Starjournal Quotation Acar, Oguz A., Dahl, Darren, Fuchs, Christoph, Schreier, Martin. 2021. The Signal Value of Crowdfunded Products. Journal of Marketing Research (JMR). 58 (4), 644-661.




Crowdfunding has emerged as an alternative means of financing new ventures by utilizing the financial support of a large group of individual investors. This research asks a novel question: Does being crowdfunded carry any signal value for the broader market of observing consumers? Seven studies reveal a consumer preference for crowdfunded products, even after controlling for a product’s objective product characteristics. The authors identify two inferences that help explain this effect: (1) consumers perceive crowdfunded products to be of higher quality, and (2) they believe that supporting crowdfunding reduces inequality in the marketplace. The authors further document an important boundary condition of the first inference: the identified effect reverses in high-risk domains (e.g., products that involve high physical risk) due to consumer perceptions that the crowdfunding model lacks sufficient professionalism to mitigate risk. With regard to the second inference, the authors find that the positive crowdfunding effect is particularly strong among consumers who value social equality. Taken together, this work sheds new light on consumer perceptions of crowdfunding, elucidates why and when consumers prefer crowdfunded products, and offers actionable implications for managers.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Marketing Research (JMR)
Citation Index SSCI
WU Journalrating 2009 A+
Starjournal Y
Language English
Title The Signal Value of Crowdfunded Products
Volume 58
Number 4
Year 2021
Page from 644
Page to 661
Open Access N


Schreier, Martin (Details)
Acar, Oguz A. (City University of London, United Kingdom)
Dahl, Darren (University of British Columbia, Canada)
Fuchs, Christoph (TU Munich, Germany)
Institute for Marketing Management IN (Details)
Marketing DP (Details)
Competence Center for Experimental Research WE (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5320 Marketing (Details)
5350 Innovation research (Details)
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