We consider an entrepreneur who designs a reward-based crowdfunding campaign when the campaign provides a signal about the future demand for the product and subsequent venture capital is needed. We find that both the informativeness of the campaign and considerations related to gaining access to venture capital funding affect the entrepreneur’s choice of campaign instruments, as well as her decision of whether to run a campaign. In particular, entrepreneurs should launch the campaign either when it is highly informative or when it is not informative at all. For relatively low levels of informativeness, but not so low that the venture capitalist (VC) completely ignores the campaign outcome in his funding decision, our study suggests that the entrepreneur might forgo the opportunity of acquiring information via crowdfunding because the benefits of crowdfunding are insufficient to offset the risk of campaign failure. We also find that the preference of entrepreneurs in favor of crowdfunding is stronger than that of VCs. For backers, we point out that in addition to the risk inherent in new product development, they should be cognizant of the risk that successful campaigns do not guarantee subsequent VC funding. As the use of crowdfunding platforms becomes more prevalent for entrepreneurial projects, our study offers a deeper understanding of the dual role of reward-based crowdfunding in terms of acquiring demand information and raising capital for early-stage start-ups. The online appendix is available at https://doi.org/10.1287/isre.2018.0777 .

Sustainability has become an important driver in defining business strategies, affecting most critical corporate functions and changing the way in which value is created, communicated, and distributed. This is increasingly impacting marketing practices, in particular, through promoting the development of sustainable marketing in the food sector. In line with this, our study aimed to investigate if and how sustainable marketing practices affect consumer loyalty to a specific brand. To answer our research questions, we relied on the results of a survey submitted to a sample of 907 Italian consumers of biscuits. Results showed that the consumers’ attention to sustainable issues (in the absence of adequate information that can guide them in choosing a brand) did not result in brand loyalty. The same outcome was found when consumers were overloaded by marketing campaigns, which had the effect of confusing users and making them unfaithful. Ultimately, when consumers showed both engagement with sustainable concerns and sensitivity to marketing initiatives (i.e., they are sensitive to sustainable marketing practices), a positive effect on brand loyalty was observed. Our results contribute to the emerging stream of literature discussing the relevance and potential impact of sustainable marketing.

Social media have surged prominently as communication channels for corporate social responsibility. However, little is still known about the performance of green versus non‐green communication across different social media. We contribute by examining whether the presence of green features in social media communication exerts a beneficial effect on consumer response in terms of likes, comments, and shares. We also investigate how this effect hinges upon the social media platform where the content is posted as well as the richness of the format (text, photos, videos) utilized for the diffusion. To our scopes, we use an ad hoc dataset of posts of two major large‐scale retailers in Italy across three major social media, namely Facebook, Instagram, and Twitter. Our results show that, while green content generally stimulates larger response than non‐green content, its effect varies across social media, with the highest effect being observed on Instagram (at least for likes) and the lowest on Twitter (at least for comments). Moreover, the extent to which the positive effect of green content increases as media richness increases (i.e., moving from only text to text plus photo, and then to text plus video) is also contingent upon the social media platform. On Facebook, the moderation of media richness is positive and significant, while being insignificant on Instagram. On Twitter, the moderation is even nonmonotonic in the sense that the highest (positive) effect of green content tends to be obtained for either low or high media richness. Our findings offer remarkable implications for firms engaging in environmental sustainability.

Extant literature has investigated the effects of new ventures’ environmental sustainability orientation (ESO) on the crowdfunding (CF) performance and on the ability to secure venture capital, separately and with mixed results. In this article, we address the study of these relationships simultaneously. Specifically, we examine how the presence of ESO features influences new technology-based ventures’ ability to secure funding in reward-based CF campaigns and how the CF performance mediates the effect of such features on attracting subsequent venture capital. Using a sample of new hardware ventures that have launched a CF campaign on Kickstarter, we document a negative effect of the presence of ESO on CF performance. We also find that, for new hardware ventures using reward-based CF, the presence of ESO has a positive direct effect on the likelihood of receiving subsequent venture capital after CF, as well as a negative indirect effect due to its negative impact on the performance in CF.