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| The Impact of Social Network Certification on the Fundraising Performance of Medical Crowdfunding Projects |
| LI Lun，YAN Zhijun，YIN Qiuju，HU Huixian，LI Yichen |
| 1. Fudan University, Shanghai, China; 2. Beijing Institute of Technology, Beijing, China;3. Xiaomi Communications Co., Ltd., Beijing, China |
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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.
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Received: 08 May 2024
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