题目: Infectious Confidence: Unraveling the Effects of Confidence Contagion on Overfunding in Equity Crowdfunding

演讲人: Chee-Wee Tan（陈致玮），Copenhagen Business School.

时间: 2023年6月1日下午13：30

地点: 同济大厦A楼23楼会议室

讲座摘要:

Overfunding was touted as extraordinary success in equity crowdfunding since fundraisers receive more funds than the intended funding goal. A novel theoretical lens is in demand for comprehending why funders show an exceptional level of enthusiasm in supporting certain equity crowdfunding campaigns that far exceeds their fundraisers’ original expectations. Building on extant literature on contagion effect, we construct a research model that posits confidence contagion enacted by confidence cues embedded in campaign materials as a key driver of overfunding. Our hypotheses were validated in two complementary empirical studies. In Study 1, we manipulated confidence cues in a controlled experiment to verify the enactment of confidence contagion at the individual level. Analytical results indicate that individual funders can detect self-confidence traits from confidence cues embedded in campaign materials and assimilate fundraisers’ confidence via a spontaneous social appraisal mechanism. In turn, confidence contagion can drive funders to congregate and invest in a campaign. In Study 2, we analyzed a secondary dataset collected from a leading equity crowdfunding platform to discern how confidence contagion drives overfunding at the collective level. By modeling funding activities as a Hawkes process, we derived three key metrics that govern the emergence and magnitude of funding surges. We demonstrated that these metrics of funding surges mediate the impact of confidence cues on the level of overfunding for each equity crowdfunding campaign. Findings from this study can inform future research that seeks to untangle the interdependencies between individual and collective mechanisms underlying crowd phenomena. Fundraisers who could benefit from excessive funds can harness insights from this study to strategize their campaigns. Likewise, crowdfunding platforms can leverage on our findings to predict the extent of overfunding and advise fundraisers accordingly.

演讲嘉宾简介:

Chee-Wee Tan is a Professor at the Department of Digitalization in Copenhagen Business School (CBS), an Honorary Professor of Business Analytics and Digitalization at the Nottingham University Business School China in the University of Nottingham Ningbo China (UNNC), an Adjunct Professor at the School of Business in Monash University, a Distinguished Research Scholar at the Faculty of Business in Lingnan University (LNU), a Guest Professor at the School of Management in the University of Science and Technology of China (USTC), and a Visiting Professorial Fellow at the School of Information Systems and Technology Management in University of New South Wales (UNSW). He received his Ph.D. in Management Information Systems from the University of British Columbia. His research interests focus on design and innovation issues related to digital services. His work has been published in leading peer-reviewed journals such as MIS Quarterly (MISQ), Journal of Operations Management (JOM), Information Systems Research (ISR), Journal of Management Information Systems (JMIS), Journal of the Association for Information Systems (JAIS), European Journal of Information Systems (EJIS), and Decision Support Systems (DSS), among others. Apart from his current appointment as a Senior Editor for MISQ, Chee-Wee has served or is currently serving on the editorial boards for ACM Distributed Ledger Technologies: Research and Practice (DLT), DSS, EJIS, Industrial Management & Data Systems (IMDS), IEEE Transactions on Engineering Management (IEEE-TEM), Information & Management (I&M), Information Systems Journal (ISJ), Internet Research (IntR), Journal for the Association of Information Systems (JAIS), Journal of Computer Information Systems (JCIS), Journal of Management Analytics (JMA), and JMIS. Finally, Chee-Wee is the co-director of the joint research center between CBS and the Antai College of Economics and Management (ACEM) in Shanghai Jiao Tong University (SJTU) as well as the Vice President of Publications for the Association for Information Systems (AIS).