Volume 15, Number 2, December 2025
| Applying Modified Delphi-AHP Model to Determine the Critical Factors in Excess Fund Management for Crowdfunding Campaign: Case Study of Reward-Based Crowdfunding
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Kuang-Hsun Shih 1 and Chun-Yueh Lin 2*
Abstract
Overfunding in reward-based crowdfunding presents entrepreneurs with strategic opportunities and operational challenges in excess capital allocation management. While exceeding funding targets signals strong market demand, it introduces complexities requiring systematic evaluation frameworks. Despite growing academic attention, comprehensive methodological frameworks for evaluating critical factors influencing overfunding management remain underdeveloped. This study systematically identifies and prioritizes key determinants influencing excess capital allocation decisions in reward-based crowdfunding campaigns. Employing modified Delphi technique and Analytic Hierarchy Process, we construct a comprehensive evaluation framework encompassing five dimensions: Financial and Capital, Strategic and Competitive Environment, Operational and Execution Capability, Market and Customer Relationship, and Stakeholder and Governance. Through expert consultation and pairwise comparison analysis, sixteen sub-criteria are evaluated and weighed to establish hierarchical priority structure. Findings reveal Operational and Execution Capability as the most critical dimension, with Management Team Execution Capability as the predominant factor. Liquidity Management Needs and Market Demand Stability rank second and third, underscoring the importance of maintaining financial flexibility and stable market positioning. Results demonstrate organizational capabilities fundamentally outweigh external market conditions in overfunding management. This research contributes to entrepreneurial finance literature by extending multi-criteria decision-making applications to post-campaign capital management challenges. The prioritized framework offers practitioners a structured decision support tool for evaluating alternative capital deployment strategies. The study concludes with theoretical implications, practical recommendations, limitations, and future research directions.
Keywords: reward-based crowdfunding, overfunding, modified Delphi method, AHP
JEL Classification: C44
1 Doctorate Program in Intelligent Banking and Finance, CTBC Business School, Tainan, Taiwan.
2 Department of Public Finance and Tax Administration, National Taipei University of Business, Taipei, Taiwan
* ( E-mail: ljy898@ntub.edu.tw)