COVID-19 crisis impact on the stability between parties in crowdfunding and crowdsourcing

Zhi-Jiang Liu; Elena Panfilova; Alexey Mikhaylov; Anastasia Kurilova

doi:10.1007/s11277-021-08932-z

COVID-19 crisis impact on the stability between parties in crowdfunding and crowdsourcing

Wirel Pers Commun. 2022;122(1):915-930. doi: 10.1007/s11277-021-08932-z. Epub 2021 Sep 3.

Authors

Zhi-Jiang Liu¹, Elena Panfilova², Alexey Mikhaylov³, Anastasia Kurilova⁴

Affiliations

¹ School of Economics and Management, GuangXi Normal University, Guilin, China.
² Department of Management Organization in Engineering, State University of Management, Moscow, Russia.
³ Financial Research Institute, Ministry of Finance of the Russian Federation, Moscow, Russia.
⁴ Department of Masters Degree Programs (Business Programs), Togliatti State University, Togliatty, Russia.

Abstract

This research reviews challenges in building sustainable relationships between the parties involved in the crowdfunding and crowdsourcing projects, which are running in extreme situations, such as the COVID-19 pandemic. This study aims to solve problems that generate the crowdsourcing concerns and to find better alternatives to increase trust for crowdfunding among donors, as this impacts their strategic sustainability in the conditions of turbulence and COVID-induced financial crisis. It was found that factors influence donor decisions in different ways, yet the common tendency for donor activity is non-monotonicity. Future development in the field of sustainable relationships should focus on creating a donor classification system.

Keywords: COVID-19; Crowdfunding platform; Crowdsourcing; Meta-analysis; Sustainable relationships.