Abstract
• An extended TPB framework is validated in high and low individualism cultures. • Attitudes have similar effects on intentions in both cultures. • Effects of subjective norms on intentions are stronger in collectivistic cultures. • Behavior control is more strongly observed in individualistic cultures. • Info-sharing intentions more strongly associated with behavior in collectivistic cultures. The study examines the role of the individualism-collectivism (IDV) cultural dimension in reward crowdfunding contribution intentionality and behavior. An extended Theory of Planned Behavior framework is used for comparative analysis using survey data collected from users of national platforms from opposing cultures along the IDV dimension – China and Finland. Main findings suggest that: attitudes are positively associated with information sharing and financial contribution intentions in both cultures; collectivism enhances the effects of subjective norms on both intentions; behavior control is more strongly observed in individualistic cultures; and information sharing intentions are more strongly associated with contribution behavior in collectivistic cultures.
Highlights
Modern manifestations of what recently became known as ‘Crowd funding’ capture methods of fundraising, where small financial contri butions are collected from a large group of backers (Short et al, 2017), while using the internet, and often without the involvement of tradi tional financial intermediaries (Mollick, 2014)
Main findings suggest that: attitudes are positively associated with information sharing and financial contribution intentions in both cultures; collectivism enhances the effects of subjective norms on both intentions; behavior control is more strongly observed in individualistic cultures; and information sharing intentions are more strongly associated with contribution behavior in collectivistic cultures
This study showed that social capital dimensions have higher explanatory power of campaign performance in China than in the US, and that reciprocal behavior has a stronger effect on campaign performance in China than in the US
Summary
Modern manifestations of what recently became known as ‘Crowd funding’ capture methods of fundraising, where small financial contri butions are collected from a large group of backers (Short et al, 2017), while using the internet, and often without the involvement of tradi tional financial intermediaries (Mollick, 2014). Reward crowdfunding is a popular non-investment method of fundraising, where backers receive non-monetary benefits in exchange for monetary contributions while accepting a degree of risk of non-delivery on campaign promises (Shneor and Munim, 2019). In such exchange, backers enjoy benefits that include non-pecuniary tangible rewards such as products and services, intangible or symbolic rewards such as enhanced reputation and sense of belonging (Cholakova and Clarysse, 2015), as well as greater degree of consumer empowerment (Chaney, 2019). Other studies identified cognitive antecedents of crowdfunding behavior such as commitment, perceived risks, trust, effort expectancy, social influence, self-efficacy, and attitudes (e.g. Moon and Hwang, 2018; Shneor and Munim, 2019; Zhao et al, 2017)
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