Driving Reward-Based Crowdfunding Success: CSR Orientation and Risk Disclosure in U.S. Restaurant Campaigns

Abstract

Crowdfunding has become a vital financing option for early-stage restaurant ventures, yet many campaigns fail to meet their funding goals. As competition intensifies, understanding what drives campaign success is critical. This study examines how corporate social responsibility (CSR) orientation affects reward-based crowdfunding outcomes and how risk communication moderates this relationship. Logistic and OLS regressions were used to analyze 1,777 U.S. Kickstarter restaurant campaigns for a proposed inverted U-shaped relationship between CSR and funding outcomes. Results revealed that moderate CSR engagement improves performance, while excessive CSR emphasis leads to diminishing returns. However, when project descriptions communicate higher levels of risk, the relationship shifts toward a U-shape, with stronger CSR orientation improving funding outcomes under uncertainty. This study advances understanding of CSR in crowdfunding by showing its non-linear effects and the role of risk, providing clear guidance for entrepreneurs to design more effective campaigns.