Abstract：This study examines the impact of social network certification on the fundraising performance of medical crowdfunding projects, based on signaling theory and source credibility theory, from both quantitative and textual dimensions. It also investigates the moderating effect of certifier reputation. The study employs panel data from 4,440 medical crowdfunding projects on a leading crowdfunding platform. The textual content of certifications was analyzed using the LDA model, and a two-way fixed-effects model was constructed for empirical analysis. The results show that both the number of social network certifiers and the topics of certification texts have significant positive effects on fundraising performance. Among the topics, the request for help has the greatest positive impact, followed by the disclosure of social relations with the fundraiser, and the presentation of project-related information has the smallest impact. Additionally, while the number of certifiers does not relate to certifier reputation in affecting fundraising performance, certifier reputation strengthens the influence of different textual topics on fundraising performance.
李论，颜志军，尹秋菊，胡慧娴，李亦宸. 社会网络认证对医疗众筹项目筹款绩效的影响研究[J]. 管理学报, 2025, 22(8): 1508-.
LI Lun，YAN Zhijun，YIN Qiuju，HU Huixian，LI Yichen. The Impact of Social Network Certification on the Fundraising Performance of Medical Crowdfunding Projects. Chinese Journal of Management, 2025, 22(8): 1508-.
