IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i24p7061-d296218.html
   My bibliography  Save this article

Can Co-Creation and Crowdfunding Types Predict Funder Behavior? An Extended Model of Goal-Directed Behavior

Author

Listed:
  • Myung Ja Kim

    (College of Hotel & Tourism Management, Kyung Hee University, Seoul 02447, Korea)

  • C. Michael Hall

    (Department of Management, Marketing, and Entrepreneurship, University of Canterbury, Christchurch 8140, New Zealand
    Geography Research Unit, University of Oulu, FI-90014 Oulu, Finland
    School of Business and Economics, Linnaeus University, 351 95 Kalmar, Sweden
    Institutionen för service management och tjänstevetenskap, Lunds universitet Campus Helsingborg, 251 08 Helsingborg, Sweden)

Abstract

Crowdfunding is an emerging means for financing by small and medium-sized enterprises or individuals to attract capital from investors who look to obtain products, services, and/or equity in the future. Co-creation in crowdfunding projects substantially influences sponsors’ behavior, playing a critical role in crowdfunding performance. Despite the significance of co-creation in crowdfunding, research from the leisure and tourism fields has been largely neglected in terms of theory-based models of co-creation. To address this gap, the goal of this work is to study the effects of co-creation on the extended model of goal-directed behavior, along with the moderator of crowdfunding types. To do this, an online survey was conducted on crowdfunders in South Korea and partial least squares (PLS)-structural equation modeling (SEM) was applied to analyze the collected data. Results reveal that co-creation considerably leads to attitude towards, as well as behavior in relation to, crowdfunding participation. Funders’ attitude and positive and negative anticipated emotion also significantly influence desire to participate in crowdfunding. Behavioral intention is highly affected by perceived behavioral control as well as desire. Reward and investment types significantly moderate eight relationships in the research model. Hence, this study contributes to crowdfunding research and stakeholders in the visitor economy sectors.

Suggested Citation

  • Myung Ja Kim & C. Michael Hall, 2019. "Can Co-Creation and Crowdfunding Types Predict Funder Behavior? An Extended Model of Goal-Directed Behavior," Sustainability, MDPI, vol. 11(24), pages 1-23, December.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:24:p:7061-:d:296218
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/24/7061/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/11/24/7061/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. María José Quero & Rafael Ventura & Carol Kelleher, 2017. "Value-in-context in crowdfunding ecosystems: how context frames value co-creation," Service Business, Springer;Pan-Pacific Business Association, vol. 11(2), pages 405-425, June.
    2. Shneor, Rotem & Munim, Ziaul Haque, 2019. "Reward crowdfunding contribution as planned behaviour: An extended framework," Journal of Business Research, Elsevier, vol. 103(C), pages 56-70.
    3. Chien-Chi Chu & Ya-Fang Cheng & Fu-Sheng Tsai & Sang-Bing Tsai & Kun-Hwa Lu, 2019. "Open Innovation in Crowdfunding Context: Diversity, Knowledge, and Networks," Sustainability, MDPI, vol. 11(1), pages 1-11, January.
    4. Camille Lacan & Pierre Desmet, 2017. "Does the crowdfunding platform matter? Risks of negative attitudes in two-sided markets," Post-Print hal-02132606, HAL.
    5. Bento, Nuno & Gianfrate, Gianfranco & Groppo, Sara Virginia, 2019. "Do crowdfunding returns reward risk? Evidences from clean-tech projects," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 107-116.
    6. Song, Hak Jun & Lee, Choong-Ki & Kang, Soo K. & Boo, Sug-jin, 2012. "The effect of environmentally friendly perceptions on festival visitors’ decision-making process using an extended model of goal-directed behavior," Tourism Management, Elsevier, vol. 33(6), pages 1417-1428.
    7. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    8. Yohan Kim & Sunyoung Yun & Joosung Lee, 2014. "Can Companies Induce Sustainable Consumption? The Impact of Knowledge and Social Embeddedness on Airline Sustainability Programs in the U.S," Sustainability, MDPI, vol. 6(6), pages 1-19, May.
    9. Luis Pérez y Pérez & Pilar Egea, 2019. "About Intentions to Donate for Sustainable Rural Development: An Exploratory Study," Sustainability, MDPI, vol. 11(3), pages 1-14, February.
    10. Jancenelle, Vivien E. & Javalgi, Rajshekhar (Raj) G. & Cavusgil, Erin, 2018. "The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital," International Business Review, Elsevier, vol. 27(1), pages 208-217.
    11. Connell, Joanne & Page, Stephen J. & Sheriff, Ian & Hibbert, Julia, 2017. "Business engagement in a civil society: Transitioning towards a dementia-friendly visitor economy," Tourism Management, Elsevier, vol. 61(C), pages 110-128.
    12. Renwick, Matthew J. & Mossialos, Elias, 2017. "Crowdfunding our health: Economic risks and benefits," Social Science & Medicine, Elsevier, vol. 191(C), pages 48-56.
    13. Grissemann, Ursula S. & Stokburger-Sauer, Nicola E., 2012. "Customer co-creation of travel services: The role of company support and customer satisfaction with the co-creation performance," Tourism Management, Elsevier, vol. 33(6), pages 1483-1492.
    14. Lee, Choong-Ki & Song, Hak-Jun & Bendle, Lawrence J. & Kim, Myung-Ja & Han, Heesup, 2012. "The impact of non-pharmaceutical interventions for 2009 H1N1 influenza on travel intentions: A model of goal-directed behavior," Tourism Management, Elsevier, vol. 33(1), pages 89-99.
    15. Andrea Rey-Martí & Antonia Mohedano-Suanes & Virginia Simón-Moya, 2019. "Crowdfunding and Social Entrepreneurship: Spotlight on Intermediaries," Sustainability, MDPI, vol. 11(4), pages 1-23, February.
    16. Xiaocong Yang & Kai Zhao & Xiaobo Tao & Eric Shiu, 2019. "Developing and Validating a Theory-Based Model of Crowdfunding Investment Intention—Perspectives from Social Exchange Theory and Customer Value Perspective," Sustainability, MDPI, vol. 11(9), pages 1-18, May.
    17. Cynthia Weiyi Cai, 2018. "Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 965-992, December.
    18. Meng, Bo & Choi, Kyuhwan, 2016. "The role of authenticity in forming slow tourists' intentions: Developing an extended model of goal-directed behavior," Tourism Management, Elsevier, vol. 57(C), pages 397-410.
    19. Elena DZHANDZHUGAZOVA & Elena ILINA & Aleksander LATKIN & Ekaterina BLINOVA & Marianna ROMANOVA, 2017. "Crowdfunding as a Tool for Promotion and Development of Tourism related Innovation Projects," Journal of Advanced Research in Management, ASERS Publishing, vol. 8(4), pages 896-901.
    20. Denis Frydrych & Adam J. Bock, 2018. "Bring the Noize: Syndicate and Role-Identity Co-Creation During Crowdfunding," SAGE Open, , vol. 8(4), pages 21582440188, October.
    21. Yuangao Chen & Ruyi Dai & Jianrong Yao & Yixiao Li, 2019. "Donate Time or Money? The Determinants of Donation Intention in Online Crowdfunding," Sustainability, MDPI, vol. 11(16), pages 1-21, August.
    22. Mollick, Ethan, 2014. "The dynamics of crowdfunding: An exploratory study," Journal of Business Venturing, Elsevier, vol. 29(1), pages 1-16.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ali Moghadamzadeh & Pejman Ebrahimi & Soodabeh Radfard & Aidin Salamzadeh & Datis Khajeheian, 2020. "Investigating the Role of Customer Co-Creation Behavior on Social Media Platforms in Rendering Innovative Services," Sustainability, MDPI, vol. 12(17), pages 1-20, August.
    2. Agnieszka Szewczyk & Zbigniew Stempnakowski, 2021. "Social Energy as the Driving Force behind Crowdfunding—Analysis and Classification of Selected Attributes," Energies, MDPI, vol. 14(19), pages 1-32, September.
    3. Yi-Wen Chen, 2020. "Sustainable Value Co-Creation in the Virtual Community: How Diversified Co-Creation Experience Affects Co-Creation Intention," IJERPH, MDPI, vol. 17(22), pages 1-14, November.
    4. Maria Kukurba & Aneta Ewa Waszkiewicz & Mariusz Salwin & Andrzej Kraslawski, 2021. "Co-Created Values in Crowdfunding for Sustainable Development of Enterprises," Sustainability, MDPI, vol. 13(16), pages 1-21, August.
    5. Mustafa Raza Rabbani & Abu Bashar & Iqbal Thonse Hawaldar & Muneer Shaik & Mohammed Selim, 2022. "What Do We Know about Crowdfunding and P2P Lending Research? A Bibliometric Review and Meta-Analysis," JRFM, MDPI, vol. 15(10), pages 1-23, October.
    6. Fatemeh Hamidi & Naser Shams Gharneh & Datis Khajeheian, 2019. "A Conceptual Framework for Value Co-Creation in Service Enterprises (Case of Tourism Agencies)," Sustainability, MDPI, vol. 12(1), pages 1-21, December.

    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. Agnieszka Szewczyk & Zbigniew Stempnakowski, 2021. "Social Energy as the Driving Force behind Crowdfunding—Analysis and Classification of Selected Attributes," Energies, MDPI, vol. 14(19), pages 1-32, September.
    2. Laura Grassi & Simone Fantaccini, 2022. "An overview of Fintech applications to solve the puzzle of health care funding: state-of-the-art in medical crowdfunding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.
    3. Shneor, Rotem & Zhao, Liang & Fabian Michael Goedecke, Jann, 2023. "On relationship types, their strength, and reward crowdfunding backer behavior," Journal of Business Research, Elsevier, vol. 154(C).
    4. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    5. Myung Ja Kim & James F. Petrick, 2021. "Roles of constraint and attachment in crowdfunder behavior for sustainable development: An extended theory of planned behavior," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 780-792, July.
    6. Odou, Philippe & Schill, Marie, 2020. "How anticipated emotions shape behavioral intentions to fight climate change," Journal of Business Research, Elsevier, vol. 121(C), pages 243-253.
    7. Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    8. Su, Linlin & Cheng, Xusen & Hua, Ying & Zhang, Wenping, 2021. "What leads to value co-creation in reward-based crowdfunding? A person-environment fit perspective," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 149(C).
    9. Serwaah, Priscilla & Shneor, Rotem & Nyarko, Samuel Anokye & Nielsen, Kristian Roed, 2024. "Explaining gender differences in crowdfunding contribution intentions," Technology in Society, Elsevier, vol. 76(C).
    10. Nakagawa, Koichi & Kosaka, Genjiro, 2022. "What social issues do people invest in? An examination based on the empathy–altruism hypothesis of prosocial crowdfunding platforms," Technovation, Elsevier, vol. 114(C).
    11. Shneor, Rotem & Munim, Ziaul Haque, 2019. "Reward crowdfunding contribution as planned behaviour: An extended framework," Journal of Business Research, Elsevier, vol. 103(C), pages 56-70.
    12. Philippe Odou & Marie Schill, 2020. "How anticipated emotions shape behavioral intentions to fight climate change," Post-Print hal-02929920, HAL.
    13. Myung Ja Kim & Choong-Ki Lee & Jinok Susanna Kim & James F. Petrick, 2019. "Wellness Pursuit and Slow Life Seeking Behaviors: Moderating Role of Festival Attachment," Sustainability, MDPI, vol. 11(7), pages 1-21, April.
    14. Hajiheydari, Nastaran & Delgosha, Mohammad Soltani, 2023. "Citizens' support in social mission platforms: Unravelling configurations for participating in civic crowdfunding platforms," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    15. Wei Tu & Li Zhou & Ben Ye Haobin & Qi Yan, 2022. "Conceptualizing and Assessing the Competitiveness of Slow Tourism Destinations: Evidence From the First Accredited Città slow in China," SAGE Open, , vol. 12(1), pages 21582440211, January.
    16. Song, HakJun & You, Geun-Jun & Reisinger, Yvette & Lee, Choong-Ki & Lee, Seung-Kon, 2014. "Behavioral intention of visitors to an Oriental medicine festival: An extended model of goal directed behavior," Tourism Management, Elsevier, vol. 42(C), pages 101-113.
    17. Baber, Hasnan, 2020. "Intentions to participate in political crowdfunding- from the perspective of civic voluntarism model and theory of planned behavior," Technology in Society, Elsevier, vol. 63(C).
    18. Xiang Yuan & Luyao Wang & Xicheng Yin & Hongwei Wang, 2021. "How text sentiment moderates the impact of motivational cues on crowdfunding campaigns," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-26, December.
    19. Baudier, Patricia & Kondrateva, Galina & Ammi, Chantal, 2023. "Can blockchain enhance motivation to donate: The moderating impact of religion on donors' behavior in the USA's charity organizations," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    20. Wenjie Xu & Hyo-Jin Youn & Choong-Ki Lee, 2021. "Role of Non-Pharmaceutical Interventions for COVID-19 in Cruise Tourists’ Decision-Making Process: An Extended Model of Goal-Directed Behavior," Sustainability, MDPI, vol. 13(10), pages 1-15, May.

    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:gam:jsusta:v:11:y:2019:i:24:p:7061-:d:296218. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.