近幾年群眾募資成為越來越受矚目的募資方式，有許多的專案透過群眾募資的方式成功募集到所需要的資金。其中，也有許多專案可以提前達到募資目標金額，為了有效運用多餘的資金以及所剩的募資效期，募資平台逐漸衍伸出了一種名叫「延伸目標」的特殊形式。募資方可以在原先的目標之上，再自行設立延伸的新目標，讓專案得以持續獲得投資人的青睞。本研究針對募資平台Kickstarter上關鍵字搜「Stretch goal」所得到之430筆資料進行延伸後之效率分析，並搭配目標設定理論去做解釋，結果指出延伸目標的次數以及延伸目標的金額設定皆對專案達標之後的募資效率有正向影響，而延伸目標獎勵形式的不同也會影響其募資效率。整體研究指出，延伸目標的設定細節對於延伸的募資效率會有所影響，透過合理的去設定延伸目標，才能達到更佳的募資成效。

Recently, crowdfunding has become an increasingly popular way of fundraising. Many projects have successfully got the funds they need through crowdfunding. Among them, there are many projects can reach the target amount much earlier than the campaign’s ending date. In order to effectively use the excess funds and the remaining fundraising period, the crowdfunding platform has developed a special form called "stretch goal". Project creators can set up new and extended goals on top of the original goal, so that the project can continue to attract investors. This study conducted an analysis based on the 430 data obtained from the keyword search "Stretch goal" on Kickstarter. Results point out that the number of stretch level and the amount of stretch goals have a positive effect on the stretch-period fundraising efficiency, and the different forms of stretch goal rewards will also influence its fundraising efficiency. The overall study pointed out that the setting details of the stretch goal will have an impact on the efficiency of the stretched fundraising. Only by setting stretch goal reasonably can we achieved a better fundraising effect.

論文審定書… i
中文摘要….. ii
Abstract…… iii
Chapter 1 Introduction 1
1.1 Background 1
1.2 Motivation 4
1.3 Research Purpose 7
Chapter 2 Literature Review 9
2.1 Crowdfunding 9
2.2 Goal Setting Theory 22
Definition 22
Goal Setting in Crowdfunding 28
Chapter 3 Research Method 30
3.1 Research Model and Hypothesis 30
3.1.1 Model description 30
3.1.2 Research Question 1 33
3.1.3 Research question 2 36
Chapter 4 Data Analysis and Results 39
4.1 Data Collection 39
4.2 Data Process 41
4.3 Measurement of Variables 48
4.4 Descriptive statistics 49
4.5 Empirical Result 54
4.6 Discussion 59
Chapter 5 Conclusions 64
5.1 Implications for research 64
5.2 Implications for practice 65
5.3 Limitation and future research 67
Reference…. 69

Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.
Aljamal, Y., Prabhakar, N., Saleem, H., & Farley, D. R. (2019). Can the Perceived Difficulty of a Task Enhance Trainee Performance? Journal of Surgical Education, 76(6), e193-e198.
Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017). Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance. Journal of business venturing, 32(6), 707-725.
Anglin, A. H., Short, J. C., Drover, W., Stevenson, R. M., McKenny, A. F., & Allison, T. H. (2018). The power of positivity? The influence of positive psychological capital language on crowdfunding performance. Journal of business venturing, 33(4), 470-492.
Beier, M., & Wagner, K. (2015). Crowdfunding success: a perspective from social media and e-commerce. Paper presented at the Thirty Sixth International Conference on Information Systems, Fort Worth.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of business venturing, 29(5), 585-609.
Blair, E., & Marcum, T. (2017). Overfunded crowdfunded projects: an even bigger headache?. Entrepreneurship & Innovation Exchange. Entrepreneur and Innovation Exchange.
Burtch, G., Ghose, A., & Wattal, S. (2013). An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, 24(3), 499-519.
Chemla, G., & Tinn, K. (2020). Learning through crowdfunding. Management Science, 66(5), 1783-1801.
Cheng, J., Lo, C., & Leskovec, J. (2017). Predicting intent using activity logs: How goal specificity and temporal range affect user behavior. Paper presented at the Proceedings of the 26th International Conference on World Wide Web Companion.
Clauss, T., Breitenecker, R. J., Kraus, S., Brem, A., & Richter, C. (2018). Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns. Economics of Innovation and New Technology, 27(8), 709-729.
Cohrs, C. M., Shriver, M. D., Burke, R. V., & Allen, K. D. (2016). Evaluation of increasing antecedent specificity in goal statements on adherence to positive behavior‐management strategies. Journal of applied behavior analysis, 49(4), 768-779.
Cordova, A., Dolci, J., & Gianfrate, G. (2015). The determinants of crowdfunding success: evidence from technology projects. Procedia-Social and Behavioral Sciences, 181, 115-124.
CrowdWatch. (2020). 2019台灣群眾集資年度報告. Retrieved from https://www.2019.report.crowdwatch.tw/
Dai, H., & Zhang, D. J. (2019). Prosocial goal pursuit in crowdfunding: Evidence from kickstarter. Journal of Marketing Research, 56(3), 498-517.
Davies, W. E., & Giovannetti, E. (2018). Signalling experience & reciprocity to temper asymmetric information in crowdfunding evidence from 10,000 projects. Technological Forecasting and Social Change, 133, 118-131.
de Place, A.-L., & Brunot, S. (2020). Motivational and behavioral impact of possible selves: When specificity matters. Imagination, Cognition and Personality, 39(4), 329-347.
Demirkol, I. C., & Nalla, M. K. (2018). Enhancing motivation and job satisfaction of police officers: A test of high performance cycle theory. Criminal Justice and Behavior, 45(12), 1903-1917.
Deschamps, C., & Mattijs, J. (2017). Sustainable goal setting: a large-scale case in management practice. International Journal of Productivity and Performance Management.
Dikaputra, R., Sulung, L. A. K., & Kot, S. (2019). Analysis of Success Factors of Reward-Based Crowdfunding Campaigns Using Multi-Theory Approach in ASEAN-5 Countries. Social Sciences, 8(10), 293.
Eberhardt, W., de Bruin, W. B., & Strough, J. (2019). Age differences in financial decision making: The benefits of more experience and less negative emotions. Journal of Behavioral Decision Making, 32(1), 79-93.
Epton, T., Currie, S., & Armitage, C. J. (2017). Unique effects of setting goals on behavior change: Systematic review and meta-analysis. Journal of consulting and clinical psychology, 85(12), 1182.
Erez, M., Gopher, D., & Arzi, N. (1990). Effects of goal difficulty, self-set goals, and monetary rewards on dual task performance. Organizational behavior and human decision processes, 47(2), 247-269.
Erhel, S., & Jamet, E. (2019). Improving instructions in educational computer games: Exploring the relations between goal specificity, flow experience and learning outcomes. Computers in Human Behavior, 91, 106-114.
Ericsson, K. A., Prietula, M. J., & Cokely, E. T. (2007). The making of an expert. Harvard business review, 85(7/8), 114.
Espedido, A., & Searle, B. J. (2018). Goal difficulty and creative performance: The mediating role of stress appraisal. Human Performance, 31(3), 179-196.
Etter, V., Grossglauser, M., & Thiran, P. (2013). Launch hard or go home! Predicting the success of Kickstarter campaigns. Paper presented at the Proceedings of the first ACM conference on Online Social Networks (COSN'13).
Evans, E. J. (2020). Assessment of the High Performance Cycle to Understand Work Motivation Among US Workers. Walden University ScholarWorks.
Feng, C. Y., & Chen, M. P. (2014). The effects of goal specificity and scaffolding on programming performance and self‐regulation in game design. British Journal of Educational Technology, 45(2), 285-302.
FINDIT. (2020). Retrieved from https://findit.org.tw/researchPageV2.aspx?pageId=1326
Fleming, L., & Sorenson, O. (2016). Financing by and for the masses: An introduction to the special issue on crowdfunding. California Management Review, 58(2), 5-19.
Forbes, H., & Schaefer, D. (2017). Guidelines for successful crowdfunding. Procedia CIRP, 60(1), 398-403.
Fox, G. E., & Baker, N. R. (1985). Project selection decision making linked to a dynamic environment. Management Science, 31(10), 1272-1285.
Gierczak, M. M., Bretschneider, U., Haas, P., Blohm, I., & Leimeister, J. M. (2016). Crowdfunding: outlining the new era of fundraising. In Crowdfunding in Europe (pp. 7-23): Springer.
Gunasti, K., & Ozcan, T. (2019). The role of scale-induced round numbers and goal specificity on goal accomplishment perceptions. Marketing Letters, 30(2), 207-217.
Gutt, D., von Rechenberg, T., & Kundisch, D. (2020). Goal achievement, subsequent user effort and the moderating role of goal difficulty. Journal of Business Research, 106, 277-287.
Hagedorn, A., & Pinkwart, A. (2016). The financing process of equity-based crowdfunding: An empirical analysis. In Crowdfunding in Europe (pp. 71-85): Springer.
Hall, H. K., Weinberg, M. S., & Jackson, A. (1987). Effects of goal specificity, goal difficulty, and information feedback on endurance performance. Journal of Sport and Exercise Psychology, 9(1), 43-54.
Haug, J., & Haslum, M. H. (2016). External Goal Setting in Reward-Based Crowdfunding-Inventor, Marathoner, Sprinter and Extreme Sprinter. NTNU,
Hauge, J. A., & Chimahusky, S. (2016). Are promises meaningless in an uncertain crowdfunding environment? Economic Inquiry, 54(3), 1621-1630.
Hirsch, B., Nitzl, C., & Reemts, S. (2018). The neglected mediating role of self-efficacy in the goal setting process in local public administrations. Journal of Business Economics, 88(1), 41-63.
Hoegen, A., Steininger, D. M., & Veit, D. (2018). How do investors decide? An interdisciplinary review of decision-making in crowdfunding. Electronic Markets, 28(3), 339-365.
Jack, S., Dodd, S. D., & Anderson, A. R. (2008). Change and the development of entrepreneurial networks over time: a processual perspective. Entrepreneurship and Regional Development, 20(2), 125-159.
Janků, J., & Kučerová, Z. (2018). Successful crowdfunding campaigns: The role of project specifics, competition and founders' experience. Finance a úvěr-Czech Journal of Economics and Finance, 68(4), 351-373.
Joenssen, D., Michaelis, A., & Müllerleile, T. (2014). A link to new product preannouncement: Success factors in crowdfunding. Available at SSRN 2476841.
Jong, J. (2019). Racial diversity and task performance: The roles of formalization and goal setting in government organizations. Public Personnel Management, 48(4), 493-512.
Klein, H. J., Wesson, M. J., Hollenbeck, J. R., & Alge, B. J. (1999). Goal commitment and the goal-setting process: conceptual clarification and empirical synthesis. Journal of applied psychology, 84(6), 885.
Klein, H. J., Whitener, E. M., & Ilgen, D. R. (1990). The role of goal specificity in the goal-setting process. Motivation and Emotion, 14(3), 179-193.
Koch, J.-A. (2016). The phenomenon of project overfunding on online crowdfunding platforms–Analyzing the drivers of overfunding. Paper presented at the Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul,Turkey.
Koch, J.-A., & Siering, M. (2015). Crowdfunding success factors: The characteristics of successfully funded projects on crowdfunding platforms. Paper presented at the Twenty-Third European Conference on Information Systems (ECIS), Münster, Germany.
Kromidha, E., & Robson, P. (2016). Social identity and signalling success factors in online crowdfunding. Entrepreneurship & Regional Development, 28(9-10), 605-629.
Kunz, M. M., Bretschneider, U., Erler, M., & Leimeister, J. M. (2017). An Empirical Investigation of Signaling in Reward-Based Crowdfunding. Electronic Commerce Research, 17(3), 425-461.
Kuppuswamy, V., & Bayus, B. L. (2018). Crowdfunding creative ideas: The dynamics of project backers. In The Economics of Crowdfunding (pp. 151-182): Springer.
Lagazio, C., & Querci, F. (2018). Exploring the multi-sided nature of crowdfunding campaign success. Journal of Business Research, 90, 318-324.
Latham, G., Seijts, G., & Slocum, J. (2016). The goal setting and goal orientation labyrinth. Organizational Dynamics, 4(45), 271-277.
Latham, G. P., Locke, E. A., & Fassina, N. E. (2002). The high performance cycle: Standing the test of time. In S. Sonnetag (Ed.), Psychological management of individual performance (pp. 201-228): John Wiley & Sons, Inc.
Latham, G. P., Mitchell, T. R., & Dossett, D. L. (1978). Importance of participative goal setting and anticipated rewards on goal difficulty and job performance. Journal of applied psychology, 63(2), 163.
Li, Z., & Jarvenpaa, S. (2015). Motivating IT-mediated crowds: the effect of goal setting on project performance in online crowdfunding. Available at SSRN 2672056.
Locke, E. A. (1968). Toward a theory of task motivation and incentives. Organizational behavior and human performance, 3(2), 157-189.
Locke, E. A., Frederick, E., Lee, C., & Bobko, P. (1984). Effect of self-efficacy, goals, and task strategies on task performance. Journal of applied psychology, 69(2), 241.
Locke, E. A., & Latham, G. P. (1990). A theory of goal setting & task performance: Prentice-Hall, Inc.
Locke, E. A., & Latham, G. P. (2002). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American psychologist, 57(9), 705.
Locke, E. A., Shaw, K. N., Saari, L. M., & Latham, G. P. (1981). Goal setting and task performance: 1969–1980. Psychological bulletin, 90(1), 125.
Lunenburg, F. C. (2011). Goal-setting theory of motivation. International Journal of Management, Business, and Administration, 15(1), 1-6.
Madsen, J. M., & McMullin, J. L. (2020). Economic Consequences of Risk Disclosures: Evidence From Crowdfunding. The Accounting Review, 95(4), 331-363.
Makýšová, L., & Vaceková, G. (2017). Profitable Nonprofits? Reward-Based Crowdfunding in the Czech Republic. NISPAcee Journal of Public Administration and Policy, 10(2), 203-227.
McKenny, A. F., Allison, T. H., Ketchen Jr, D. J., Short, J. C., & Ireland, R. D. (2017). How should crowdfunding research evolve? A survey of the entrepreneurship theory and practice editorial board. Entrepreneurship Theory and Practice, 41(2), 291-304.
Mikami, Y. (2017). Relationships between goal setting, intrinsic motivation, and self-efficacy in extensive reading. Jacet journal, 61, 41-56.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), 1-16.
Mollick, E. R., & Kuppuswamy, V. (2014). After the campaign: Outcomes of crowdfunding. UNC Kenan-Flagler Research Paper(2376997).
Muchinsky, P. M. (2006). Psychology applied to work: An introduction to industrial and organizational psychology: Cengage Learning.
Muizzuddin, T., Ghasarma, R., Putri, L., & Adam, M. (2017). Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-Efficacy Theory and Goal Setting Theory of Motivation Approach. International Journal of Economics and Financial, 7(4), 182-188.
Oh, S., & Baek, H. (2016). Successful crowdfunding: Focusing on social interaction and goal achievement motivations. The Journal of Information Systems, 25(4), 141-161.
Pina e Cunha, M., Giustiniano, L., Rego, A., & Clegg, S. (2017). Mission impossible? The paradoxes of stretch goal setting. Management Learning, 48(2), 140-157.
Presslee, A., Vance, T. W., & Webb, R. A. (2013). The effects of reward type on employee goal setting, goal commitment, and performance. The Accounting Review, 88(5), 1805-1831.
Rechenberg, T., & Gutt, D. (2016). Challenge accepted!-the impact of goal achievement on subsequent user effort and the implications of a goal’s difficulty. Paper presented at the Twenty-Fourth European Conference on Information Systems (ECIS), İstanbul,Turkey.
Reemts, S., Hirsch, B., & Nitzl, C. (2016). The impact of goal setting on the individual work performance of German civil servants–Empirical evidence from local administrations. ZögU Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, 39(1-2), 89-101.
Scharfstein, D. S., & Stein, J. C. (1990). Herd behavior and investment. The American economic review, 465-479.
Scott, M. L., & Nowlis, S. M. (2013). The effect of goal specificity on consumer goal reengagement. Journal of Consumer Research, 40(3), 444-459.
Seo, M.-g., & Ilies, R. (2009). The role of self-efficacy, goal, and affect in dynamic motivational self-regulation. Organizational behavior and human decision processes, 109(2), 120-133.
Sitkin, S. B., See, K. E., Miller, C. C., Lawless, M. W., & Carton, A. M. (2011). The paradox of stretch goals: Organizations in pursuit of the seemingly impossible. Academy of Management Review, 36(3), 544-566.
Song, Y., & van Boeschoten, R. (2015). Success factors for Crowdfunding founders and funders. arXiv preprint arXiv:1503.00288.
Statista, C. (2019). Retrieved from https://www.statista.com/outlook/335/100/crowdfunding/worldwide
Taylor, R. N. (1975). Age and experience as determinants of managerial information processing and decision making performance. Academy of Management Journal, 18(1), 74-81.
Tyni, H. (2020). Double duty: Crowdfunding and the evolving game production network. Games and Culture, 15(2), 114-137.
Wallace, S. G., & Etkin, J. (2018). How goal specificity shapes motivation: a reference points perspective. Journal of Consumer Research, 44(5), 1033-1051.
Wang, N., Li, Q., Liang, H., Ye, T., & Ge, S. (2018). Understanding the importance of interaction between creators and backers in crowdfunding success. Electronic Commerce Research and Applications, 27, 106-117.
Wessel, M., Thies, F., & Benlian, A. (2017). Opening the floodgates: The implications of increasing platform openness in crowdfunding. Journal of Information Technology, 32(4), 344-360.
Yang, J., Liu, L., & Yin, C. (2019). A Non-Liner Decision Model for Green Crowdfunding Project Success: Evidence from China. International journal of environmental research and public health, 16(2), 187.
Yurtkoru, E. S., Bozkurt, T., Bekta, F., Ahmed, M. J., & Vehap, K. (2017). Application of goal setting theory. PressAcademia Procedia, 3(1), 796-801.
Zhang, Z., & Jia, M. (2013). How can companies decrease the disruptive effects of stretch goals? The moderating role of interpersonal-and informational-justice climates. Human Relations, 66(7), 993-1020.
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(4), 488-496.
Zwikael, O., Chih, Y.-Y., & Meredith, J. R. (2018). Project benefit management: Setting effective target benefits. International Journal of Project Management, 36(4), 650-658.