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How do investors decide? An interdisciplinary review of decision-making in crowdfunding

机译：投资者如何决定？众筹决策的跨学科审查

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Crowdfunding is on the rise: its volume grew 1000% in only three years and is about to outpace worldwide venture capital spending. A quickly growing body of research is exploring the emerging crowdfunding phenomenon. While the literature offers a detailed and comprehensive picture of decision-making for traditional startup financing or bank loans, it does not provide a holistic understanding of decisions to invest in crowdfunded ventures. Many individual studies investigate isolated factors that influence investor decision-making in crowdfunding campaigns without integrating the findings regarding those influences. A comprehensive view of the relevant decision-making factors is necessary to build future research on and for practitioners to gain a better understanding of how investors choose. We conduct an interdisciplinary literature review to examine which factors influence the investment decisions in crowdfunding. From an analysis of 68 articles, we construct a comprehensive framework of relevant influence factors. Even though prior research covers many factors, others have received scant attention. Especially investors' cognitive features and the context in which the investment decision is made seem to strongly influence decisions but are scarcely researched. In addition, most reviewed studies focus more on individual factors and campaign success than underlying decision processes. To highlight novel factors of crowdfunding investment decisions, we compare decision-making in traditional investments, such as venture capital and bank loans, to crowdfunding. Our findings offer new avenues for research toward understanding how the shift induced by crowdfunding changes our choices and actions. The analysis should support the endeavor to build better theories and provide a basis for further social and technological development.
机译：众筹在不断增长：它的数量在短短三年内增长了1000％，并且将超过全球风险投资的支出。快速发展的研究机构正在探索新兴的众筹现象。尽管文献提供了传统创业融资或银行贷款决策的详细而全面的描述，但并未提供对投资众筹企业的决策的全面了解。许多个体研究调查了在众筹活动中影响投资者决策的孤立因素，而没有整合有关这些影响的发现。必须全面了解相关决策因素，才能对从业人员进行进一步的研究，并使从业人员能够更好地了解投资者的选择。我们进行了跨学科的文献综述，以检查哪些因素会影响众筹中的投资决策。通过对68篇文章的分析，我们构建了相关影响因素的综合框架。即使先前的研究涵盖了许多因素，其他因素也很少受到关注。特别是投资者的认知特征和做出投资决策的环境似乎对决策有很大影响，但很少进行研究。此外，大多数经过审查的研究都将重点放在个人因素和竞选成功上，而不是基本的决策过程。为了突出众筹投资决策的新因素，我们将传统投资（如风险资本和银行贷款）的决策与众筹进行了比较。我们的发现为了解众筹引发的转变如何改变我们的选择和行动提供了新的研究途径。分析应支持建立更好的理论的努力，并为进一步的社会和技术发展提供基础。

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