Analysis of Investment Intention Factors by Multiple Subjects to Crowdfunding Types

Abstract

Purpose - The type of crowdfunding varies depending on the rewards provided to investors. Even though there may be differences in investment attraction strategies depending on type, crowdfunding is often viewed singularly, or only analyzed by factor of investment intention for one type. This paper analyzed whether the factors affecting investment intentions leading to project performance differ depending on the type of crowdfunding, compensation standards, and equity standards.
 Design/Methodology/Approach - This study conducted an online survey of 343 respondents in Korea from May 6th to 13th, 2023, to investigate how the main factors of the UTAUT model, trust, and authenticity perception affect each investment intention depending on the type of crowdfunding platform. After coding the collected data, factor analysis, goodness of fit, convergence and discrimination validity, and regression analysis were conducted with SPSS 26 and Stata 17.
 Findings - According to the results, social influence, performance expectancy, and authenticity perception were factors influencing intention to invest in reward-based crowdfunding. Factors affecting intention to use equity-based crowdfunding were social influence and performance expectancy.
 Research Implications - Through this study, it is expected that a more appropriate strategy can be established in consideration of factors that affect different investment willingness depending on the type to increase crowdfunding performance, and it is anticipated that potential investor intention to participate in crowdfunding projects will increase.