Page 157 - 臺大管理論叢第32卷第2期

NTU Management Review Vol. 32 No. 2 Aug. 2022

based on a representative sample of crowdfunding projects in Taiwan.

7. Conclusion

While a majority of empirical crowdfunding research mainly focuses on how
campaign-related attributes affect the success of crowdfunding projects, our research
provides novel insights into the determinants of campaign fundraising performance. In

particular, our research finds that an increase in bystanders of a project will undermine
project fundraising performance. Further investigation reveals that project legitimacy and
project duration can mitigate the negative bystander effect on the amount of fundraising.
Overall, our study advances scholarly and practitioner knowledge about the role of
bystanders on the crowdfunding platform.

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