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

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.