C.,Gimeno-Gascon,F.J.,& Woo,C.Y.(1994).Initialhuman

andfinancialcapitalaspredictorsofnew ventureperformance. Journalof

businessventuring, 9(5),371-395.

Daniel,M.(2014).Whatis Fintech?.WhartonFintech.Retrieved from

http://www.whartonfintech.org/blog/what-is-fintech/

DavidM.F& Matthew R.N.(2015).A BriefHistoryofCrowdfunding:

Including Rewards,Donation,Debt,and Equity Platformsin theUSA.

2014-2015FreedmanandNutting.

Davidsson,P.,& Honig,B.(2003).Theroleofsocialandhumancapital

among nascent entrepreneurs. Journal of business venturing, 18(3),

301-331.

DeBuysere,K.,Gajda,O.,Kleverlaan,R.,Marom,D.,& Klaes,M.(2012).

A framework for European crowdfunding. European Crowdfunding

Network (ECN).Retrieved atwww.europecrowdfunding.org/european_

- 30 -

crowdfunding_framework.

Donorschoose. (2015). Donorschoose How It Work. Retrieved from

http://www.donorschoose.org/about

Donorschoose.(2015).Donorschoose visualize impact.Retrieved from

http://data.donorschoose.org/visualize-impact/

Granovetter,M.(1992).Economicinstitutionsassocialconstructions:a

frameworkforanalysis.Actasociologica,35(1),3-11.

Hoang, H., & Antoncic, B. (2003). Network-based research in

entrepreneurship:A criticalreview.Journalofbusinessventuring,18(2),

165-187.

Hunter,J.E.(1986).Cognitiveability,cognitiveaptitudes,jobknowledge,

andjobperformance.Journalofvocationalbehavior,29(3),340-362.

King, B. (2014). Breaking Banks: The Innovators, Rogues, and

StrategistsRebootingBanking.JohnWiley& Sons.

Kleemann,Frank,G.GunterVossandKerstinRieder.(2008).Un(der)paid

Innovators:The CommercialUtilization of Consumer Work through

Crowdsourcing.Science,Technology& InnovationStudies4:1,5-26.

Lambert,T.,& Schwienbacher,A.(2010).An empiricalanalysis of

crowdfunding.SocialScienceResearchNetwork,1578175.

Levie,J.,& Gimmon,E.(2008).Mixed signals:why investors may

misjudgefirsttimehigh technology venturefounders.VentureCapital,

- 31 -

10(3),233-256.

Looker. (2015). Loocker visualization. Retireved from

https://hackingeducation.looker.com/login

Mincer,J.(1974).Schooling,Experience,andEarnings.HumanBehavior&

SocialInstitutionsNo.2.

Mollick,E.(2014).Thedynamicsofcrowdfunding:Anexploratorystudy.

JournalofBusinessVenturing,29(1),1-16.

NYC. (2015). Alternative Routes to Certification. Retrieved from

http://teachnyc.net/certification/alternative-routes-to-certification

Penrose,E.T.(1995).TheTheoryoftheGrowthoftheFirm.Oxford

universitypress.

Robb,A.& Robinson,D.(2014).Thecapitalstructuredecisionsofnew

firms.Review ofFinancialStudies,27,153–179.

Robinson,P.B.,& Sexton,E.A.(1994).Theeffectofeducationand

experienceon self-employmentsuccess.JournalofbusinessVenturing,

9(2),141-156.

Schultz,T.W.(1959).Investmentin man:An economist'sview.The

socialServicereview,109-117.

Shane,S.,& Venkataraman,S.(2000).Thepromiseofentrepreneurshipas

afieldofresearch.Academyofmanagementreview,25(1),217-226.

- 32 -

Teece, D. J. (1992). Competition, cooperation, and innovation:

Organizationalarrangementsforregimesofrapidtechnologicalprogress.

JournalofEconomicBehavior& Organization,18(1),1-25.

Unger,J.M.,Rauch,A.,Frese,M.,& Rosenbusch,N.(2011).Human

capitalandentrepreneurialsuccess:A meta-analyticalreview.Journalof

BusinessVenturing,26,341–358.

Villena,V.H.,Revilla,E.,& Choi,T.Y.(2011).Thedarksideofbuyer–

supplierrelationships:A socialcapitalperspective.JournalofOperations

Management,29(6),561-576.

Wellman,B.,& Frank,K.(2001).Networkcapitalinamultilevelworld:

Getting supportfrom personalcommunities.Socialcapital:Theory and

research,233-273.

- 33 -

YEAR(Month) NumberofProjects2015 (1-8) 891862014 (1-12) 170,3032013 (1-12) 1313012012 (1-12) 1176182011 (1-12) 1041862010 (1-12) 864442009 (1-12) 635462008 (1-12) 480302007 (1-12) 316022006 (1-12) 202882005 (1-12) 92142004 (1-12) 45662003 (1-12) 19672002 (9-12) 514

Total 878776

APPENDIXES

Appendix1:NumberofprojectsonDonorschoose

- 34 -

Appendix2:Totalamountdonationandprojectfunded

byDonorschooseData

- 35 -

[국문 록]

최근 몇 년간 IT 기술발 은 매우 빠르게 진행되고 있다.그러나 반면, 재

의 시장은 제품과 서비스가 풍족함을 넘어서 과포화 상태로 어들고 있어

다수 사람이 새로운 사업에 한 갈망이 있었다.이 결과 IT 발 과 더불

어 ICT 융합이라는 새로운 비즈니스 역 개발이 최근 들어 많은 이목을 끌

고 있으며,이 핀테크라는 개념이 발생하게 되었다.

핀테는 융과 IT의 목된 신조어로서 효율 인 융 서비스 산업으로

정의되고 있다 (Daniel,2014).핀테크 산업 분야 크라우드 펀딩은 침체한

융 경제 경기 활성의 하나의 방안으로서 많은 이목을 끌고 있다.이번 연

구에서도 집 으로 보고자 한 크라우드 펀딩은 어떠한 특정 목 을 해

인터넷에서 경제자원을 단순 기부 혹은 보상의 조건으로 지지받은 상이라

설명된다 (LambertandSchwienbacher,2010).

재 세계 으로 크라우드 펀딩을 통해 자 모 을 성공 으로 이룬 많은 사

례가 보이지만 셀 수 없이 수많은 크라우드 펀딩 로젝트들이 모 에 있어

실패에 직면하고 있다.이에 이번 연구를 통해 학문 으로 혹은 실용 인 면

에서 크라우드 펀딩의 성공 지표가 될 수 있도록 노력하 다.그리하여 본

연구는 기부형 크라우드 펀딩에서 로젝트 리자가 효과 으로 기부자들을

설득하여 자원을 지원 가능할지에 한 주제로 진행되었다.특히

로젝트의 질 수 에 따른 성공 인 기부 정도를 악하는 데 주력하 다.

로젝트의 수 을 단하는 요소를 교육으로부터 발생하는 인 자본,경험

- 36 -

으로부터 발생하는 인 자본,그리고 상호 간의 이익을 해 동맹으로 발생

하는 사회 자본을 사용하 다.

특히 여러 가지 크라우드 펀딩 사업 모델 기부형을 선택한 이유는 크라우

드 펀딩의 시 이며 부분의 기존 연구들이 사업과 직결되며 기부형을 바탕

으로 발 한 보상 형, 출형,그리고 투자형 주제로 활발히 진행되고 있었

다.이에 이번 연구를 통해 기부형 크라우드 펀딩을 재조명하며 실사용자와

련 정책을 성립함에 학문 실무 의의를 기여하고 싶었다.

실증 연구를 바탕으로 하기 해 기부형 크라우드 펀딩 제일 활발하

게 진행되고 있는 Donorschoose.org라는 미국의 기부형 크라우드 펀딩의 데

이터를 사용하게 되었다.기부와 로젝트에 한 발생한 실제 데이터를 통

해 로젝트 리자의 교육 여부, 련 주제로의 로젝트 경험 정도,그리고

다른 로젝트 리자들로부터 발생한 업 기부 정도를 측정하여 성공 인

모 발생과의 상 계를 확인하 다.

성공 인 모 의 기 이란 Donorschoose.org와 다른 부분의 크라우드 펀딩

에서 사용되는 기 인 all-or-nothing으로 정하 다.즉,기 이상의 모 이

발생하면 모 성공 혹은 기 미만으로 발생하면 모 실패가 되는 이분형

범주 값을 사용하 다.

결과 으로 로젝트 리자의 교육 여부는 성공 인 크라우드 펀딩에 정

인 향을 미치는 것을 확인하 으며, 한 다른 로젝트 리자들로부터

발생한 상호 간의 업 여부도 크라우드 펀딩 성공과 정 인 상 계인

것을 데이터 결과로 증명하 다.그러나 불행히도 련 주제의 크라우드 펀

딩 경험은 오히려 성공 인 크라우드 펀딩이 발생하는 요소로서 부정 인

- 37 -

향을 미치는 것으로 확인되었다.

주요어:기부형 크라우드펀딩,Donorschoose,크라우드 펀딩 성공 요인,인

자원,사회 자원,핀테크

학 번:2014-20399