My money endorses my campaign : the influence of entrepreneur's self-pledge on crowdfunding campaign success

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Zhao, Liang and Sun, Zhe and Ngowi, Carolyn and Donbesuur, Francis (2025) My money endorses my campaign : the influence of entrepreneur's self-pledge on crowdfunding campaign success. Technovation, 147. 103311. ISSN 0166-4972 (https://doi.org/10.1016/j.technovation.2025.103311)

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Abstract

This study investigates the influence of entrepreneurs' self-pledge (ESP)—personal financial contributions to their own campaigns—on the success of reward-based crowdfunding. Drawing on Impression Management (IM) theory, we explore how ESP functions as a strategic tactic to signal commitment and credibility, shaping backers' perceptions of campaign quality. Using a dataset of 1287 campaigns from Zhongchou, China's leading reward-based crowdfunding platform, our analysis reveals that ESP significantly enhances campaign success, measured by funding achievement, total pledges, and fundraising ratios. This effect is partially mediated by perceived campaign quality, reflected in signals like videos and descriptions. These findings extend IM theory by applying it to crowdfunding's unique emotional and symbolic context, providing actionable insights for entrepreneurs and platform operators to improve fundraising outcomes.

ORCID iDs

Zhao, Liang ORCID logoORCID: https://orcid.org/0000-0001-8481-9926, Sun, Zhe, Ngowi, Carolyn and Donbesuur, Francis;
CORE (COnnecting REpositories)