Third-Party Signals in Crowdfunded Microfinance: The Role of Microfinance Institutions

被引：45

作者：

Anglin, Aaron H. ^{[1
]}

Short, Jeremy C. ^{[2
]}

Ketchen, David J., Jr. ^{[3
]}

Allison, Thomas H. ^{[4
]}

McKenny, Aaron F. ^{[5
]}

机构：

[1] Texas Christian Univ, Dept Entrepreneurship & Innovat, Ft Worth, TX 76129 USA

[2] Univ Oklahoma, Price Coll Business, Tom Love Div Entrepreneurship & Econ Dev, Norman, OK 73019 USA

[3] Auburn Univ, Dept Management, Harbert Coll Business, Auburn, AL 36849 USA

[4] Washington State Univ, Carson Coll Business, Dept Management Informat Syst & Entrepreneurship, Pullman, WA 99164 USA

[5] Univ Cent Florida, Coll Business Adm, Dept Management, Orlando, FL 32816 USA

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2020年 / 44卷 / 04期

关键词：

microfinance; crowdfunding; signaling theory; STRATEGIC MANAGEMENT RESEARCH; RELATIVE IMPORTANCE; DECISION-MAKING; PERFORMANCE; INVESTMENT; REPUTATION; NETWORKS; MATTER; MODEL; POOR;

D O I：

10.1177/1042258719839709

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Crowdfunded microfinance research has routinely examined how campaign characteristics drive funding to crowdfunding campaigns but has neglected to examine the critical role of the microfinance institution (MFI). We leverage signaling theory to contend that entrepreneurs' MFI affiliation is a salient third-party signal that shapes the performance of their crowdfunding campaign and examine how the financial and social performance of MFIs drive campaign funding. Our examination of 220,649 loans paired 173 MFIs supports our arguments. We provide insight into the importance of third-party signals in crowdfunding and into how investors seek to balance social motives with financial concerns in crowdfunded microfinance.

引用

页码：623 / 644

页数：22

共 64 条

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