Journal Screenshot

International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Understanding Crowdfunding via Social Media: A Review of the Relevancy of Previous Studies

Ahmad Amru Mohamad Zaid, Ab Razak Che Hussin

http://dx.doi.org/10.6007/IJARBSS/v14-i1/20528

Open access

Crowdfunding has emerged as an alternative financing method, enabling individuals and organizations to raise funds through small contributions from a large number of people. Social media platforms such as Facebook, Twitter, and Instagram have played a pivotal role in the success of crowdfunding initiatives. Utilizing social media, creators can reach a wider audience, share their campaigns, and connect with potential supporters who share similar interests. As a result, crowdfunding via social media has gained significant popularity in recent years. This study aims to examine the relevance and rigour of current research on crowdfunding via social media through a comprehensive review of past studies. By addressing the existing literature gaps, we seek to contribute to a better understanding of this phenomenon. Specifically, we will expand on prior research and identify key areas that require further exploration. The findings of this study will provide valuable insights for researchers, enabling them to generate more meaningful and comprehensive studies that contribute to the growth of crowdfunding via social media. By exploring these aspects, this study aims to advance knowledge and address the existing gaps in the literature.

Abdeldayem, M. M., & Al Dulaimi, S. H. (2022). The dynamics of crowdfunding campaigns in the Middle East: Does social capital matter? Zbornik Radova Ekonomskog Fakulteta u Rijeci: ?asopis Za Ekonomsku Teoriju i Praksu, 40(1), 63–78.
Appiah?Otoo, I., Song, N., Acheampong, A. O., & Yao, X. (2022). Crowdfunding and renewable energy development: What does the data say? International Journal of Energy Research, 46(2), 1837–1852.
Baber, H. (2020). Intentions to participate in political crowdfunding- from the perspective of civic voluntarism model and theory of planned behavior. Technology in Society, 63, 101435. https://doi.org/10.1016/J.TECHSOC.2020.101435
Bernardino, S., Santos, J. F., & Oliveira, S. (2021). The impact of social media and e-WOM on the success of reward-based crowdfunding campaigns. Cuadernos de Gestión, 21(2).
Borst, I., Moser, C., & Ferguson, J. (2018). From friendfunding to crowdfunding: Relevance of relationships, social media, and platform activities to crowdfunding performance. New Media & Society, 20(4), 1396–1414.
Chen, F., Ding, J., Li, M., & Wang, B. (2021). From self?entertainment to being appreciated: how does social media transfer talent to business? Accounting & Finance, 61(5), 6113–6146.
Clauss, T., Niemand, T., Kraus, S., Schnetzer, P., & Brem, A. (2020). Increasing crowdfunding success through social media: The importance of reach and utilisation in reward-based crowdfunding. International Journal of Innovation Management, 24(03), 2050026.
Dehdashti, Y., Namin, A., Ratchford, B. T., & Chonko, L. B. (2022). The unanticipated dynamics of promoting crowdfunding donation campaigns on social media. Journal of Interactive Marketing, 57(1), 1–17.
Dikaputra, R., Sulung, L. A. K., & Kot, S. (2019). Analysis of success factors of reward-based crowdfunding campaigns using multi-theory approach in ASEAN-5 countries. Social Sciences, 8(10), 293.
Effah, K., Amuah, J. E., Dunyo, P., Akwada, G., Kalmoni, Y., Wormenor, C. M., Tetteh, S., & Akakpo, P. K. (2021). Raising Funds Through Social Media to Subsidise Cervical Cancer Screening with HPV Testing in Rural Ghana—The Battor Experience. Journal of Health Care for the Poor and Underserved, 32(3), 1136–1144.
Eisenbeiss, M., Hartmann, S. A., & Hornuf, L. (2023). Social media marketing for equity crowdfunding: Which posts trigger investment decisions? Finance Research Letters, 52, 103370.
Fietkiewicz, K. J., Hoffmann, C., & Lins, E. (2018). Find the perfect match: the interplay among Facebook, YouTube and LinkedIn on crowdfunding success. International Journal of Entrepreneurship and Small Business, 33(4), 472–493.
Erubami, J. A., Tebekaemi, P., & Egbon, K. J. (2023). Perception of Online Medical Crowdfunding Posts among Social Media Users in Nigeria. Journal of Management and Social Sciences, 8(Special Issue).
Gera, J., & Kaur, H. (2018). Investigation of parameters influencing the success of crowdfunded campaigns. Applications of Computing and Communication Technologies: First International Conference, ICACCT 2018, Delhi, India, March 9, 2018, Revised Selected Papers 1, 275–285.
Guest, C., & McGloin, R. (2021). The Future of Fundraising: Motivations for Participating in Facebook Fundraisers and Implications of Social Capital. The Journal of Social Media in Society, 10(1), 1–21.
Hapsari, N. S., & Sulung, L. A. K. (2021). The Role of Social Capital and Reward Factor in the Success of Crowdfunding Project Fundraising: Case Study of Emerging Market Countries. Asia-Pacific Research in Social Sciences and Humanities Universitas Indonesia Conference (APRISH 2019), 591–599.
Huang, Z., Ouyang, J., Huang, X., Yang, Y., & Lin, L. (2021). Explaining donation behavior in medical crowdfunding in social media. SAGE Open, 11(2), 21582440211014520.
Jin, Y., Ding, C., Duan, Y., & Cheng, H. K. (2016). Click to success? Temporal Effects of Facebook Like on Crowdfunding. Temporal Effects of Facebook Like on Crowdfunding (August 31, 2016). Forthcoming at Journal of the Association for Information Systems (Jan 10, 2020).
Junia, A., & Mani, L. (2021). Factors influencing consumer attitude and corporate image on donation decisions through crowdfunding platform.
Kaur, H., & Gera, J. (2017). Effect of Social Media Connectivity on Success of Crowdfunding Campaigns. Procedia Computer Science, 122, 767–774.
https://doi.org/https://doi.org/10.1016/j.procs.2017.11.435
Kazaure, M. A., Abdullah, A. R., Jantan, A. H., & Zawawi, D. B. (2020). Influences of TPB variable on SMEs intention to adopt online crowdfunding services in Nigeria. International Journal of Advanced Science and Technology, 29(4), 981–993.
Koole, M. A. C., Kauw, D., Winter, M. M., & Schuuring, M. J. (2018). A successful crowdfunding project for eHealth research on grown-up congenital heart disease patients. International Journal of Cardiology, 273, 96–99.
Lee, C. H., & Zhao, J. L. (2022). Social media engagement and crowdfunding performance: The moderating role of product type and entrepreneurs’ characteristics. Journal of the Association for Information Science and Technology, 73(11), 1559–1578.
Li, B., Hou, F., Guan, Z., & Chong, A. Y. L. (2022). The use of social media for a better world: roles of social experience, empathy and personal impulsiveness in charitable crowdfunding. Information Technology & People, ahead-of-print.
Li, J. J., Chen, X.-P., Kotha, S., & Fisher, G. (2017). Catching fire and spreading it: A glimpse into displayed entrepreneurial passion in crowdfunding campaigns. Journal of Applied Psychology, 102(7), 1075.
Lynn, T., Rosati, P., Nair, B., & Mac an Bhaird, C. (2020). An exploratory data analysis of the# crowdfunding network on Twitter. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 80.
Manggarani, C. A., & Ahmad, Z. A. (2020). The Determining Factors of Student Intention to Donate in Social Crowdfunding Media. Hasanuddin Economics and Business Review, 4(1), 7–14.
Mark, E., Sridharan, M., Florenzo, B., Schenck, O. L., Noland, M.-M. B., Barbieri, J. S., & Lipoff, J. B. (2022). Crowdsourcing Medical Costs in Dermatology: Cross-sectional Study Analyzing Dermatologic GoFundMe Campaigns. JMIR Dermatology, 5(2), e34111.
Matanji, F. (2019). WhatsApp and mobile money: Ameliorating crowdfunding for social change in Kenya. Asia Pacific Media Educator, 29(2), 237–248.
Nisar, T. M., Prabhakar, G., & Bourlakis, M. (2022). Unravelling influential individual level factors during a crowdfunding campaign: Insights from the ALS ice bucket challenge. Technological Forecasting and Social Change, 175, 121342.
Park, S.-Y., & Loo, B. T. (2022a). The Use of Crowdfunding and Social Media Platforms in Strategic Start-up Communication: A Big-data Analysis. International Journal of Strategic Communication, 16(2), 313–331.
Park, S.-Y., & Loo, B. T. (2022b). The Use of Crowdfunding and Social Media Platforms in Strategic Start-up Communication: A Big-data Analysis. International Journal of Strategic Communication, 16(2), 313–331.
Prokofieva, M., & Miah, S. J. (2020). Promoting social media analytics in capital raising: a design science-based approach. Social Network Analysis and Mining, 10, 1–17.
Prpic, J., & Shukla, P. (2013). The theory of crowd capital. 46th Hawaii International Conference on System Sciences, 3505–3514. https://ieeexplore.ieee.org/abstract/document/7427728/
Qomfo, S., Chiliya, N., Chuchu, T., Maziriri, E. T., & Ndoro, T. T. (2019). Perceptions of the effectiveness of Twitter as a crowdfunding communication tool for raising university fees.
Rodriguez-Ricardo, Y., Sicilia, M., & López, M. (2019). Altruism and internal locus of control as determinants of the intention to participate in crowdfunding: the mediating role of trust. Journal of Theoretical and Applied Electronic Commerce Research, 14(3), 1–16.
Sahaym, A., Datta, A. A., & Brooks, S. (2021). Crowdfunding success through social media: Going beyond entrepreneurial orientation in the context of small and medium-sized enterprises. Journal of Business Research, 125, 483–494.
Saleh, S. N., Lehmann, C. U., & Medford, R. J. (2021). Early crowdfunding response to the COVID-19 pandemic: cross-sectional study. Journal of Medical Internet Research, 23(2), e25429.
Sathirakul, N. (2022). Financial Return Crowdfunding in Thailand and Investor Motivation Mechanism. APHEIT International Journal, 11(2), 72–86.
Saxton, G. D., & Wang, L. (2014). The social network effect: The determinants of giving through social media. Nonprofit and Voluntary Sector Quarterly, 43(5), 850–868.
Shahab, Y., Riaz, Y., Ntim, C. G., Ye, Z., Zhang, Q., & Feng, R. (2021). Online feedback and crowdfunding finance in China. International Journal of Finance & Economics, 26(3), 4634–4652.
Sidiq, R., Sofro, S., Jalil, A., & Achmad W, R. W. (2021). Virtual World Solidarity: How Social Solidarity is Built on the Crowdfunding Platform Kitabisa. com. Webology, 18(1).
Silva, L., Silva, N. F., & Rosa, T. (2020). Success prediction of crowdfunding campaigns: a two-phase modeling. International Journal of Web Information Systems, 16(4), 387–412.
Sirisawat, S., Chatjuthamard, P., Kiattisin, S., & Treepongkaruna, S. (2022). The future of digital donation crowdfunding. PLoS One, 17(11), e0275898.
Snyder, J., Goldenberg, M. J., Crooks, V. A., & Katz, R. (2022). Crowdfunding narratives and the valuation of vaccines for COVID-19. Vaccine, 40(36), 5295–5298.
Szabó, R. Z., Szász, R., & Szedmák, B. (2021). Demand and supply sides of the crowdfunding ecosystem: The case of Kickstarter campaigns and potential Hungarian investors. Society and Economy, 43(2), 165–183.
Teixeira, L. M., & Jorge, A. (2021). Crowdfunding Platforms in the Political Economy of Alternative Media. Comunicação e Sociedade, 39, 183–202.
Tosatto, J., Cox, J., & Nguyen, T. (2022). With a little help from my friends: The role of online creator-fan communication channels in the success of creative crowdfunding campaigns. Computers in Human Behavior, 127, 107005.
Vhatkar, H. V., Singh, H. G., Sonavane, A. S., Singh, S., & Pulgam, N. (2023). Crowdfunding using Blockchain. 2023 11th International Conference on Emerging Trends in Engineering & Technology-Signal and Information Processing (ICETET-SIP), 1–6.
Vrontis, D., Christofi, M., Battisti, E., & Graziano, E. A. (2021). Intellectual capital, knowledge sharing and equity crowdfunding. Journal of Intellectual Capital, 22(1), 95–121.
Wolfe, M. T., Patel, P. C., & Manikas, A. S. (2021). Shock and awe: Loudness and unpredictability in Twitter messages and crowdfunding campaign success. Journal of Innovation & Knowledge, 6(4), 246–256.
Wu, C. H.-J., Atmaja, F. T., Ko, Y.-C., & Guttena, R. K. (2022). Backer funding intention in reward-based crowdfunding: service-dominant logic and stimulus-organism-response perspectives. International Journal of Bank Marketing, ahead-of-print.
Xiao, Y., & Watson, M. (2019). Guidance on conducting a systematic literature review. Journal of Planning Education and Research, 39(1), 93–112.
Xue, F., & Zhou, L. (2022). Understanding social influence in Facebook fundraising: Relationship strength, immediacy of needs, and number of donations. Journal of Philanthropy and Marketing, e1749.
Yang, X., Zhao, K., Tao, X., & Shiu, E. (2019). Developing and validating a theory-based model of crowdfunding investment intention—Perspectives from social exchange theory and customer value perspective. Sustainability, 11(9), 2525.
Yeh, J.-Y., & Chen, C.-H. (2020). A machine learning approach to predict the success of crowdfunding fintech project. Journal of Enterprise Information Management, ahead-of-print.
Yin, C., Liu, L., & Mirkovski, K. (2019). Does more crowd participation bring more value to crowdfunding projects? The perspective of crowd capital. Internet Research.
Yumna, F., & Sulung, L. A. K. (2021). Interconnection Between Information Mechanism on Crowdfunding Platforms and Product Launch Decision on the Market: Case Study of ASEAN-Five Countries. Asia-Pacific Research in Social Sciences and Humanities Universitas Indonesia Conference (APRISH 2019), 563–570.
Zenone, M. A., & Snyder, J. (2020). Crowdfunding abortion: an exploratory thematic analysis of fundraising for a stigmatized medical procedure. BMC Women’s Health, 20(1), 1–7.
Zhang, C., Campana, P. E., Liu, C., Wang, K., & Yan, J. (2019). Crowdfunding preferences for a sustainable milk product with integrated photovoltaic water pumping system in China. Applied Energy, 255, 113694.
Zhou, S., & Kuo, C. (2018). How social media are changing nonprofit advocacy: Evidence from the crowdfunding platform in Taiwan. The China Nonprofit Review, 10(2), 349–370.

(Zaid & Hussin, 2024)
Zaid, A. A. M., & Hussin, A. R. C. (2024). Understanding Crowdfunding via Social Media: A Review of the Relevancy of Previous Studies. International Journal of Academic Research in Business and Social Sciences, 14(1), 1131–1147.