摘要
We examine the effectiveness of crowdfunding ventures related to social movements. We document that social-movement-related projects exhibit significantly greater crowdfunding success than general projects. Further tests reveal that projects with a public orientation also exhibit high crowdfunding success. During periods of pronounced social movements, we document a lower success rate for general projects but an even more pronounced impact on crowdfunding success for social movement related ventures. Our study centers on crowdfunding success and failure in Asia, demonstrating the importance of environmental elements and social context in funding new ventures.