COMPETITIVE ADVANTAGES OF CROWDFUNDING PLATFORMS: THEORETICAL APPROACHES TO ANALYZE PLATFORMS AND PROJECTS
Keywords:
crowdfunding, Vantagem Competitiva, ensaio teóricoAbstract
The growth in the number of projects and crowdfunding platforms leads to the need to develop strategies to achieve competitive advantage and achieve the value of the desired collections. Therefore, the objective of this theoretical essay is to identify the potential theories that can explain the competitive advantages between crowdfunding platforms and their projects. The research gap for this work appeared during the literature review, where no previous research was observed that studied theories of competitive advantage with the crowdfunding phenomenon. After analysis, the relationships of the phenomenon studied are close to the theoretical proposals presented in Industrial Organizations, when dealing with the strategic positioning of firms in highly competitive markets. And Dynamic Capabilities, as individual processes of projects and platforms demonstrate positive relationships with superior profits.
Downloads
References
Amit, R., Schoemaker, P. J. H., & Schoemaker, P. J. H. (1993). Amit e Schomaker, 1993 STRATEGIC ASSETS AND ORGANIZATIONAL RENT.pdf. STRATEG Management Journal, 14(1), 33–46.
Andrews, K. R. (1987). The Concept of Corporate Strategy. In D. K. David (Ed.), معرفت ادیان (3rd ed., Vol. 4, Issue 3). Irwin.
Arner, D., Barberis, J., & Buckley, R. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? Biomass Chem Eng, 49(23–6), 0–45.
Astrauskaitė, I., & Paškevičius, A. (2018). An analysis of crowdfunded projects: Kpi’s to success. Entrepreneurship and Sustainability Issues, 6(1), 23–34. https://doi.org/10.9770/jesi.2018.6.1(2)
BACEN, B. C. do B. (2020). Ecosistema Fintech.
Bain, J. S. (1951). Relation of profit rate to industry concentration: American manufacturing, 1936–1940. Quarterly Journal of Economics, 65(3), 293–324. https://doi.org/10.2307/1882217
Bank for International Settlements - BIS. (2020). The future of central banking is inextricably linked to innovation.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Barney, J. B. (1986). Foundation paper for Resource Based View Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science, 32(10), 1231–1242.
Barney, J. B. (2001). Resource-based theories of competitive advantage: A ten-year retrospective on the resource-based view. Journal of Management, 27(6), 643–650. https://doi.org/10.1016/S0149-2063(01)00115-5
Barney, J. B., & Clark, D. N. (2007). Resource-Based Theory. In Oxford. http://marefateadyan.nashriyat.ir/node/150
Bi, G., Xiang, Q., Geng, B., & Xia, Q. (2019). Decision strategies in reward-based crowdfunding: the role of crowdfunding platforms. Journal of Modelling in Management, 14(3), 569–589. https://doi.org/10.1108/JM2-10-2018-0179
Burtch, G., Ghose, A., & Wattal, S. (2013). An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, 24(3), 499–519. https://doi.org/10.1287/isre.1120.0468
Cabral, L. M. . (2000). An Introduction to Industrial Organization.
Cabral, L. M. . (2002). An Introduction to Industrial Organization.
Caciatori Junior, I. (2020). Competitiveness of Incumbent, Digitalized, and Digital banks: a Comparative Study of Financial Innovation in Brazil. 1–247. https://www.prppg.ufpr.br/siga/visitante/trabalhoConclusaoWS?idpessoal=78679&idprograma=40001016025P6&anobase=2020&idtc=1410
Caciatori Junior, I., & Cherobim, A. P. M. S. (2020). Academic production and technological emergence in finance. Innovation & Management Review, ahead-of-p(ahead-of-print), 115–131. https://doi.org/10.1108/inmr-01-2019-0005
Calic, G., & Shevchenko, A. (2020). How signal intensity of behavioral orientations affects crowdfunding performance: The role of entrepreneurial orientation in crowdfunding business ventures. Journal of Business Research, 115(May), 204–220. https://doi.org/10.1016/j.jbusres.2020.04.060
Chen, L. (2021). Investigating the impact of competition and incentive design on performance of crowdfunding projects: A case of independent movies. Journal of Theoretical and Applied Electronic Commerce Research, 16(4), 1–20. https://doi.org/10.3390/jtaer16040045
Church, J., & Ware, R. (1962). Industrial Organization: A Strategic Approach.
Cosma, S., Grasso, A. G., Pattarin, F., & Pedrazzoli, A. (2021). Platforms’ partner networks: the missing link in crowdfunding performance. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-06-2020-0230
Costa, A. B., & Zoltowski, A. P. C. (2014). Como escrever um artigo de revisão sistemática. Manual de Produção Científica, 55–70.
Cumming, D., & Johan, S. (2013). Demand-driven securities regulation: evidence from crowdfunding. In Venture Capital (Vol. 15, Issue 4, pp. 361–379). Taylor & Francis. https://doi.org/10.1080/13691066.2013.847635
De Buysere, K; Gajda, O; Kleverlaan, R; Marom, D. (2012). A framework for european crowdfunding. In … Crowdfunding ….
de Haan, J., Oosterloo, S., & Schoenmaker, D. (2018). Financial Innovation. Financial Markets and Institutions, 248–278. https://doi.org/10.1017/cbo9781316340813.009
Dierickx, I., & Cool, K. (1989). Asset Stock Accumulation and the Sustainability of Competitive Advantage: Reply. Management Science, 35(12), 1514–1514. https://doi.org/10.1287/mnsc.35.12.1514
Dorfleitner, G., Hornuf, L., & Weber, M. (2018). Dynamics of investor communication in equity crowdfunding. Electronic Markets, 28(4), 523–540. https://doi.org/10.1007/s12525-018-0294-5
Durán-Sánchez, A., Álvarez-García, J., & del Río-Rama, M. de la C. (2018). Sustainable water resources management: A bibliometric overview. Water (Switzerland), 10(9), 1–19. https://doi.org/10.3390/w10091191
Durisin, B., Calabretta, G., & Parmeggiani, V. (2010). The intellectual structure of product innovation research: A bibliometric study of the journal of product innovation management, 1984-2004. Journal of Product Innovation Management, 27(3), 437–451. https://doi.org/10.1111/j.1540-5885.2010.00726.x
Dushnitsky, G., Piva, E., & Rossi-Lamastra, C. (2020). Investigating the mix of strategic choices and performance of transaction platforms: Evidence from the crowdfunding setting. Strategic Management Journal, February, 1–36. https://doi.org/10.1002/smj.3163
Eisenhart, K. M., & Martin, J. A. (2000). Dynamic capabilities: what are they? Strategic Management Journal.
Estrin, S., Gozman, D., & Khavul, S. (2018). The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market. Small Business Economics, 51(2), 425–439. https://doi.org/10.1007/s11187-018-0009-5
Fernandez-Blanco, A., Villanueva-Balsera, J., Rodriguez-Montequin, V., & Moran-Palacios, H. (2020). Key factors for project crowdfunding success: An empirical study. Sustainability (Switzerland), 12(2). https://doi.org/10.3390/su12020599
Foss, N. J. (1993). Evolutionary Economics contractual and competence perspectives. Evolutionary Economics, 127–144.
Fosso Wamba, S., Kala Kamdjoug, J. R., Epie Bawack, R., & Keogh, J. G. (2020). Bitcoin, Blockchain and Fintech: a systematic review and case studies in the supply chain. Production Planning and Control, 31(2–3), 115–142. https://doi.org/10.1080/09537287.2019.1631460
Frascati, M. de. (2015). Manual de Frascati. In Manual de Frascati 2015. https://doi.org/10.1787/9789264310681-es
Gal-Or, E., Gal-Or, R., & Penmetsa, N. (2019). Can platform competition support market segmentation? Network externalities versus matching efficiency in equity crowdfunding markets. Journal of Economics and Management Strategy, 28(3), 420–435. https://doi.org/10.1111/jems.12286
Ge, L., & Luo, X. (2016). Team rivalry and lending on crowdfunding platforms: an empirical analysis. Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0035-8
Gerber, E. M., & Hui, J. (2013). Crowdfunding: Motivations and deterrents for participation. ACM Transactions on Computer-Human Interaction, 20(6). https://doi.org/10.1145/2530540
Gernego, I., Petrenko, L., Dyba, M., & Tsarov, V. (2020). Innovative financing of creative projects on the Kickstarter platform: Ukrainian and Polish experience. E3S Web of Conferences, 166. https://doi.org/10.1051/e3sconf/202016613019
Ghemawat, P. (1986). Sustainable Advantage. Harverd Business Review.
Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Hagedoorn, J. (1996). Innovation and entrepreneurship: Schumpeter revisited. Industrial and Corporate Change, 5(3), 883–896. https://doi.org/10.1093/icc/5.3.883
Haniff, W. A. A. W., Halim, A. H. A., & Ismail, R. (2019). The regulation of equity crowdfunding in United Kingdom and Malaysia: A comparative study. Academic Journal of Interdisciplinary Studies, 8(3), 45–56. https://doi.org/10.36941/ajis-2019-0004
Hartmann, F., Grottolo, G., Wang, X., & Lunesu, M. I. (2019). Alternative Fundraising: Success Factors for Blockchain-Based vs. Conventional Crowdfunding. IWBOSE 2019 - 2019 IEEE 2nd International Workshop on Blockchain Oriented Software Engineering, 38–43. https://doi.org/10.1109/IWBOSE.2019.8666515
Heredia, J., Geldes, C., Flores, A., & Heredia, W. (2020). The new strategy to the legitimation of informal firms. The effects of the signals and biases on decisions about crowdfunding digital transformation. Journal of Technology Management and Innovation, 15(4), 54–62. https://doi.org/10.4067/s0718-27242020000400054
Hernando, J. R. (2016). Research in International Business and Finance Crowdfunding : The collaborative economy for channelling institutional and household savings. Research in International Business and Finance, 38, 326–337. https://doi.org/10.1016/j.ribaf.2016.03.004
Hornuf, L., & Schwienbacher, A. (2017). Should securities regulation promote equity crowdfunding? Small Business Economics, 49(3), 579–593. https://doi.org/10.1007/s11187-017-9839-9
IBGE. (2014). Pesquisa de Inovação (PINTEC). In Pesquisa de Inovação 2014. http://www.pintec.ibge.gov.br/downloads/PUBLICACAO/PUBLICAÇÃO PINTEC 2014.pdf
Jacobson, R. (1992). the “Austrian” School of Strategy. Academy of Management Review, 17(4), 782–807. https://doi.org/10.5465/amr.1992.4279070
Johan, S., & Zhang, Y. (2020). Quality revealing versus overstating in equity crowdfunding. Journal of Corporate Finance, 65(July 2019), 101741. https://doi.org/10.1016/j.jcorpfin.2020.101741
Kickstarter. (2021). Kickstarter stats. Kickstarter Stats.
Kirzner, I. (1973). Competition and Entrepreneurship. 253.
Kretzer, J., & Menezes, E. A. (2006). A Importância da Visão Baseada em Recursos na Explicação da Vantagem Competitiva. Revista de Economia Mackenzie, 4(4), 63–87.
Kubo, T., Veríssimo, D., Uryu, S., Mieno, T., & MacMillan, D. (2021). What determines the success and failure of environmental crowdfunding? Ambio, 2018. https://doi.org/10.1007/s13280-021-01522-0
Li, H., & Cao, E. (2021). Competitive crowdfunding under asymmetric quality information. In Annals of Operations Research (Issue 0123456789). https://doi.org/10.1007/s10479-021-03939-y
Mason, E. S. (1939). Price and Production Policies of Large-Scale Enterprise. American Economic Association, 29(1), 61–74.
Mason, E. S. (1949). The Current Status of the Monopoly Problem in the United States. Harvard Law Review, 62(8), 1265–1285.
Meho, L., & Yang, K. (2006). A New Era in Citation and Bibliometric Analyses: Web of Science, Scopus, and Google Scholar. CoRR, abs/cs/061.
Meneghetti, F. K. (2011). O que é um ensaio-teórico? Revista de Administração Contemporânea, 15(2), 320–332. https://doi.org/10.1590/s1415-65552011000200010
Merton, R. C. (2009). Financial Innovation And Economic Transition. Public Policy, 1–31.
Meyer-Brötz, F., Stelzer, B., Schiebel, E., & Brecht, L. (2018). Mapping the technology and innovation management literature using hybrid bibliometric networks. International Journal of Technology Management, 77(4), 235–286. https://doi.org/10.1504/IJTM.2018.10013873
Mills, J., Platts, K., Bourne, M., & Richards, H. (2002). Competing through competences. Cambridge University Press 2002.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Morschheuser, B., Hamari, J., & Maedche, A. (2019). Cooperation or competition – When do people contribute more? A field experiment on gamification of crowdsourcing. International Journal of Human Computer Studies, 127(August 2017), 7–24. https://doi.org/10.1016/j.ijhcs.2018.10.001
Nisar, T. M., Prabhakar, G., & Torchia, M. (2020). Crowdfunding innovations in emerging economies: Risk and credit control in peer-to-peer lending network platforms. Strategic Change, 29(3), 355–361. https://doi.org/10.1002/jsc.2334
OECD/Eurostat. (2018). Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation. In The Measurement of Scientific; Technological and Innovation Activities. https://doi.org/10.1787/9789264304604-en%0Ahttps://www.oecd-ilibrary.org/science-and-technology/oslo-manual-2018_9789264304604-en%0Ahttps://www.oecd-ilibrary.org/science-and-technology/oslo-manual-2018_9789264304604-en%0Ahttps://www.oecd-ilibrary.org/scie
Penrose, E. (1996). The theory of the growth of the firm. Long Range Planning, 29(4), 596. https://doi.org/10.1016/s0024-6301(96)90295-2
Peteraf, M. A. (1993). Resumo pessoal: apresenta uma visão microeconômica da aplicação da visão baseada em recursos, com base nos conceitos de custo médio, custo marginal e rendas ricardianas. Demonstra como a expansão (ou imitação) das firmas baseadas em baixo custo pode tirar.
Porter, M. E. (1998). Competitive Strategy: Techniques for Analyzing Industries and Competitors (F. Pass (ed.)).
Prahalad, C. K., & Hamel, G. (1990). Copyright ©2001. All Rights Reserved. Harverd Business Review.
Randhawa, K., Wilden, R., & Hohberger, J. (2016). A Bibliometric Review of Open Innovation: Setting a Research Agenda. Journal of Product Innovation Management, 33(6), 750–772. https://doi.org/10.1111/jpim.12312
Rumelt, R. P. (2005). Theory, Strategy and Entrepreneurship. In S. A. Alvarez, R. Agarwal, & O. Sorenson (Eds.), HANDBOOK OF ENTREPRENEURSHIP RESEARCH: Interdisciplinary Perspectives (pp. 11–32). SPRINGER.
Schumpeter, J. (1944). Capitalism, Socialism and Democracy. Economica, 11(41), 40. https://doi.org/10.2307/2549943
Schumpeter, J. (1983). The Theory of Economic Development.
Schwienbacher, A., & Larralde, B. (2010). CROWDFUNDING OF SMALL ENTREPRENEURIAL VENTURES Book. In Handbook of Entrepreneurial Finance.
Settlements, B. of I. (2020). No Title. Https://Www.Bis.Org/Topic/Fintech.Htm.
Shapiro, C. (1989). The Theory of Business Strategy. The RAND Journal of Economics, 20(1), 125. https://doi.org/10.2307/2555656
Shneor, R., & Vik, A. A. (2020). Crowdfunding success: a systematic literature review 2010–2017. Baltic Journal of Management, 15(2), 149–182. https://doi.org/10.1108/BJM-04-2019-0148
Silber, W. L. (1983). The Process of Financial Innovation. American Economic Review, 73(2), 89–95. http://erepository.uonbi.ac.ke/bitstream/handle/11295/100048/Munywoki James_Effects of Innovation on Financial Performance of Commercial Banks in Kenya.pdf?sequence=1&isAllowed=y
Soares, S. V., Picolli, I. R. A., & Casagrande, J. L. (2018). Pesquisa Bibliográfica, Pesquisa Bibliométrica, Artigo de Revisão e Ensaio Teórico em Administração e Contabilidade. Administração: Ensino e Pesquisa, 19(2), 308–339. https://doi.org/10.13058/raep.2018.v19n2.970
Stemler, A. R. (2013). The JOBS Act and crowdfunding: Harnessing the power-and money-of the masses. Business Horizons, 56(3), 271–275. https://doi.org/10.1016/j.bushor.2013.01.007
Teece, D. J. (2014). The foundations of enterprise performance: Dynamic and ordinary capabilities in an (economic) theory of firms. Academy of Management Perspectives, 28(4), 328–352. https://doi.org/10.5465/amp.2013.0116
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 509–533. https://doi.org/10.1093/0199248540.003.0013
Teece, D., & Pisano, G. (1994). The dynamic capabilities of firms: An introduction. Industrial and Corporate Change, 3(3), 537–556. https://doi.org/10.1093/icc/3.3.537-a
Tidd, J., Bessant, J., & Pavitt, K. (1997). Managing innovation: Integrating technological, organizational and market change.
Vasconcelos, F. C., & Cyrino, Á. B. (2000). Vantagem competitiva: os modelos teóricos atuais e a convergência entre estratégia e teoria organizacional. Revista de Administração de Empresas, 40(4), 20–37. https://doi.org/10.1590/s0034-75902000000400003
Veliyath, R., & D’Aveni, R. A. (1996). Hypercompetition: Managing the Dynamics of Strategic Maneuvering. In The Academy of Management Review (Vol. 21, Issue 1). https://doi.org/10.2307/258639
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590. https://doi.org/10.1007/s11187-016-9710-4
Wernerfelt, B. (1984). Harmonised implementation of Application-Specific Messages (ASMs). Strategic Management Journal, CINCO(2), 1–12. http://onlinelibrary.wiley.com/doi/10.1002/smj.4250050207/abstract
Wessel, M., Thies, F., & Benlian, A. (2015). The effects of relinquishing control in platform ecosystems: Implications from a policy change on kickstarter. 2015 International Conference on Information Systems: Exploring the Information Frontier, ICIS 2015, September.
Wessel, M., Thies, F., & Benlian, A. (2017). Opening the floodgates: The implications of increasing platform openness in crowdfunding. Journal of Information Technology, 32(4), 344–360. https://doi.org/10.1057/s41265-017-0040-z
Wolfson, S. M., & Lease, M. (2011). Look before you leap: Legal pitfalls of crowdsourcing. Proceedings of the ASIST Annual Meeting, 48, 1–10. https://doi.org/10.1002/meet.2011.14504801135
Wu, P. S. (2017). Fintech trends relationships research: A bibliometric citation meta-analysis. Proceedings of the International Conference on Electronic Business (ICEB), 2017-Decem, 99–105.
Xu, S., Chen, J., Wang, B., & Yang, Y. (2015). Sustainable and Hydrolysis-Free Dyeing Process for Poly lactic Acid Using Nonaqueous Medium. ACS SUSTAINABLE CHEMISTRY & ENGINEERING, 3(6), 1039–1046. https://doi.org/10.1021/sc500767w
Xu, Y., Ribeiro-Soriano, D. E., & Gonzalez-Garcia, J. (2015). Crowdsourcing, innovation and firm performance. Management Decision, 53(6), 1158–1169. https://doi.org/10.1108/MD-06-2014-0408
Zhang, X., Chen, H., Wang, W., & Ordóñez de Pablos, P. (2016). What is the role of IT in innovation? A bibliometric analysis of research development in IT innovation. Behaviour and Information Technology, 35(12), 1130–1143. https://doi.org/10.1080/0144929X.2016.1212403
Zhang, Z., Ling, L., & Yang, F. (2020). Pricing strategy and campaign design in flight crowdfunding: A creative way to sell flight tickets. Naval Research Logistics, February, 1–15. https://doi.org/10.1002/nav.21970
Zhou, H., & Ye, S. (2019). Legitimacy, Worthiness, and Social Network: An Empirical Study of the key Factors Influencing Crowdfunding Outcomes for Nonprofit Projects. Voluntas, 30(4), 849–864. https://doi.org/10.1007/s11266-018-0004-0
Ziegler, T., Shneor, R., Wenzlaff, K., Odorovic, A., Johanson, D., Hao, R., & Ryll, L. (2019). THE 4TH EUROPEAN ALTERNATIVE FINANCE BENCHMARKING REPORT. https://cdn.crowdfundinsider.com/wp-content/uploads/2019/04/CCAF-4th-european-alternative-finance-benchmarking-industry-report-shifting-paradigms-April-2019.pdf
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Emanuel Campigotto Sandri, Ana Paula Mussi Szabo Cherobim
![Creative Commons License](http://i.creativecommons.org/l/by/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Os direitos autorais dos artigos publicados na Práticas em Contabilidade e Gestão pertencem aos autores, que concedem à Universidade Presbiteriana Mackenzie os direitos de publicação do conteúdo. Após a aprovação do artigo, os autores concedem à revista o direito da primeira publicação.