The purpose of this research is to examine the impact of firms’ repeated use of crowdfunding on consumer responses and the funding success, focusing on compensatory crowdfunding that provides products and services when funding is successful. The result indicates that the number of crowdfunding round and achievement rates are related to parabolic forms. These results suggest that investors can recognize the number of crowdfunding round as a important signal for crowdfunding investment. In addition, this research aims to present practical implications for crowdfunding firms and platforms to attract ongoing investments.

• Jaekang Heo(SKK Business School, Sungkyunkwan University, Republic of Korea)
• Inyoung Chae(SKK Business School, Sungkyunkwan University, Republic of Korea)
• Ahyoung Kim(SKK Business School, Sungkyunkwan University, Republic of Korea)