IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v62y2024ipas1544612324001983.html
   My bibliography  Save this article

Does risk perception influence individual investors' crowdfunding investment decision-making behavior in the metaverse tourism?

Author

Listed:
  • Wang, Linqiang
  • Feng, Xiuhuan
  • Zang, Luning

Abstract

In the dynamic landscape of the metaverse's rapid growth, the involvement of individual investors in crowdfunding has emerged as a pivotal force propelling innovation in the tourism sector. This study, amalgamating the Technology Acceptance Model (TAM) and Theory of Planned Behavior (TPB) while incorporating the Benefit-Risk Analysis (BRA), establishes a comprehensive integrated model influencing the decisions of individual investors to partake in crowdfunding for metaverse tourism. Utilizing survey data and structural equation modeling, the research highlights the efficacy of the TPB and TAM in understanding investment intentions, with perceived benefits notably boosting investor enthusiasm. Additionally, the study identifies five key perceived risk factors: time, financial, psychological, functional, and social risks, with psychological risk being the most influential on investment attitudes. The research suggests that mitigating these risks through enhanced transparency and trust mechanisms can increase investor confidence in metaverse tourism crowdfunding. These findings not only deepen our understanding of investor behavior in metaverse crowdfunding but also offer valuable insights for scholars, investors, platform operators, and policymakers in navigating this new investment landscape.

Suggested Citation

  • Wang, Linqiang & Feng, Xiuhuan & Zang, Luning, 2024. "Does risk perception influence individual investors' crowdfunding investment decision-making behavior in the metaverse tourism?," Finance Research Letters, Elsevier, vol. 62(PA).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001983
    DOI: 10.1016/j.frl.2024.105168
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324001983
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.105168?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Shim, Gyu-yeol & Lee, Seung-hwan & Kim, Yong-man, 2008. "How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention," Journal of Business Research, Elsevier, vol. 61(1), pages 47-55, January.
    2. Orazio Attanasio & Abigail Barr & Juan Camilo Cardenas & Garance Genicot & Costas Meghir, 2012. "Risk Pooling, Risk Preferences, and Social Networks," American Economic Journal: Applied Economics, American Economic Association, vol. 4(2), pages 134-167, April.
    3. Chakraborty, Debarun & Patre, Smruti & Tiwari, Devisha, 2023. "Metaverse mingle: Discovering dating intentions in metaverse," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    4. Jafar, Rana Muhammad Sohail & Ahmad, Wasim & Sun, Yanming, 2023. "Unfolding the impacts of metaverse aspects on telepresence, product knowledge, and purchase intentions in the metaverse stores," Technology in Society, Elsevier, vol. 74(C).
    5. Edouard Ledent & Alfons Lieftucht & Hubert Buyse & Keiji Sugiyama & Michael Mckenna & Katsiaryna Holl, 2016. "Post-Marketing Benefit–Risk Assessment of Rotavirus Vaccination in Japan: A Simulation and Modelling Analysis," Drug Safety, Springer, vol. 39(3), pages 219-230, March.
    6. Yannick Bammens & Paul Hünermund & Petra Andries, 2022. "Pursuing Gains or Avoiding Losses: The Contingent Effect of Transgenerational Intentions on Innovation Investments," Journal of Management Studies, Wiley Blackwell, vol. 59(6), pages 1493-1530, September.
    7. Paul Slovic & Melissa L. Finucane & Ellen Peters & Donald G. MacGregor, 2004. "Risk as Analysis and Risk as Feelings: Some Thoughts about Affect, Reason, Risk, and Rationality," Risk Analysis, John Wiley & Sons, vol. 24(2), pages 311-322, April.
    8. Cormac Bryce & Thorsten Chmura & Rob Webb & Joel Stiebale & Carly Cheevers, 2019. "Internally Reporting Risk in Financial Services: An Empirical Analysis," Journal of Business Ethics, Springer, vol. 156(2), pages 493-512, May.
    9. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    10. Shahid Khokhar & Maayda Shahid & Sana Hafeez & Muhammad Shahid Tufail, 2022. "The effect of perceived financial risk on purchase intention in Pakistan," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 19(6), pages 1473-1491, October.
    11. Ramkumar, M. & Schoenherr, Tobias & Wagner, Stephan M. & Jenamani, Mamata, 2019. "Q-TAM: A quality technology acceptance model for predicting organizational buyers’ continuance intentions for e-procurement services," International Journal of Production Economics, Elsevier, vol. 216(C), pages 333-348.
    12. Liu, Chao & Fan, Yixin & Xie, Qiwei & Wang, Chao, 2022. "Market-based versus bank-based financial structure in China: From the perspective of financial risk," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 24-39.
    13. Stadje, Mitja, 2010. "Extending dynamic convex risk measures from discrete time to continuous time: A convergence approach," Insurance: Mathematics and Economics, Elsevier, vol. 47(3), pages 391-404, December.
    14. Long Pham & Stan Williamson & Cyrus Mohebbi & Binh Nguyen & Hien Nguyen, 2019. "The Mediating Role of Perceived Value in the Effect of Multi-Dimensional Risk in Mobile Banking," International Journal of Enterprise Information Systems (IJEIS), IGI Global, vol. 15(4), pages 1-25, October.
    15. Xin Tang & Haibing Lu & Wei Huang & Shulin Liu, 2023. "Investment decisions and pricing strategies of crowdfunding players: In a two-sided crowdfunding market," Electronic Commerce Research, Springer, vol. 23(2), pages 1209-1240, June.
    16. Choi, Yung Kyun & Totten, Jeff W., 2012. "Self-construal's role in mobile TV acceptance: Extension of TAM across cultures," Journal of Business Research, Elsevier, vol. 65(11), pages 1525-1533.
    17. Burze Yasar, 2021. "The new investment landscape: Equity crowdfunding," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 21(1), pages 1-16.
    18. Ingrid T. Rohde & Kirsten M. Rohde, 2015. "Managing social risks – tradeoffs between risks and inequalities," Journal of Risk and Uncertainty, Springer, vol. 51(2), pages 103-124, October.
    19. Huang, Yung-Chuan, 2023. "Integrated concepts of the UTAUT and TPB in virtual reality behavioral intention," Journal of Retailing and Consumer Services, Elsevier, vol. 70(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kumar, Aman & Shankar, Amit & Nayal, Preeti, 2024. "Metaverse is not my cup of tea! An investigation into how personality traits shape metaverse usage intentions," Journal of Retailing and Consumer Services, Elsevier, vol. 77(C).
    2. Chakraborty, Debarun & Polisetty, Aruna & Rana, Nripendra P., 2024. "Consumers' continuance intention towards metaverse-based virtual stores: A multi-study perspective," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    3. Zhao, Jinjing & Liu, Qing & Lee, Min-Kyu & Qi, Guanqiu & Liu, Yanfeng, 2024. "Consumers’ usage of errand delivery services: The effects of service quality and consumer perception," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    4. Kumar, Aman & Shankar, Amit, 2024. "Building a sustainable future with enterprise metaverse in a data-driven era: A technology-organization-environment (TOE) perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    5. Bryce, Cormac & Dowling, Michael & Lucey, Brian, 2020. "The journal quality perception gap," Research Policy, Elsevier, vol. 49(5).
    6. Kang, Min Jung & Park, Heejun, 2011. "Impact of experience on government policy toward acceptance of hydrogen fuel cell vehicles in Korea," Energy Policy, Elsevier, vol. 39(6), pages 3465-3475, June.
    7. Branden B. Johnson, 2017. "Explaining Americans’ responses to dread epidemics: an illustration with Ebola in late 2014," Journal of Risk Research, Taylor & Francis Journals, vol. 20(10), pages 1338-1357, October.
    8. Joanna Sokolowska & Patrycja Sleboda, 2015. "The Inverse Relation Between Risks and Benefits: The Role of Affect and Expertise," Risk Analysis, John Wiley & Sons, vol. 35(7), pages 1252-1267, July.
    9. Thomas Deroche & Yannick Stephan & Tim Woodman & Christine Le Scanff, 2012. "Psychological Mediators of the Sport Injury—Perceived Risk Relationship," Risk Analysis, John Wiley & Sons, vol. 32(1), pages 113-121, January.
    10. Liu, Chih-Hsing & Dong, Tse-Ping & Vu, Ho Tran, 2023. "Transformed virtual concepts into reality: Linkage the viewpoint of entrepreneurial passion, technology adoption propensity and advantage to usage intention," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    11. Pam A. Mueller & Lawrence M. Solan & John M. Darley, 2012. "When Does Knowledge Become Intent? Perceiving the Minds of Wrongdoers," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 9(4), pages 859-892, December.
    12. Mutlu, Asli & Roy, Debraj & Filatova, Tatiana, 2023. "Capitalized value of evolving flood risks discount and nature-based solution premiums on property prices," Ecological Economics, Elsevier, vol. 205(C).
    13. Therese Kobbeltvedt & Katharina Wolff, 2009. "The Risk-as-feelings hypothesis in a Theory-of-planned-behaviour perspective," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(7), pages 567-586, December.
    14. Visschers, Vivianne H.M. & Keller, Carmen & Siegrist, Michael, 2011. "Climate change benefits and energy supply benefits as determinants of acceptance of nuclear power stations: Investigating an explanatory model," Energy Policy, Elsevier, vol. 39(6), pages 3621-3629, June.
    15. Dolores J. Severtson & Jeffrey B. Henriques, 2009. "The Effect of Graphics on Environmental Health Risk Beliefs, Emotions, Behavioral Intentions, and Recall," Risk Analysis, John Wiley & Sons, vol. 29(11), pages 1549-1565, November.
    16. Bartoš, Vojtěch, 2021. "Seasonal scarcity and sharing norms," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 303-316.
    17. Martijn Adriaan Boermans & Daan Willebrands, 2017. "Entrepreneurship, risk perception and firm performance," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 31(4), pages 557-569.
    18. Christiane Riedinger & Jackie Campbell & William M P Klein & Rebecca A Ferrer & Juliet A Usher-Smith, 2022. "Analysis of the components of cancer risk perception and links with intention and behaviour: A UK-based study," PLOS ONE, Public Library of Science, vol. 17(1), pages 1-16, January.
    19. Liana Fraenkel & Marilyn Stolar & Jonathan R. Bates & Richard L. Street Jr & Harjinder Chowdhary & Sarah Swift & Ellen Peters, 2018. "Variability in Affect and Willingness to Take Medication," Medical Decision Making, , vol. 38(1), pages 34-43, January.
    20. Frisch, L.C. & Mathis, J.T. & Kettle, N.P. & Trainor, S.F., 2015. "Gauging perceptions of ocean acidification in Alaska," Marine Policy, Elsevier, vol. 53(C), pages 101-110.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001983. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.