通过社交媒体进行众筹外文文献翻译.docx
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通过社交媒体进行众筹外文文献翻译.docx
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通过社交媒体进行众筹外文文献翻译
通过社交媒体进行众筹外文翻译2019-2020
英文
Crowdfundingsuccessthroughsocialmedia:
Goingbeyondentrepreneurialorientationinthecontextof
smallandmedium-sizedenterprises
ArvinSahaym,AvimanyuDatta,StoneyBrooks
Abstract
Thisstudyexamineshowentrepreneurialorientation(EO)worksthroughfirmmanagers’perceivedcontributionofsocialmedia(CSM)andinfluencescrowdfundingsuccessinthecontextofpre-existingSmallandMedium-sizedEnterprises(SMEs).Asaconstruct,EOhasevolvedoverthelastthreedecades.Webuildonrecentconceptualizationswhereitispositedasabehavioralconstructthatmotivatesdirectedactions.WeproposethatEOfostersactionsandroutinesthatpredictcrowdfundingcampaignsuccess,andthatthisrelationshipismediatedbytheperceivedcontributionofsocialmediatoafirm'scampaignsuccess.Totesttheseassertions,wesurveyedprofessionalsfrom322firmswhohadconductedcrowdfundingcampaigns.Wecreatedandvalidatedourown7-itemscaleforcrowdfundingsuccesswhereweusedpre-existingscalesforEOandCSMtotestourassertions.WefoundthattheCSMmediatestherelationshipbetweenEOandcrowdfundingsuccess(CFS).Thesefindingscontributetotheliteratureonstrategicentrepreneurship,innovation,andmediastrategy.
Keywords:
Entrepreneurialorientation,Socialmedia,Crowdfunding,Survey,Strategy,Entrepreneurship
Introduction
Crowdfundingisemergingasoneofthemoreeffectivefinancingaswellasmarketingmethodsusedbydiverseentitiestofundandmarketideasandproductsbyreachingouttoinvestorsatrelativelysmalllevelsbutonalargescale(Brownetal.,2017, Parhankangasetal.,2019).Crowdfundingcampaignsrunforaspecificamountoftimeoninternet-basedplatformssuchasKickstarterandindiegogoandareconsideredsuccessfulbasedonwhethertheirfundinggoalshavebeenmet. Beaulieu,Sarker,andSarker(2015) extensivereviewoftheliteratureshowsthat“thismayprovetobetoosimplisticofaviewanddoesnotconsidertheeventsafterthecampaignends.”Whilesomecampaignsconsiderthemselvessuccessfulsimplybymeetingafundraisinggoal,thosewithfurtherbenchmarksconsidertheextenttowhichtheycoulddiffusetheirnovelideasviasocialmedia.Thisstudybroadensthescopeofcrowdfundingsuccessbydevelopingascalethatincorporatesquestionsabouttheawarenessofproducts,additionalfunding,enhancedcontributions,andsavingsincostandtimealongwithfundraisinggoals.Forthemostpart,crowdfundinghasbeenusedbyfirmswhodependonthesuccessofcrowdfundinginitiatives.Notalotofeffortisexpendedindetectingtheantecedentsofcrowdfundingfromtheperspectiveofsmallandmedium-sizedenterprises(SMEs),whichmayhaveexistedpriortoitscrowdfundinginitiatives—SMEsareorganizationswithlessthanathousandemployeesandannualrevenueoflessthan$1billion(Gartner,2018).ThispaperisthefirstofitskindtoexaminetheantecedentsofcrowdfundingsuccessforSMEs.
Asarule,theaveragenumberofemployeesandcrowdfundingamountsarehigherthanthetypicalaveragesonplatformslikeKickstarterorIndiegogo.Wedidnotsamplenascentventureswhoseexistencereliesonthesuccessofasinglecrowdfundingcampaign.Rather,wesampledpre-existingSMEsthatusedcrowdfundingtolaunchnewproducts/ideas.Forthese,theaveragenumberofemployeesandfundsraisedwouldbehigherthanmostKickstarterorIndiegogoaverages,whichincludemanysmallprojectsandbusinesseswithlessthantenemployees.
AlthoughcrowdfundingprojectsbySMEsareentrepreneurialinnature,SMEsthatareentrepreneuriallyorientedwillbeparticularlypositionedforcrowdfundingsuccess(CovinandMiller,2014, CovinandSlevin,1989).ThisisbecauseEO’ssub-dimensionsofinnovativeness,proactiveness,andrisktakingbehaviorinherentlyreflectproclivitytowardexploringandusingnovelapplicationssuchassocialmediaforcrowdfundingsuccess.However,managers’perceivedcontributionofsocialmediatoafirm'scampaignsuccessplaysanimportantroleinSMEs’effectivelydeployingsocialmedia.Ononehand,socialmediaenablesdiffusionofinnovations,thecreationofbuzzandviralmarketingmovements,andfundraising.Ontheotherhand,socialmediahasadarksidethatfacilitatesmisrepresentationandmisinformationaboutboththeproductandfirmthatcouldspreadaroundtheworldinrealtimeandinfluencepublicperceptionsnegatively(Dwivedietal.,2018).ResearchershaveyettofullyexaminetheinfluenceofEOandsocialmediaoncrowdfunding(Gathunguetal.,2014, Parhankangasetal.,2019, Renkoetal.,2019).
ThisstudybeginsbyexaminingtheroleofentrepreneurialorientationonSMEs'crowdfundingcampaigns.WWeinvestigatehowinnovativeness,proactiveness,andrisk-takinginfluenceleveragingsocialmediaasitpermeatesallofthebusiness
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