In this study, we integrate the insights of consumption value theory and the crowdfunding literature to develop a value-based view of crowdfunding rewards to systematically theorize and synthesize the underlying mechanisms through which the various rewards offered by crowdfunding projects can...

This study examines how crowdfunding (relative to angel investing) influences subsequent venture capital (VC) investments for startups. After addressing the potential endogeneity using a bivariate Probit model with the propensity score matching, we find that crowdfunded startups and angel-backed...