Randomized trial identifies optimal allocation strategies for excess funds in crowdfunding, suggesting context-dependent approaches for entrepreneurs.
Key Points
The study aims to provide a structured decision-support framework for efficiently allocating excess funds in crowdfunding based on typology and overfunding degree.
Developed a hierarchical decision-support framework for evaluating capital allocation strategies
Analyzed nine contexts (three crowdfunding typologies and three overfunding gradients)
Identified critical factors influencing strategy selection and outlined five strategic options.
Reward-based crowdfunding focuses on quality enhancement with lower overfunding, while equity-based prioritizes capital retention.
Debt-based crowdfunding tends to return funds when facing high overfunding to manage leverage risks.
The study demonstrates varying critical factors for stakeholder management based on overfunding severity.