The current digital trend is to source funds for commercial or non-commercial purposes using online crowdfunding. In this study, we apply the theory of planned behaviour to study its effect on the funder’s intention to donate. We explore the impact of attitude, subjective norms and perceived behavioural control on a funder’s donation intention. We also study the effect of trust on a funder’s intention to donate moderated by herding bias. The study conducted a survey on Indian crowdfunders using a 5-point Likert Scale through a structured questionnaire. Structural equation modelling was used to analyse the results. The findings of the study reveal that all the identified constructs, namely attitude, subjective norms, perceived behavioural control and trust, significantly affect the funder’s intention to donate in donation crowdfunding campaigns. Moreover, herding bias significantly and positively moderates the relationship between trust and the funder’s intention to donate.
AfridiS. A., KhanW., HaiderM., ShahjehanA., & AfsarB. (2021). Generativity and green purchasing behavior: Moderating role of man-nature orientation and perceived behavioral control. Sage Open, 11(4), 1–14. https://doi.org/10.1177/21582440211054480
2.
AgrawalA., CataliniC., & GoldfarbA. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253–274. https://doi.org/10.1111/jems.12093
3.
AhlersG. K., CummingD., GüntherC., & SchweizerD. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980. http://doi.org/10.1111/etap.12157
4.
AitamurtoT. (2011). The impact of crowdfunding on journalism: Case study of Spot. Us, a platform for community-funded reporting. Journalism Practice, 5(4), 429–445. https://doi.org/10.1080/17512786.2010.551018
5.
AjzenI. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749–5978(91)90020-T
6.
AllisonT. H., DavisB. C., ShortJ. C., & WebbJ. W. (2015). Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory and Practice, 39(1), 53–73. http://doi.org/doi:10.1111/etap.12108
7.
AndreevP., PliskinN., & RafaeliS. (2012). Drivers and inhibitors of mobile-payment adoption by smartphone users. International Journal of E-Business Research (IJEBR), 8(3), 50–67. https://doi.org/10.4018/jebr.2012070104
8.
AntonC. E., & LawrenceC. (2016). The relationship between place attachment, the theory of planned behaviour and residents’ response to place change. Journal of Environmental Psychology, 47, 145–154. https://doi.org/10.1016/j.jenvp.2016.05.010
9.
AzjenI. (1980). Understanding attitudes and predicting social behavior. Prentice-Hall.
10.
BagheriA., ChitsazanH., & EbrahimiA. (2019). Crowdfunding motivations: A focus on donors’ perspectives. Technological Forecasting and Social Change, 146(1), 218–232. https://doi.org/10.1016/j.techfore.2019.05.002
11.
BanduraA. (1977). Self-efficacy: Toward a unifying theory of behavioral change. Psychological Review, 84(1), 191–215. http://doi.org/10.1037//0033–295x.84.2.191
12.
BanduraA. (1982). The assessment and predictive generality of self-percepts of efficacy. Journal of Behavior Therapy and Experimental Psychiatry, 13(3), 195–199. https://doi.org/10.1016/0005–7916(82)90004–0
13.
BelleflammeP., LambertT., & SchwienbacherA. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003
14.
BorstI., MoserC., & FergusonJ. (2018). From friend funding to crowdfunding: Relevance of relationships, social media, and platform activities to crowdfunding performance. New Media & Society, 20(4), 1396–1414. https://doi.org/10.1177/1461444817694599
15.
BretschneiderU., & LeimeisterJ. M. (2017). Not just an ego-trip: Exploring backers’ motivation for funding in incentive-based crowdfunding. The Journal of Strategic Information Systems, 26(4), 246–260. https://doi.org/10.1016/j.jsis.2017.02.002
16.
BurtchG., GhoseA., & WattalS. (2016). Secret admirers: An empirical examination of information hiding and contribution dynamics in online crowdfunding. Information Systems Research, 27(3), 478–496. https://doi.org/10.1287/isre.2016.0642
17.
ChenM. F., & TungP. J. (2014). Developing an extended theory of planned behavior model to predict consumers’ intention to visit green hotels. International Journal of Hospitality Management, 36, 221–230. https://doi.org/10.1016/j.ijhm.2013.09.006
18.
ChenS. C., & HungC. W. (2016). Elucidating the factors influencing the acceptance of green products: An extension of theory of planned behavior. Technological Forecasting and Social Change, 112, 155–163. https://doi.org/10.1016/j.compedu.2015.09.013
19.
ChenY., DaiR., YaoJ., & LiY. (2019). Donate time or money? The determinants of donation intention in online crowdfunding. Sustainability, 11(16), 4269. http://dx.doi.org/10.3390/su11164269
20.
ChinW. W. (2000). Frequently asked questions-partial least squares and PLS-graph. August2, 2022. http://disc-nt.cba.uh.edu/chin/plsfaq/plsfaq.htm
21.
CholakovaM., & ClarysseB. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward–based investments?Entrepreneurship Theory and Practice, 39(1), 145–172. https://doi.org/10.1111/etap.12139
22.
ChoyK., & SchlagweinD. (2015). IT affordances and donor motivations in charitable crowdfunding: The ‘Earthship Kapita’ case. https://doi.org/10.18151/7217293
23.
CiprianiM., & GuarinoA. (2014). Estimating a structural model of herd behavior in financial markets. American Economic Review, 104(1), 224–251. https://doi.org/10.1257/aer.104.1.224
24.
ClaussT., BreiteneckerR. J., KrausS., BremA., & RichterC. (2018). Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns. Economics of Innovation and New Technology, 27(8), 709–729. https://doi.org/10.1080/10438599.2018.1396660
25.
CochranW. G. (1977). Sampling techniques (3rd ed). John Wiley & Sons.
26.
CoxJ., NguyenT., ThorpeA., IshizakaA., ChakharS., & MeechL. (2018). Being seen to care: The relationship between self-presentation and contributions to online pro-social crowdfunding campaigns. Computers in Human Behavior, 83(1), 45–55. https://doi.org/10.1016/j.chb.2018.01.014
27.
Di PietroF., & ButticèV. (2020). Institutional characteristics and the development of crowdfunding across countries. International Review of Financial Analysis, 71, 101543. https://doi.org/10.1016/j.irfa.2020.101543
28.
FangY., QureshiI., SunH., McColeP., RamseyE., & LimK. H. (2014). Trust, satisfaction, and online repurchase intention. MIS Quarterly, 38(2), 407–428. http://dx.doi.org/10.25300/MISQ/2014/38.2.04
29.
FishbeinM., & AjzenI. (1977). Belief, attitude, intention, and behavior: An introduction to theory and research. Philosophy and Rhetoric, 10(2), 177–188.
30.
FornellC., & LarckerD. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.1177/002224378101800104
31.
FüllerJ. (2010). Refining virtual co-creation from a consumer perspective. California Management Review, 52(2), 98–122. https://doi.org/10.1525/cmr.2010.52.2.98
32.
GleasureR., & FellerJ. (2016). Emerging technologies and the democratisation of financial services: A metatriangulation of crowdfunding research. Information and Organization, 26(4), 101–115. https://doi.org/10.1016/j.infoandorg.2016.09.001Get
33.
HairJ. F., AndersonR. E., TathamR. L., & BlackW. C. (1995). Multivariate data analysis (2nd ed.). Macmillan.
34.
HoweJ. (2006). The rise of crowdsourcing. Wired Magazine, 14(6), 1–4.
35.
HuY., WangK., ChenM., & HuiS. (2021). Herding among retail shoppers: The case of television shopping network. Customer Needs and Solutions, 8(1), 27–40. https://doi.org/10.1007/s40547–020-00111–8
36.
HuiJ. S., GerberE., & GreenbergM. (2012). Easy money? The demands of crowdfunding work. Northwestern University, Segal Design Institute, 1–11.
37.
HwangN., & LeeS. Y. (2020). A study on participation intention and herd behavior on domestic securities type crowdfunding investors: Focusing on the theory of planned behavior. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 15(2), 1–18.
38.
Ingram BoguszC., TeiglandR., & VaastE. (2019). Designed entrepreneurial legitimacy: The case of a Swedish crowdfunding platform. European Journal of Information Systems, 28(3), 318–335. https://doi.org/10.1080/0960085X.2018.15x34039
39.
JianL., & ShinJ. (2015). Motivations behind donors’ contributions to crowdfunded journalism. Mass Communication and Society, 18(2), 165–185. https://doi.org/10.1080/15205436.2014.911328
40.
JugertP., EcksteinK., NoackP., KuhnA., & BenbowA. (2013). Offline and online civic engagement among adolescents and young adults from three ethnic groups. Journal of Youth and Adolescence, 42(1), 123–135. https://doi.org/10.1007/s10964–012-9805–4
41.
KellyC., & BreinlingerS. (1995). Attitudes, intentions, and behavior: A study of women’s participation in collective action. Journal of Applied Social Psychology, 25(16), 1430–1445. https://doi.org/10.1111/j.1559–1816.1995.tb02625.x
42.
KenangI. H., & GosalG. (2021). Factors affecting online donation intention in donation-based crowdfunding. The Winners, 22(2), 97–104. http://dx.doi.org/10.1007/978–981-15–1758-7_2
43.
KimD. J., FerrinD. L., & RaoH. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544–564. https://doi.org/10.1016/j.dss.2007.07.001
44.
KimM. J., BonnM., & LeeC. K. (2020). The effects of motivation, deterrents, trust, and risk on tourism crowdfunding behavior. Asia Pacific Journal of Tourism Research, 25(3), 244–260. https://doi.org/10.1080/10941665.2019.1687533
45.
KimY., & HanH. (2010). Intention to pay conventional-hotel prices at a green hotel: A modification of the theory of planned behavior. Journal of Sustainable Tourism, 18(8), 997–1014. https://doi.org/10.1080/09669582.2010.490300
46.
KraftP., RiseJ., SuttonS., & RøysambE. (2005). Perceived difficulty in the theory of planned behaviour: Perceived behavioural control or affective attitude?. British Journal of Social Psychology, 44(3), 479–496. https://doi.org/10.1348/014466604X17533
47.
LehnerO. M. (2013). Crowdfunding social ventures: A model and research agenda. Venture Capital, 15(4), 289–311. https://doi.org/10.1080/13691066.2013.782624
48.
LiY., FanW., LiuF., LimE. T., LiuY., & TanC. W. (2018). Exploring the nudging and counter-nudging effects of campaign updates in crowd funding. In PACIS (pp. 281).
49.
LiangT. P., WuS. P. J., & HuangC. C. (2019). Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective. Information & Management, 56(1), 70–84. https://doi.org/10.1016/j.im.2018.07.002
50.
LiuT., & SchiraldiP. (2012). New product launch: Herd seeking or herd preventing?Economic Theory, 51(3), 627–648. https://doi.org/10.1007/s00199–011-0614-x
51.
LiuZ. J., PanfilovaE., MikhaylovA., & KurilovaA. (2022). COVID-19 crisis impact on the stability between parties in crowdfunding and crowdsourcing. Wireless Personal Communications, 122(1), 915–930. https://doi.org/10.1007/s11277–021-08932-z
52.
LukkarinenA., TeichJ. E., WalleniusH., & WalleniusJ. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26–38. https://doi.org/10.1016/j.dss.2016.04.006
53.
MajumdarA., & BoseI. (2018). My words for your pizza: An analysis of persuasive narratives in online crowdfunding. Information & Management, 55(6), 781–794. https://doi.org/10.1016/j.im.2018.03.007
54.
MannB. J. S., & SahniS. K. (2011). Inter-relationship of web site interactivity and customer outcomes: Building trust in Internet banking website. Global Business Review, 12(1), 99–115. https://doi.org/10.1177/097215091001200107
55.
McKnightD. H., & ChoudhuryV. (2006, August). Distrust and trust in B2C e-commerce: do they differ?Proceedings of the 8th International Conference on Electronic Commerce: The new e-commerce: innovations for conquering current barriers, obstacles and limitations to conducting successful business on the internet. 482–491.
56.
MelissasN. (2005). Herd behaviour as an incentive scheme. Economic Theory, 26(3), 517–536. https://doi.org/10.1007/s00199–004-0530–4
57.
OrdaniniA., MiceliL., PizzettiM., & ParasuramanA.2011. Crowd-funding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 224, 443–470. https://doi.org/10.1108/09564231111155079
58.
PitchayA. A., ElizN. M. A., GanesanY., MydinA. A., RatnasariR. T., & ThakerM. A. M. T.2021. Self-determination theory and individuals’ intention to participate in donation crowdfunding. International Journal of Islamic and Middle Eastern Finance and Management, 153, 506–526. https://doi.org/10.1108/IMEFM-08–2020-0424
59.
PolzinF., ToxopeusH., & StamE.2018. The wisdom of the crowd in funding: Information heterogeneity and social networks of crowdfunders. Small Business Economics, 502, 251–273. https://doi.org/10.1007/s11187–016-9829–3
60.
RibiereV. M., & TuggleF. D. D.2010. Fostering innovation with KM 2.0. Vine, 401, 90–101. https://doi.org/10.1108/03055721011024955
61.
RijantoA.2018. Donation-based crowdfunding as corporate social responsibility activities and financing. Journal of General Management, 432, 79–88. https://doi.org/10.1177/0306307017748125
62.
SarmahB., & RahmanZ.2017. Transforming jewellery designing: Empowering customers through crowdsourcing in India. Global Business Review, 185, 1325–1344. https://doi.org/10.1177/0972150917710123
63.
SasakiS. (2019). Majority size and conformity behavior in charitable giving: Field evidence from a donation-based crowdfunding platform in Japan. Journal of Economic Psychology, 70, 36–51. https://doi.org/10.1016/j.joep.2018.10.011
64.
SchwienbacherA., & LarraldeB. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance. Oxford University Press. http://dx.doi.org/10.2139/ssrn.1699183
65.
SchwienbacherA., & LarraldeB. (2012). Alternative types of entrepreneurial finance. In: Oxford handbook of entrepreneurial finance. Oxford University Press. http://dx.doi.org/10.1093/oxfordhb/9780195391244.013.0013
66.
ShinY. H., & HancerM.2016. The role of attitude, subjective norm, perceived behavioral control, and moral norm in the intention to purchase local food products. Journal of Foodservice Business Research, 194, 338–351. https://doi.org/10.1080/15378020.2016.1181506
67.
ShneorR., & MunimZ. H. (2019). Reward crowdfunding contribution as planned behaviour: An extended framework. Journal of Business Research, 103, 56–70. https://doi.org/10.1016/j.jbusres.2019.06.013
68.
ShneorR., MunimZ. H., ZhuH., & AlonI. (2021). Individualism, collectivism and reward crowdfunding contribution intention and behavior. Electronic Commerce Research and Applications, 47, 101045. https://doi.org/10.1016/j.elerap.2021.101045
69.
SoperD. S. (2022). Significance of the difference between two slopes calculator [Software]. August2, 2022. https://www.danielsoper.com/statcalc
70.
TengY. M., WuK. S., & LiuH. H.2015. Integrating altruism and the theory of planned behavior to predict patronage intention of a green hotel. Journal of Hospitality & Tourism Research, 393, 299–315. https://doi.org/10.1177/1096348012471383
71.
TheerthaanaP., & ManoharH. L.2021. How a doer persuade a donor? Investigating the moderating effects of behavioral biases in donor acceptance of donation crowdfunding. Journal of Research in Interactive Marketing, 152, 243–266. https://doi.org/10.1108/JRIM-06–2019-0097
72.
TriandisH. C., & GelfandM. J.1998. Converging measurement of horizontal and vertical individualism and collectivism. Journal of Personality and Social Psychology, 741, 118–128. https://doi.org/10.1037/0022–3514.74.1.118
73.
VismaraS.2016. Equity retention and social network theory in equity crowdfunding. Small Business Economics, 464, 579–590. https://doi.org/10.1007/s11187–016-9710–4
74.
WangB., WangX., GuoD., ZhangB., & WangZ. (2018). Analysis of factors influencing residents’ habitual energy-saving behaviour based on NAM and TPB models: Egoism or altruism?. Energy Policy, 116, 68–77. https://doi.org/10.1016/j.enpol.2018.01.055
75.
WangW., MahmoodA., SismeiroC., & VulkanN.2019. The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research Policy, 488, 103727. https://doi.org/10.1016/j.respol.2019.01.003
76.
WebbD. J., GreenC. L., & BrashearT. G.2000. Development and validation of scales to measure attitudes influencing monetary donations to charitable organizations. Journal of the Academy of Marketing Science, 282, 299–309. https://psycnet.apa.org/doi/10.1177/0092070300282010
77.
WehnertP., BaccarellaC. V., & BeckmannM.2019. In crowdfunding we trust? Investigating crowdfunding success as a signal for enhancing trust in sustainable product features. Technological Forecasting and Social Change, 1411, 128–137. https://doi.org/10.1016/j.techfore.2018.06.036
78.
YongA. G., & PearceS.2013. A beginner’s guide to factor analysis: Focusing on exploratory factor analysis. Tutorials in Quantitative Methods for Psychology, 92, 79–94. http://dx.doi.org/10.20982/tqmp.09.2.p079
79.
ZhangY., & ChenZ. (2018). The future development of crowdfunding industry in China. In Financing from Masses (pp. 139–142). Springer. https://doi.org/10.1007/978-981-10-5843-1_8
80.
ZhangY., TanC. D., SunJ., & YangZ. (2020). Why do people patronize donation-based crowdfunding platforms? An activity perspective of critical success factors. Computers in Human Behavior, 112, 106470. https://doi.org/10.1016/j.chb.2020.106470
81.
ZhaoL., ShneorR., & SunZ.2022. Skin in the game: Self-funding and reward crowdfunding success. Business Horizons, 651, 89–100. https://doi.org/10.1016/j.bushor.2021.09.007
82.
ZhaoQ., ChenC. D., WangJ. L., & ChenP. C.2017. Determinants of backers’ funding intention in crowdfunding: Social exchange theory and regulatory focus. Telematics and Informatics, 341, 370–384. https://doi.org/10.1016/j.tele.2016.06.006
83.
ZhengH., HungJ. L., QiZ., & XuB. (2016). The role of trust management in reward-based crowdfunding. Online Information Review, 40(1), 97–118. https://doi.org/10.1108/OIR-04–2015-0099
