Essays on Crowdfunding Adoption and Behavior

Abstract

The aim of this dissertation is to examine aspects of crowdfunding adoption and behavior. Accordingly, the overarching research question answered by this dissertation is: what influences crowdfunding backers’ contribution intentions and behaviors? The dissertation answers this question while focusing on dimensions of trust, community, and technological acceptance. The dissertation is made up of three studies with one conceptual article (study 1), and two empirical studies (study 2 and 3). The conceptual study marries marketing and trust literatures and contextualizes their implications for the crowdfunding context. The result is the development of a framework of trust-based marketing strategies for crowdfunding campaigns, building on the understanding of the critical role played by trust in crowdfunding adoption by prospective backers. The empirical studies (i.e., study 2 and 3), are based on the analyses of empirical data collected from actual platform users, while using Structural Equation Model techniques. These studies examine the antecedents of backers’ contribution intentions and behavior, specifically in the context of reward crowdfunding in Finland. Study 2 explains backers’ intention and behavior by testing the extensive version of the technology acceptance model (TAM). It confirms the relevance of the TAM model for properly capturing influential antecedents of backers’ financial contribution intentions and behavior and further elaborates on the specific influences of backers’ experiences and voluntariness, which challenge existing conceptualizations from other information and communication technology -related contexts. Study 3 builds on the view of crowdfunding as an embedded phenomenon in online communities, to develop a community-based crowdfunding framework for explaining backers’ contribution intentions and behaviors, while highlighting the roles of community identification and community trust.