How Do Project Updates Influence Fundraising on Online Medical Crowdfunding Platforms? Examining the Dynamics of Content Updates

Online medical crowdfunding provides financial support for patients in need. As a major aspect of the disclosure of fundraisers to potential donors, project updates play an essential role in determining the success of crowdfunding projects. In this article, we aim to reveal the dynamic impacts of project updates on fundraising performance by analyzing 2334 projects on a leading medical crowdfunding platform in China from January 2020 to July 2021. Drawing on Aristotle's persuasion theory, we identify three aspects of project updates that influence fundraising outcomes: credibility appeals, rational appeals, and emotional appeals. The empirical results reveal that credibility appeals, rational appeals, and emotional appeals increase the fundraising amount of projects. Moreover, as time passes, the positive impact of project updates with credibility appeals in promoting fundraising amount decreases, while the positive effects of updates with rational and emotional appeals increase. This study contributes to the information disclosure stream of crowdfunding literature and project management research. Implications for fundraising practice are discussed as well.