Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method
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 bl...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-05-01
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| Series: | Administrative Sciences |
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| Online Access: | https://www.mdpi.com/2076-3387/13/6/144 |
| _version_ | 1797596662670032896 |
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| author | Santautė Venslavienė Jelena Stankevičienė Ingrida Leščauskienė |
| author_facet | Santautė Venslavienė Jelena Stankevičienė Ingrida Leščauskienė |
| author_sort | Santautė Venslavienė |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-11T02:54:20Z |
| format | Article |
| id | doaj.art-f9582ddc20d24b59aecd82edd946aeb5 |
| institution | Directory Open Access Journal |
| issn | 2076-3387 |
| language | English |
| last_indexed | 2024-03-11T02:54:20Z |
| publishDate | 2023-05-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Administrative Sciences |
| spelling | doaj.art-f9582ddc20d24b59aecd82edd946aeb52023-11-18T08:49:06ZengMDPI AGAdministrative Sciences2076-33872023-05-0113614410.3390/admsci13060144Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting MethodSantautė Venslavienė0Jelena Stankevičienė1Ingrida Leščauskienė2Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, LithuaniaDepartment of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, LithuaniaDepartment of Graphical Systems, Faculty of Fundamental Sciences, Vilnius Gediminas Technical University, Sauletekio al. 11, LT-10223 Vilnius, LithuaniaWhen 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.https://www.mdpi.com/2076-3387/13/6/144blockchain-based crowdfundingblockchain-based crowdfunding campaignsuccess factorsVASMA weightingVASMA-Lfunding |
| spellingShingle | Santautė Venslavienė Jelena Stankevičienė Ingrida Leščauskienė Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method Administrative Sciences blockchain-based crowdfunding blockchain-based crowdfunding campaign success factors VASMA weighting VASMA-L funding |
| title | Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method |
| title_full | Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method |
| title_fullStr | Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method |
| title_full_unstemmed | Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method |
| title_short | Evaluation of Blockchain-Based Crowdfunding Campaign Success Factors Based on VASMA-L Criteria Weighting Method |
| title_sort | evaluation of blockchain based crowdfunding campaign success factors based on vasma l criteria weighting method |
| topic | blockchain-based crowdfunding blockchain-based crowdfunding campaign success factors VASMA weighting VASMA-L funding |
| url | https://www.mdpi.com/2076-3387/13/6/144 |
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