Understanding backers’ funding intention in reward crowdfunding: An elaboration likelihood perspective

Abstract

Each crowdfunding project creator can create and design a webpage to show their projects on a crowdfunding platform. Backers can process this project information to decide whether to fund the project or not. However, two questions arise: Which kinds of information will affect backers' funding intentions? Do individual characteristics affect backers' funding decisions? We adopted the elaboration likelihood model as an overarching theory to explore these two questions. We tested the model with survey data collected from China. The findings illustrate that central routes (product innovativeness, perceived product quality and creator ability) and peripheral routes (webpage visual design) have positive effects on backers’ funding intentions. Product knowledge was found to have positive moderating impacts on all three central routes but a negative moderating influence on one peripheral route. Theoretical contributions and managerial implications of this study are discussed.