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How Do Crowdfunding Intermediaries Perform Financial Intermediation? Mechanisms And Archetypes
Type
working paper
Date Issued
2019
Author(s)
Abstract (De)
Crowdfunding emerged as new way of funding by matchmaking capital givers and seekers. However, traditional financial intermediation theory falls short in explaining how crowdfunding brings demand and supply for capital to equilibriums. We thus develop a system theory of crowdfunding intermediation by unraveling specific mechanisms of crowdfunding intermediation and identifying dominant configurations of them. Following a mixed method approach, we collect data on implemented crowdfunding intermediation mechanisms by content-analyzing 160 crowdfunding intermediaries. We then apply unsupervised and supervised machine learning techniques in order to identify three timely robust archetypes of crowdfunding intermediation – philanthropic, hedonistic, and profit-oriented crowdfunding. This study contributes to crowdfunding literature by proposing a theory of crowdfunding intermediation that unravels the inner workings of crowdfunding intermediaries and reflects a theoretically grounded, empirically validated, and temporally stable taxonomy of crowdfunding intermediaries. Further, it extends financial intermediation theory by improving the understanding of how the Internet disrupts traditional financial intermediation.
Language
English
Keywords
Crowdfunding
Crowdfunding Intermediation
Financial Intermediation
System Theory
Cluster Analysis
Survival Analysis
Alignment
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Business Innovation
Pages
1
Subject(s)
Division(s)
Eprints ID
257437