隨著數位科技的進步, 人工智慧在行銷領域中扮演著日益重要的角色。本論文探討人類和虛擬網紅如何影響眾籌活動的成功, 特別關注信任的角色. 認識到數位網絡的變革潛力, 眾籌平台利用互聯網將項目創建者與潛在支持者聯繫起來, 其中網紅的推薦起著關鍵作用. 研究提出, 由於人類網紅具有真實的互動和經歷，更有可能建立信任, 從而比虛擬網紅獲得更多捐款. 我們的研究結果顯示, 以人類網紅為推廣者的活動比以虛擬網紅為代表的活動更能獲得良好的回應. 儘管我們的研究未發現信任作為中介的顯著作用, 但以人類網紅為主的活動顯著更容易獲得捐款, 更高的捐贈意願和支持者更積極的態度. 這種偏好強調了真實性和情感連結的關鍵角色, 這些方面更容易由人類網紅傳達. 人類網紅在活動中帶來的情感共鳴和可親性是吸引潛在捐助者的關鍵因素. 這些結果透過強調網紅可信度如何影響捐助者行為, 為數位行銷和眾籌提供了見解, 為行銷人員和活動組織者提供了可行的建議以加強眾籌成就.

With digital advancements, artificial intelligence has played an increasingly important role in shaping the landscape of marketing. This thesis examines how human and virtual influencers impact the success of crowdfunding campaigns, focusing on the role of trust. Recognizing the transformative potential of digital networks, crowdfunding platforms use the internet to connect project creators with potential backers, where influencer endorsements play a key role. The study proposes that human influencers, due to their real-life interactions and experiences, are more likely to build trust and, consequently, gather more donations than virtual influencers. Our findings revealed that campaigns featuring human influencers as their promoters tend to receive a more favorable response compared to those represented by virtual influencers. Despite not observing a significant effect of trust as a mediator in our research, campaigns featuring human influencers are significantly more likely to receive donations, greater willingness to donate, and more positive attitudes from backers than those with virtual influencers. This preference highlights the critical role of authenticity and emotional connection, aspects more naturally conveyed by human influencers. The emotional resonance and relatability that human influencers bring to their campaigns are crucial factors in engaging potential donors. These results contribute to the understanding of digital marketing and crowdfunding by highlighting how influencer credibility affects donor behavior, providing marketers and campaign organizers with actionable insights to strengthen crowdfunding achievements.

Adamska-Mieruszewska, J., Mrzygłod, U. and Skurczy _ nski, M. _ (2019), “Understanding the overfunding in crowdfinancing: the elements of attractiveness”, Contemporary Trends and Challenges in Finance, Springer, Cham, pp. 167-174.

Alba, J. W., & Williams, E. F. (2013). Pleasure principles: A review of research on hedonic consumption. Journal of Consumer Psychology, 23(1), 2–18.

Allal-Chérif, O., Puertas, R., & Carracedo, P. (2024). Intelligent influencer marketing: how AI-powered virtual influencers outperform human influencers. Technological Forecasting and Social Change, 200, 123113.

Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), 79–95.

Arsenyan, J., & Mirowska, A. (2021). Almost human? A comparative case study on the social media presence of virtual influencers. International Journal of Human-Computer Studies, 155, 102694.

Audrezet, A., De Kerviler, G., & Guidry Moulard, J. (2018). Authenticity under threat: when social media influencers need to go beyond self-presentation. Journal of Business Research.

Baah-Peprah, P. and Shneor, R. (2022), “A trust-based crowdfunding campaign marketing framework: theoretical underpinnings and big-data analytics practice”, International Journal of Big Data Management, Vol. 2 No. 1, pp. 1-24.

Barbi, M., & Mattioli, S. (2019). Human capital, investor trust, and equity crowdfunding. Research in International Business and Finance, 49, 1-12.

Bargoni, A., Giachino, C., Battisti, E., & Iaia, L. (2023). The effects of influencer endorsement services on crowdfunding campaigns. Journal of Services Marketing, 37(1), 40-52.

Baucus, M. S., & Mitteness, C. R. (2016). Crowdfrauding: Avoiding Ponzi entrepreneurs when investing in new ventures. Business Horizons, 59(1), 37-50.

Beaulieu, T. Y., Sarker, S., & Sarker, S. (2015). A conceptual framework for understanding crowdfunding [Article]. Communications of the Association for Information Systems, 37, 1-31.

Belanche, D., Casalo, L. V., Flavián, M., & Ibáñez-Sánchez, S. (2021). Understanding influencer marketing: the role of congruence between influencers, products and consumers. Journal of Business Research, 132, 186-195.

Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585-609.

Berliner, L.S. and Kenworthy, N.J. (2017), “Producing a worthy illness: personal crowdfunding amidst financial crisis”, Social Science & Medicine, Vol. 187, pp. 233-242.

Block, E., & Lovegrove, R. (2021). Discordant storytelling, 'honest fakery', identity peddling: How uncanny CGI characters are jamming public relations and influencer practices. Public Relations Inquiry, 10(3), 265-293.

Botti, S., & McGill, A. L. (2011). The Locus of Choice: Personal Causality and Satisfaction with Hedonic and Utilitarian Decisions. Journal of Consumer Research, 37(6), 1065-1078.

Brown, T. E., Boon, E., & Pitt, L. F. (2017). Seeking funding in order to sell: Crowdfunding as a marketing tool. Business Horizons, 60(2), 189-195.

Bulchand, J., & Melián, S. (2018). La revoluci¢ n de la econom¡ a colaborativa. Editorial Almuzara.

Burton, J.L., Mosteller, J.R. and Hale, K.E. (2021), “Using linguistics to inform influencer marketing in services”, Journal of Services Marketing, Vol. 35 No. 2, pp. 222-236.

Calic, G., & Mosakowski, E. (2016). Kicking Off Social Entrepreneurship: How A Sustainability Orientation Influences Crowdfunding Success. Journal of Management Studies, 53, n/a-n/a.

Calic, G., Arseneault, R., & Ghasemaghaei, M. (2023). The dark side of Machiavellian rhetoric: signaling in reward-based crowdfunding performance. Journal of Business Ethics, 182, 875–896.

Chen, S., Thomas, S., & Kohli, C. (2016). What really makes a promotional campaign succeed on a crowdfunding platform?: Guilt, utilitarian products, emotional messaging, and fewer but meaningful rewards drive donations. Journal of Advertising Research, 56(1), 81-94.

Chung, Y., Li, Y. and Jia, J. (2021), “Exploring embeddedness, centrality, and social influence on backer behavior: the role of backer networks in crowdfunding”, Journal of the Academy of Marketing Science, Vol. 49 No. 5, pp. 925-946.

Clifford, S., Jewell, R. M., & Waggoner, P. D. (2015). Are samples drawn from Mechanical Turk valid for research on political ideology? Research & Politics, 2(4).

Colombo, M. G., Franzoni, C., & Rossi-Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39, 75–100.

Cowden, B. J., & Young, S. L. (2020). The copycat conundrum: The double-edged sword of crowdfunding. Business Horizons, 63(4), 541-551.

Daskalakis, N., & Yue, W. (2017, January 16). User’s perceptions of motivations and risks in crowdfunding with financial returns. Available at https://ssrn.com/abstractZ2968912

De Veirman, M., Cauberghe, V., & Hudders, L. (2017). Marketing through Instagram influencers: The impact of number of followers and product divergence on brand attitude. International Journal of Advertising, 36(5), 798–828.

Deutsch, M. (1960). The Effect of Motivational Orientation upon Trust and Suspicion. Human Relations, 13(2), 123-139.

Djafarova, E., & Rushworth, C. (2017). Exploring the credibility of online celebrities’ Instagram profiles in influencing the purchase decisions of young female users. Computers in Human Behavior, 68, 1–7.

Donald Horton & R. Richard Wohl. (1956). Mass Communication and Para-Social Interaction. Psychiatry, 19(3), 215-229.

Doney, P.M. and Cannon, J.P. (1997) An Examination of the Nature of Trust in Buyer-Seller Relationships. Journal of Marketing, 61, 35-51.

Drenten, J., & Brooks, G. (2020). Celebrity 2.0: Lil Miquela and the rise of a virtual star system. Feminist Media Studies, 20(8), 1319–1323.

Efrat, K., Gilboa, S., & Sherman, A. (2019). The role of supporter engagement in enhancing crowdfunding success. Baltic Journal of Management, 15.

Efrat, K., Gilboa, S. and Wald, A. (2020), “The emergence of well-being in crowdfunding: a study of entrepreneurs and backers of reward and donation campaigns”, International Journal of Entrepreneurial Behavior & Research, Vol. 27 No. 2, pp. 397-415.

Erz, A. and Christensen, A.B.H. (2018), “Transforming consumers into brands: tracing transformation processes of the practice of blogging”, Journal of Interactive Marketing, Vol. 43, pp. 69-82.

Faddoul, G., & Chatterjee, S. (2020). A quantitative measurement model for persuasive technologies using storytelling via a virtual narrator. International Journal of Human-Computer Interaction, 36, 1585–1604.
Fernandes, T., and Oliveira, E. (2021), “Understanding consumers’ acceptance of automated technologies in service encounters: Drivers of digital voice assistants adoption”, Journal of Business Research, 122: pp. 180- 191.
Feng, Y., Chen, H., & Kong, Q. (2021). An expert with whom I can identify: the role of narratives in influencer marketing. International Journal of Advertising, 40(7), 972-993.
Ferreira, V., Papaoikonomou, E., & Terceño, A. (2022). Unpeel the layers of trust! A comparative analysis of crowdfunding platforms and what they do to generate trust. Business Horizons, 65(1), 7-19.
Franke, C., Groeppel-Klein, A., & Müller, K. (2022). Consumers' responses to virtual influencers as advertising endorsers: Novel and effective or uncanny and deceiving? Journal of Advertising, 1-17.
Franke, C., Groeppel-Klein, A., Müller, K., 2023. Consumers’ responses to virtual influencers as advertising endorsers: novel and effective or uncanny and deceiving? J. Advert. 1-17

Freberg, K., Graham, K., McGaughey, K., and Freberg, L. A. (2011). Who are the social media influencers? A study of public perceptions of personality. Public Relations Review, 37(1), 90-92.
Gannon, V. and Prothero, A. (2018), “Beauty bloggers and YouTubers as a community of practice”, Journal of Marketing Management, Vol. 34 Nos 7/8, pp. 592-619.
Gefen, D. (2002). Customer Loyalty in E-Commerce. Journal of the Association for Information Systems, 3, 27-51.
Gerber, L., & Hui, J. (2016). Crowdfunding: How and Why People Participate. In International Perspectives on Crowdfunding: Positive, Normative and Critical Theory (pp. 37-64).
Gerrath, M. H. E. E., Olya, H., Shah, Z., & Li, H. (2024). Virtual influencers and pro-environmental causes: The roles of message warmth and trust in experts. Journal of Business Research, 175, 114520. https://doi.org/https://doi.org/10.1016/j.jbusres.2024.114520
Giles, D., & Edwards, L. (2018). Instagram and the Rise of the Social Media ‘Influencer’. In (pp. 155-173).
Grabosky, P. (2001). The nature of trust online. The Age, 23(1), 1-12.
Gray, K., & Wegner, D. M. (2012). Feeling robots and human zombies: Mind perception and the uncanny valley. Cognition, 125(1), 125-130.
Herd, K.B., Mallapragada, G., Narayan, V., 2022. Do backer affiliations help or hurt crowdfunding success? J. Market. 86, 117–134.

Hong, I. B., & Cho, H. (2011). The impact of consumer trust on attitudinal loyalty and purchase intentions in B2C e-marketplaces: Intermediary trust vs. seller trust. International Journal of Information Management, 31(5), 469-479.

Hong, I.B. and Cho, H. (2011) The Impact of Consumer Trust on Attitudinal Loyalty and Purchase Intentions in B2C e-Marketplaces: Intermediary Trust vs. Seller Trust. International Journal of Information Management, 31, 469-479.

Hornsey, M.J. (2008), Social Identity Theory and Self-categorization Theory: A Historical Review. Social and Personality Psychology Compass, 2: 204-222.

Horton, D., & Richard Wohl, R. (1956). Mass Communication and Para-Social Interaction. Psychiatry, 19(3), 215-229.

Howe, & Jeff. (2006). The Rise of Crowdsourcing. Wired, 14.

Hsu, C.-L., & Lin, J. (2008). Acceptance of blog usage: The roles of technology acceptance, social influence and knowledge sharing motivation. Information & Management, 45, 65-74. https://doi.org/10.1016/j.im.2007.11.001

Jin, S. V., & Ryu, E. (2020). “I'll buy what she's #wearing”: The roles of envy toward and parasocial interaction with influencers in Instagram celebrity-based brand endorsement and social commerce. Journal of Retailing and Consumer Services, 55, 102121.

Jin, S.V., Muqaddam, A. and Ryu, E. (2019), “Instafamous and social media influencer marketing”, Marketing Intelligence and Planning, Vol. 37 No. 5, pp. 567-579.

Johnson, B.K., Potocki, B., Veldhuis, J., 2019. Is that my friend or an advert? The effectiveness of Instagram native advertisements posing as social posts. J. Comput Mediat. Commun. 24, 108–125.

Jones, Q., Ravid, G., Rafaeli, S., 2004. Information overload and the message dynamics of online interaction spaces: a theoretical model and empirical exploration. Inf. Syst. Res. 15, 194–210. https://doi.org/10.1287/isre.1040.0023.

Jøsang, A., Ismail, R., & Boyd, C. (2007). A survey of trust and reputation systems for online service provision. Decision Support Systems, 43(2), 618-644.

Jøsang, A., Ismail, R., & Boyd, C. (2007). A survey of trust and reputation systems for online service provision. Decision Support Systems, 43(2), 618-644. https://doi.org/https://doi.org/10.1016/j.dss.2005.05.019

Junge, L. B., Laursen, I. C., & Nielsen, K. R. (2022). Choosing crowdfunding: why do entrepreneurs choose to engage in crowdfunding? Technovation, 111, 102385.

Kang, M., Gao, Y., Wang, T., & Zheng, H. (2016). Understanding the determinants of funders' investment intentions on crowdfunding platforms: A trust-based perspective [Article]. Industrial Management and Data Systems, 116(8), 1800-1819.

Keller, K.L. (1993), “Conceptualizing, measuring, and managing customer-based brand equity”, Journal of Marketing, Vol. 57 No. 1, pp. 1-22.

Kim, E., Duffy, M., & Thorson, E. (2021). Under the Influence: Social Media Influencers’ Impact on Response to Corporate Reputation Advertising. Journal of Advertising, 50(2), 119-138.

Kim, H., & De Moor, L. (2017). The Case of Crowdfunding in Financial Inclusion: A Survey [Article]. Strategic Change, 26(2), 193-212.

Kirby, E., & Worner, S. (2014). Crowd-funding: An infant industry growing fast [Working Paper] IOSCO.

Konuk, F. A. (2020). Trust transfer from manufacturer to private label brand: The moderating role of grocery store format. Journal of Retailing and Consumer Services, 54, 101955.

Kunz, M.M., Bretschneider, U., Erler, M. and Leimeister, J. M. (2017), “An empirical investigation of signaling in reward-based crowdfunding”, Electronic Commerce Research, Vol. 17 No. 3, pp. 425-461.

Lampen, C. (2020). CGI influencer ‘consciously uncoupling’ from human boyfriend. The Cut.

Lechtenbörger, J., Stahl, F., Volz, V. and Vossen, G. (2015), “Analysing observable success and activity indicators on crowdfunding platforms”, International Journal of Web Based Communities, Vol. 11 Nos 3/4, pp. 264-289.

Lee, F., Bressan, S., & Ooi, B. C. (2001). Hybrid transformation for indexing and searching web documents in the cartographic paradigm. Information Systems.

Lee, J. A., & Eastin, M. S. (2020). I like what she’s #endorsing: the impact of female social media influencers’ perceived sincerity, consumer envy, and product type. Journal of Interactive Advertising, 20(1), 76-91.

Lee, J. A., & Eastin, M. S. (2020). I like what she’s #endorsing: The impact of female social media influencers’ perceived sincerity, consumer envy, and product type. Journal of Interactive Advertising, 20(1), 76–91.

Lewczyk, M. (2021). The appeal of online personas: Why people love virtual influencers. Virtual Humans. Li, H., Chen, X., Zhang, Y., & Hai, M. (2018). Empirical Analysis of Factors on Crowdfunding with Trust Theory. Procedia Computer Science, 139, 120-126.

Li, J.J., Chen, X., Kotha, S., Fisher, G., Li, J.J., Fisher, G., 2017. Catching fire and spreading it: a glimpse into displayed entrepreneurial passion in crowdfunding campaigns. J. Appl. Psychol. 1–16.

Li, M., Zhang, Z., Cao, W., Liu, Y., Du, B., Chen, C., Liu, Q., Uddin, M.N., Jiang, S., Chen, C., Zhang, Y., Wang, X., 2021. Identifying novel factors associated with COVID-19 transmission and fatality using the machine learning approach. Sci. Total Environ. 764, 142810.

Li, Y., Xiao, N., & Wu, S. (2021). The devil is in the details: the effect of nonverbal cues on crowdfunding success. Information Management, 58, 103528.

Lim, R. E., & Lee, S. Y. (2023). “You are a virtual influencer!”: Understanding the impact of origin disclosure and emotional narratives on parasocial relationships and virtual influencer credibility. Computers in Human Behavior, 148, 107897.

Lou, C. (2022). Social media influencers and followers: Theorization of a trans-parasocial relation and explication of its implications for influencer advertising. Journal of Advertising, 51(1), 4-21.

Lou, C., & Yuan, S. (2019). Influencer marketing: How message value and credibility affect consumer trust of branded content on social media. Journal of Interactive Advertising, 19(1), 58–73.

Loughnan, S., & Haslam, N. (2007). Animals and androids: Implicit associations between social categories and nonhumans. Psychological Science, 18(2), 116–121.

Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2017). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87(C), 26–38.

Lynn, T., Rosati, P., Nair, B., & Mac an Bhaird, C. (2020). An exploratory data analysis of the #crowdfunding network on Twitter. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 80.

Mallapragada, G., & Narayan, V. (2022). Do backer affiliations help or hurt crowdfunding success? Journal of Marketing, 86, 117–134.

Maxim. (2018). Every Selena Gomez Instagram post for puma is worth $3.4 million. Retrieved from https://tinyurl.com/ybr6nzok.

Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734.

McKnight, D. H., & Chervany, N. L. (2001). What Trust Means in E-Commerce Customer Relationships: An Interdisciplinary Conceptual Typology. International Journal of Electronic Commerce, 6(2), 35-59.

Mejia, Z. (2018). Kylie Jenner reportedly makes $1 million per paid Instagram post—here's how much other top influencers get. Retrieved from https://tinyurl.com/y7khetcu.

Messeni Petruzzelli, A., Natalicchio, A., Panniello, U., Roma, P., 2019. Understanding the crowdfunding phenomenon and its implications for sustainability. Technol. Forecast. Soc. Change 141, 138–148.

Meyers, C. B. (2017). Social media influencers: A lesson plan for teaching digital advertising media literacy. Advertising and Society Quarterly, 18(2), 1–31.

Meyrowitz, J. (1986). No sense of place: The impact of electronic media on social behavior. Oxford University Press.

Miao, F., Kozlenkova, I. V., Wang, H., Xie, T., & Palmatier, R. W. (2022). An Emerging Theory of Avatar Marketing. Journal of Marketing, 86(1), 67-90.

Miao, F., Kozlenkova, I. V., Wang, H., Xie, T., & Palmatier, R. W. (2022). An emerging theory of avatar marketing. Journal of Marketing, 86(1), 67–90.

Michell, J. (1986). Measurement scales and statistics: A clash of paradigms. Psychological Bulletin 100 398-407

Mollick, E. (2014). The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, 29, 1–16.

Morduch, J. (1999). The Microfinance Promise. Journal of Economic Literature, 37(4), 1569-1614.

Moustakas, E., Lamba, N., Mahmoud, D., & Ranganathan, C. (2020). Blurring lines between fiction and reality: Perspectives of experts on marketing effectiveness of virtual influencers. 2020 International Conference on Cyber Security and Protection of Digital Services (Cyber Security).

Moysidou, K., & Hausberg, J. P. (2020). In crowdfunding we trust: A trust-building model in lending crowdfunding. Journal of Small Business Management, 58(3), 511-543.

Mudambi, S. M., & Schuff, D. (2010). What makes a helpful online review? A study of customer reviews on amazon.com. MIS Quarterly, 34(1), 185-200.

Munnukka, J., Uusitalo, O., & Toivonen, H. (2016). Credibility of a peer endorser and advertising effectiveness. Journal of Consumer Marketing, 33(3), 182–192.

Nielsen, K. R., & Binder, J. K. (2021). I Am what I pledge: the importance of value alignment for mobilizing backers in reward-based crowdfunding. Entrepreneurship Theory and Practice, 45, 531–561.

Ozdemir, O., Kolfal, B., Messinger, P. R., & Rizvi, S. (2023). Human or virtual: How influencer type shapes brand attitudes. Computers in Human Behavior, 145, 107771.

Poetz, M. K., & Schreier, M. (2012). The value of crowdsourcing: can users really compete with professionals in generating new product ideas?. Journal of Product Innovation Management, 29(2), 245-256.

Rau, P. Raghavendra. (2020). Law, Trust, and the Development of Crowdfunding. Available at SSRN: https://ssrn.com/abstract=2989056.

Reinikainen, H., Munnukka, J., Maity, D., & Luoma-aho, V. (2020). ‘You really are a great big sister’ – parasocial relationships, credibility, and the moderating role of audience comments in influencer marketing. Journal of Marketing Management, 36(3-4), 279-298.

Reinikainen, H., Tan, T. M., Luoma-aho, V., & Salo, J. (2021). Making and breaking relationships on social media: the impacts of brand and influencer betrayals. Technology Forecasting and Social Change, 171, 120990.

Resnick, P., & Zeckhauser, R. (2002). Trust among strangers in internet transactions: Empirical analysis of eBay' s reputation system [Article]. Advances in Applied Microeconomics, 11, 127-157.

Ryu, S., & Kim, Y. G. (2014). Dynamics of the crowdfunding platform: Crowdfunding participation model development and empirical analysis. SSRN Electronic Journal. doi, 10.

Sands, S., Ferraro, C., Demsar, V., & Chandler, G. (2022). False idols: Unpacking the opportunities and challenges of falsity in the context of virtual influencers. Business Horizons, 65(6), 777-788.

Schmidt, J. (2007), “Blogging practices: an analytical framework”, Journal of Computer-Mediated Communication, Vol. 12 No. 4, pp. 1409-1427.

Schwienbacher, A. Entrepreneurial risk-taking in crowdfunding campaigns. Small Bus Econ 51, 843–859 (2018).

Seek, V., & Barker, G. (2022). Does #beauty have a dark side? Testing mediating pathways between engagement with beauty content on social media and cosmetic surgery consideration. Body Image, 42, 268–275.

Shan, Y., Chen, K.-J. and Lin, J.-S.E. (2020), “When social media influencers endorse brands: the effects of selfinfluencer congruence, parasocial identification, and perceived endorser motive”, International Journal of Advertising, Vol. 39 No. 5, pp. 590-610.

Shapiro D, Shapiro DA. Change processes in psychotherapy. Br J Addict. 1987 Apr;82(4):431-44. doi: 10.1111/j.1360-0443.1987.tb01498.x. PMID: 3555577.

Sokolova, K., & Kefi, H. (2020). Instagram and YouTube bloggers promote it, why should I buy? How credibility and parasocial interaction influence purchase intentions. Journal of Retailing and Consumer Services, 53.

Song, C., Luo, J., Hölttä-Otto, K., Otto, K., & Seering, W. (2015). The Design of Crowd-Funded Products.

Stein, J. P., Linda Breves, P., & Anders, N. (2022). Parasocial interactions with real and virtual influencers: The role of perceived similarity and human-likeness. New Media & Society, 14614448221102900.

Stein, J.-P., Linda Breves, P., & Anders, N. (2022). Parasocial interactions with real and virtual influencers: The role of perceived similarity and human-likeness. New Media & Society, 14614448221102900.

Straub, D., Boudreau, M. C., & Gefen, D. (2004). Validation guidelines for IS positivist research. Communications of the Association for Information Systems, 13(1), 24.

Strohmaier, D., Zeng, J., & Hafeez, M. (2019). Trust, distrust, and crowdfunding: A study on perceptions of institutional mechanisms. Telematics and Informatics, 43, 101252.

Tafesse, W. and Wood, B.P. (2021), “Followers’ engagement with Instagram influencers: the role of influencers’ content and engagement strategy”, Journal of Retailing and Consumer Services, Vol. 58, p. 102303.

Tan, J., 2019. The rise of the AI influencer: are they simply easier to work with? August 27 Marketing Interactive. https://www.marketing-interactive.com/the-rise-of-th e-ai-influencer-are-they-simply-easier-to-work-with.

Thomas, V. L., & Fowler, K. (2021). Close encounters of the AI kind: Use of AI influencers as brand endorsers. Journal of Advertising, 50(1), 11–25.

Tomczak, A., & Brem, A. (2013). A Conceptualized Investment Model of Crowdfunding. Venture Capital, 15, 335-359.

Verhagen, T., Meents, S., & Tan, Y. H. (2006). Perceived Risk and Trust Associated with Purchasing at Electronic Marketplaces. European Journal of Information Systems, 15, 542-555.

Verma, S., & Yadav, N. (2021). Past, present, and future of electronic word of mouth (EWOM). Journal of Interactive Marketing, 53, 111-128.

Voorbraak, K. J. M. 2011. Crowdfunding for Financing New Ventures: Consequences of the Financial Model on Operational Decisions. Eindhoven: Eindhoven University of Technology

Walker, H. (2018). Meet Lil Miquela, the Instagram star created by CGI. Retrieved from https://tinyurl.com/yc32k25l.

Wills, K. (2019). Meet Lil Miquela: The AI Influencer Taking Over Instagram. March 6. Evening Standard.

Xiang, D., Zhang, L., Tao, Q., Wang, Y., & Ma, S. (2019). Informational or emotional appeals in crowdfunding message strategy: an empirical investigation of backers’ support decisions. Journal of the Academy of Marketing Science, 47, 1046–1063.

Xu, Y., Li, Q., Zhang, C., Tan, Y., Zhang, P., Wang, G., & Zhang, Y. (2023). A decentralized trust management mechanism for crowdfunding. Information Sciences, 638, 118969.

Yang Feng, H., Chen, H., & Kong, Q. (2021). An expert with whom I can identify: the role of narratives in influencer marketing. International Journal of Advertising, 40(7), 972-993. DOI: 10.1080/02650487.2020.1824751

Yang, J., Chuenterawong, P., Lee, H., Tian, Y., & Chock, T. (2023). Human versus Virtual Influencer: The Effect of Humanness and Interactivity on Persuasive CSR Messaging. Journal of Interactive Advertising, 23, 1-18.

Yurieff, K. (2018). Instagram star isn’t what she seems. But brands are buying in. Retrieved from https://tinyurl.com/ycqnf72c.

Zhang, Y., Tan, C.D., Sun, J. and Yang, Z. (2020), “Why do people patronize donation-based crowdfunding platforms? An activity perspective of critical success factors”, Computers in Human Behavior, Vol. 112, p. 106470.

Zheng, H., Li, D., Wu, J., & Xu, Y. (2014). The Role of Multidimensional Social Capital in Crowdfunding: A Comparative Study in China and US. Information & Management, 51.
Zribi, S. (2022). Effects of social influence on crowdfunding performance: implications of the COVID-19 pandemic. Humanities and Social Sciences Communications, 9, 192.