IDEAS home Printed from https://ideas.repec.org/a/gam/jadmsc/v13y2023i6p144-d1159551.html
   My bibliography  Save this article

Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method

Author

Listed:
  • Santautė Venslavienė

    (Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania)

  • Jelena Stankevičienė

    (Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
    Department of Finance, Faculty of Economics and Business Administration, Vilnius University, Saulėtekio al. 9, LT-10223 Vilnius, Lithuania)

  • Ingrida Leščauskienė

    (Department of Graphical Systems, Faculty of Fundamental Sciences, Vilnius Gediminas Technical University, Sauletekio al. 11, LT-10223 Vilnius, Lithuania)

Abstract

When investing in blockchain-based crowdfunding campaigns, choosing the right one is difficult. Therefore, it is important to recognize success factors that express the value of the specific campaign. This study is aimed at determining the success factors impacting the investors’ decision to fund blockchain-based crowdfunding campaigns and ranking them according to their importance in decision-making. An online survey was employed to collect expert opinions. The modification of the visual analogue scale matrix for criteria weighting methodology called VASMA-L was presented in this study to rank the list of the predetermined factors. To reduce the uncertainties in the decision-making process and the cognitive overload of the survey respondents, all the predetermined success factors were split into two smaller groups and assessed as those that fit both traditional and blockchain-based crowdfunding models and those that are specific only to the blockchain-based crowdfunding model. The main findings disclose that the three factors with the highest VASMA weights are from the first group. This means that when selecting the specific crowdfunding campaign to invest in, investors use common factors rather than those specific to blockchain-based crowdfunding. Only investor preferences were chosen and analyzed for successful blockchain-based crowdfunding campaign investment in this research. The VASMA-L methodology might help compare several criteria groups and select the most important ones. In addition, this weighting methodology might help investors to choose the most thrilling blockchain-based crowdfunding campaigns to fund.

Suggested Citation

  • Santautė Venslavienė & Jelena Stankevičienė & Ingrida Leščauskienė, 2023. "Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method," Administrative Sciences, MDPI, vol. 13(6), pages 1-16, May.
    • Handle: RePEc:gam:jadmsc:v:13:y:2023:i:6:p:144-:d:1159551
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2076-3387/13/6/144/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2076-3387/13/6/144/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Santautė Venslavienė & Jelena Stankevičienė & Agnė Vaiciukevičiūtė, 2021. "Assessment of Successful Drivers of Crowdfunding Projects Based on Visual Analogue Scale Matrix for Criteria Weighting Method," Mathematics, MDPI, vol. 9(14), pages 1-18, July.
    2. Denis Frydrych & Adam J. Bock & Tony Kinder & Benjamin Koeck, 2014. "Exploring entrepreneurial legitimacy in reward-based crowdfunding," Venture Capital, Taylor & Francis Journals, vol. 16(3), pages 247-269, July.
    3. Adhami, Saman & Giudici, Giancarlo & Martinazzi, Stefano, 2018. "Why do businesses go crypto? An empirical analysis of initial coin offerings," Journal of Economics and Business, Elsevier, vol. 100(C), pages 64-75.
    4. Anna, Petrenko, 2016. "Мaркування готової продукції як складова частина інформаційного забезпечення маркетингової діяльності підприємств овочепродуктового підкомплексу," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 2(1), March.
    5. Cynthia Weiyi Cai, 2018. "Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 965-992, December.
    6. Hacker Philipp & Thomale Chris, 2018. "Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law," European Company and Financial Law Review, De Gruyter, vol. 15(4), pages 645-696, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lyudmila Tolstolesova & Igor Glukhikh & Natalya Yumanova & Otabek Arzikulov, 2021. "Digital Transformation of Public-Private Partnership Tools," JRFM, MDPI, vol. 14(3), pages 1-17, March.
    2. Ju‐Chun Yen & Tawei Wang & Yu‐Hung Chen, 2021. "Different is better: how unique initial coin offering language in white papers enhances success," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5309-5340, December.
    3. Simon Albrecht & Bernhard Lutz & Dirk Neumann, 2020. "The behavior of blockchain ventures on Twitter as a determinant for funding success," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 241-257, June.
    4. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    5. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.
    6. Yi Sun & Shihui Li & Rui Wang, 2023. "Fintech: from budding to explosion - an overview of the current state of research," Review of Managerial Science, Springer, vol. 17(3), pages 715-755, April.
    7. Emil Adamek & Jan Janku, 2022. "What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 72(2), pages 172-196, June.
    8. Klarin, Anton, 2020. "The decade-long cryptocurrencies and the blockchain rollercoaster: Mapping the intellectual structure and charting future directions," Research in International Business and Finance, Elsevier, vol. 51(C).
    9. Anton Miglo, 2021. "STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty," JRFM, MDPI, vol. 14(6), pages 1-35, May.
    10. Sharma, Gagan Deep & Tiwari, Aviral Kumar & Chopra, Ritika & Dev, Dhairya, 2024. "Past, present, and future of block-chain in finance," Journal of Business Research, Elsevier, vol. 177(C).
    11. Simon Fernandez-Vazquez & Rafael Rosillo & David De La Fuente & Paolo Priore, 2019. "Blockchain in FinTech: A Mapping Study," Sustainability, MDPI, vol. 11(22), pages 1-24, November.
    12. Vivian Welch & Christine M. Mathew & Panteha Babelmorad & Yanfei Li & Elizabeth T. Ghogomu & Johan Borg & Monserrat Conde & Elizabeth Kristjansson & Anne Lyddiatt & Sue Marcus & Jason W. Nickerson & K, 2021. "Health, social care and technological interventions to improve functional ability of older adults living at home: An evidence and gap map," Campbell Systematic Reviews, John Wiley & Sons, vol. 17(3), September.
    13. Ferdinand Thies & Sören Wallbach & Michael Wessel & Markus Besler & Alexander Benlian, 2022. "Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1691-1705, September.
    14. Erkmen Giray Aslim, 2019. "The Relationship Between Health Insurance and Early Retirement: Evidence from the Affordable Care Act," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(1), pages 112-140, January.
    15. Nihan Akyelken, 2017. "Mobility-Related Economic Exclusion: Accessibility and Commuting Patterns in Industrial Zones in Turkey," Social Inclusion, Cogitatio Press, vol. 5(4), pages 175-182.
    16. Magnus Schückes & Tobias Gutmann, 2021. "Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice," Small Business Economics, Springer, vol. 57(2), pages 1027-1052, August.
    17. Dreher, Axel & Fuchs, Andreas & Langlotz, Sarah, 2019. "The effects of foreign aid on refugee flows," European Economic Review, Elsevier, vol. 112(C), pages 127-147.
    18. Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Achim Truger & Andrew Wa, 2016. "The Elusive Recovery," SciencePo Working papers Main hal-03459084, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Achim Truger & Andrew Wa, 2016. "The Elusive Recovery," PSE-Ecole d'économie de Paris (Postprint) hal-03459084, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Thomas Theobald & Achim , 2016. "The Elusive Recovery," PSE Working Papers hal-03612850, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Achim Truger & Andrew Wa, 2016. "The Elusive Recovery," Post-Print hal-03459084, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Thomas Theobald & Achim , 2016. "The Elusive Recovery," Working Papers hal-03612850, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Thomas Theobald & Achim , 2016. "The Elusive Recovery," SciencePo Working papers Main hal-03612850, HAL.
      • Georg Feigl & Markus Marterbauer & Miriam Rehm & Matthias Schnetzer & Sepp Zuckerstätter & Lars Nørvang Andersen & Thea Nissen & Signe Dahl & Peter Hohlfeld & Benjamin Lojak & Thomas Theobald & Achim , 2016. "The Elusive Recovery," PSE-Ecole d'économie de Paris (Postprint) hal-03612850, HAL.
    19. Billari, Francesco C. & Giuntella, Osea & Stella, Luca, 2018. "Broadband internet, digital temptations, and sleep," Journal of Economic Behavior & Organization, Elsevier, vol. 153(C), pages 58-76.
    20. Ekaterina Aleksandrova & Kristian Behrens & Maria Kuznetsova, 2020. "Manufacturing (co)agglomeration in a transition country: Evidence from Russia," Journal of Regional Science, Wiley Blackwell, vol. 60(1), pages 88-128, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jadmsc:v:13:y:2023:i:6:p:144-:d:1159551. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.