- Log In/Sign Up
- P-ISSN1738-3110
- E-ISSN2093-7717
- SCOPUS, ESCI
ISSN : 1738-3110
The Effects of Consumption Value and Consumer Trust on Crowdfunding Participation Intention
LEE, Young-Min
Abstract
Purpose: While crowdfunding functions as a purchasing behavior, it is different from other purchasing behavior. It derives from non-existed idea and leads to production and purchase through continuous idea development with participants and participants' support is a proxy for future sales. This study researches on consumption value, customer's trust and consumer's innovativeness to reveal which constructs of consumption value and customer's trust should be considered. Research design, data, and methodology: Crowdfunding participation intentions were examined using consumer's consumption value and trust of platforms as independent variables, and consumer innovation as a control variable. A total of 175 surveys were used for analysis. The hypothesis was tested using hierarchical regression analysis. Results: The results showed economic, epistemic value and ability, benevolence consumer trust to have a significant effect in crowdfunding participation intentions. The moderating effect of innovation was shown to be significant in only economic value and benevolence. Conclusions: The economic and hedonic value of consumers should be emphasized, as well as the evaluation level of the project itself. Moreover, technology or system safety, competency, and product specific information, as well as user benefits for their ideas are core elements in attracting new participants.
- keywords
- Crowdfunding, Market Entry, Consumer Trust, Consumption Value
Reference
Agrawal, A. K., Catalini, C., & Goldfarb, A. (2013). Some simple economics of Crowdfunding, National Bureau of Economic Research, 191(33), 1-46.
Best, J., & Neiss, S. (2014). Crowdfunding: A istorical Perspective Crowdfunding. In S. Dresner (ed.), A Guide to Rising Capital on the Internet. Hoboken, NJ: John Wiley & Sons.
Brown, R., Mawson, S., & Rowe, A. (2019). Startups, entrepreneurial networks and equity crowdfunding: A processual perspective. Industrial Marketing Management, 80(5), 115-125.
Doney, P., & Cannon, J. (1997). An examination of the nature of trust in buyer-seller relationships. Journal of Marketing, 61(2), 35-51.
Douglas, M., & Isherwood, B. (1979). The Word of Goods:Towards an Anthropology of Consumption. New York, NY:Routledge.
Elizabeth, M. G., & Julie, H. (2013). Crowdfunding: Motivations and Deterrents for Participation. ACM Transactions on Computing-Human Interaction, 20(6), 1-32.
Fernandez, R. S., & Bonillo, A. I. (2007). The concept of perceived value, a systematic review of the research. Marketing Theory, 7(4), 427-451.
Fowler, K., & Bridges, E. (2010). Consumer innovativeness:impact on expectations, perceptions, and choice among retail formats. Journal of Retailing and Consumer Services, 17(6), 492-500.
Furnell, S. M., & Karweni, T. (1999). Security implications of Electronic Commerce: A Survey of Consumers and Businesses. Internet Research, 9(5), 372-382.
Gallarza, M. G., Irene, G. S., & Morriss, B. (2011). The value of value: Further excursion on the meaning and role of customer value. Journal of Consumer Behavior, 10(4), 179-191.
Gefen, D., Benbasat, I., & Pavlou, P. (2008). A research agenda for trust in online environments. Journal of Management Information Systems, 24(4), 275-286.
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in Online Shopping: An Integrated Model. MIT Quarterly, 27(1), 51-90.
Goldsmith, R. E. (1983). Psychographics and new product adoption: an exploratory study. Perceptual and Motor Skills, 57(3), 1071-1076.
Herve, F., Manthe, E., Sannajust, A., & Schiwienb acher, A.(2019). Determinant of individual invest ment decision in investment-based crowdfunding. Journal of Business Finance & Accounting, 46(5), 762-783.
Hirschman, E. C. (1980). Innovativeness, novelty seeking, and consumer creativity. Journal of Consumer Research, 7(3), 283-295.
Hoffman, D. L., Novak, T. P., & Peralta, M. (1999). Building consumer trust online. Communications of the ACM, 42(4), 80-85.
Holbrook, M. B. (1999). Consumer Value: A Framework For analysis and Research. London, England: Routledge.
Hollas, J. (2013). Is crowdfunding now a threat to traditional finance? Corporate Finance Review, 18(1), 27-31.
Hornuf, L., & Schwienbacher, A. (2018). Market me chanism and funding dynamics in equity crowfund ing. Journal of Corporate Finance, 50(3), 556-574.
Katz, D. (1960). The funtional approach to the study of attitude. Public Opinion Quarterly, 24(2), 163-204.
Lewicki, R., & Stevenson, M. A. (1997). Trust development in negotiation: Proposed actions and a research agenda. Business and Professional Ethics Journal, 16(3), 99-132.
Lewis, J. D., & Weigert, A. (1985). Trust as a social reality. Social Forces, 63(4), 967-985.
Mackenzie, S. B., & Lutz, R. J. (1989). An Empirical Examination of the Structual Antecedents of Attitude Toward the Ad in an Advertising Pretesting Context. Journal of Marketing, 53(2), 48-65.
McKnight, D. H., Choudhury, V., & Kacmar, C. (2002). Developing and validating trust measures for e-commerce: An integrative typology. Information Systems Research, 13(3), 334-359.
Mollik, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1-16.
Morgan, R., & Hunt, S. (1994). The Commitment Trust Theory of Relationship Marketing. Journal of Marketing, 58(3), 20-38.
Parasuraman, A. (2000). Technology Readiness Index (Tri): A Multiple-Item Scale to Measure Readiness to Embrace New Technologies. Journal of Service Research, 2(4), 307-320.
Pavlou, P. A., & Gefen, D. (2004). Building Effective Online Marketplaces with Institution-based Trust. Information System Research, 15(1), 37-59.
Pruitt, D. G. (1981). Nagotiation Behavior. New York, NY:Academy Press.
Ratnasingham, P. (1998). The importance of trust in electronic commerce. Internet Research, 8(4), 313-321.
Roehrich, G. (2004). Consumer innovativeness: concepts and measurements. Journal of Business Research, 57(6), 671-677.
Rogers, E. M. (1983). Diffusion of innovation. New York, NY: The Free Press.
Ryu, S. H., & Kim, Y. G. (2016). A typology of crowdfunding sponsors: Bird of a feather flock together? Electronic Commerce Research and Applications, 16(2), 43-54.
Sheth, J. N., Newman, B. I., & Gross, B. L. (1991). Why we buy what we buy: a Theory of consumption values. Journal of Business research, 22(2), 159-170.
Stanko, M. A., & Henard, D. H. (2016). How Crowdfunding Influences Innovation. MITSloan Management Review, 57(3), 14-18.
Sweeney, J. C., & Geoffrey, N. S. (2001). Consumer perceived value: Thje development of a multiple item scale. Journal of Retailing, 77(2), 203-220.
Tellis, G. J., Yin, E., & Bell, S. (2009). Global Consumer Innovativeness: Cross-country Differences and Demographic Commonalities. Journal of International Marketing, 17(2), 1-22.
Terrence, E. B., Edward, B., & Leyland, F. P. (2015). Seeking funding in order to sell: Crowdfunding as a marketing tool. Business Horizons, 60(2), 189-195.
Urban, G. L., Amyx, C., & Lorenzon, A. (2009). Online trust: state of the art, new frontiers, and research potential. Journal of Interactive marketing, 23(2), 179-190.
Vandecsteele, B., & Geuens, M. (2010). Motivate consumer innovativeness: concept, measurement, and validation. International Journal of Research in Marketing, 27(4), 308-318.
Ward, M. R., & Lee, M. J. (2000). Internet shopping, consumer search and product branding. Jounal of Product and Brand Management, 9(1), 6-20.
Zheng, H., Hung, J. L., Qi, Z., & Xu, B. (2016). The role of trust management in reward based crowd-funding, Online Information Review, 40(1), 97-118.
Zvilichovsky, D., Danziger, S., & Steinhart, Y. (2018). Making The Product Happen: A Driver of Crowdfunding Participation. Journal of Interactive Marketing, 41(1), 81-93.
- Downloaded
- Viewed
- 0KCI Citations
- 0WOS Citations