Information Systems Review (경영정보학연구)

The Korea Society of Management Information Systems (한국경영정보학회)
권호 표지
DOI QR코드

DOI QR Code

Understanding the Influence of Funder Characteristics on Information Processing and Pledging Intention on a Reward-based Crowdfunding Platform

보상기반 크라우드 펀딩 플랫폼에서 투자자의 특성이 정보 처리 및 투자 의사결정에 미치는 영향

  • Ilyoo Barry Hong (College of Business & Economics, Chung-Ang University) ;
  • KwangWook Gang (Department of Management, Perdue School of Business, Salisbury University) ;
  • Hoon S. Cha (Department of Information and Decision Sciences, Perdue School of Business, Salisbury University)
  • 홍일유 (중앙대학교 경영경제학부) ;
  • 강광욱 (미국 솔즈베리 대학교) ;
  • 차훈상 (미국 솔즈베리 대학교)
  • Received : 2023.09.02
  • Accepted : 2023.10.20
  • Published : 2023.11.30
Download PDF
⟨ Previous Next ⟩

Abstract

Even though crowdfunding has become popular as a novel means of raising capital for early-stage ventures and startups through an Internet-based platform, it is unclear how a funder's characteristics, such as motivation and ability, influence their information processing and pledging decision. This study aims to propose and test a research model for determining the relationships between a funder's personal attributes, information processing style, and funding intention. To test the research model, we collected data from 139 Amazon Mechanical Turk participants through an online questionnaire survey. The findings indicate that a funder's self-efficacy has a positive effect on heuristic processing but has no significant effect on systematic processing. By contrast, a funder's personal relevance positively influences both systematic and heuristic processing. Furthermore, heuristic processing, as well as perceived value and perceived risk, influence pledging intentions positively. Our findings potentially contribute to improving the design of crowdfunding platforms to better support a funder's information needs. Based on our findings, we discuss the implications of our study as well as the directions for future research.

크라우드펀딩은 초기 단계 벤처나 스타트업 기업의 자금 조달의 혁신적인 수단으로 널리 알려져 왔다. 하지만, 투자자의 동기와 능력과 같은 투자자 특성이 그들의 정보 처리와 투자의사 결정에 미치는 영향관계는 아직까지 명확하게 알려지지 않았다. 본 연구는 투자자의 개인 특성, 정보 처리 스타일 및 투자 의사 결정 사이의 관계를 알아보기 위한 실증 연구 모델을 제안하고, 이를 검증하는 것을 목표로 한다. 연구 모델의 검증을 위해 Amazon Mechanical Turk 참가자를 대상으로 온라인 설문조사를 수행하였으며, 총 139명의 유효한 데이터를 수집하였다. 그 결과, 투자자의 자기효능감이 휴리스틱 처리에 긍정적인 영향을 미치지만 체계적 정보 처리에는 유의미한 영향을 미치지 않는다는 것을 알 수 있었다. 반면, 투자자의 관여도는 체계적 및 휴리스틱 정보 처리에 모두 긍정적으로 영향을 미치는 것으로 나타났다. 또한 휴리스틱 정보 처리와 지각된 가치는 긍정적으로, 지각된 위험은 부정적으로 각각 투자 의사 결정에 유의미한 영향을 미쳤다. 이러한 결과는 향후 크라우드펀딩 플랫폼의 디자인을 개선하여 투자자의 정보 요구를 더 잘 지원하는 데 기여할 수 있을 것으로 기대한다. 이러한 결과를 토대로 연구의 함의와 향후 연구 범위에 대해 논의하였다.

Keywords

Acknowledgement

This work was supported by the Ministry of Education of The Republic of Korea and the National Research Foundation of Korea (NRF-2020S1A5A2A03040798).

References

  1. Agrawal, A., C. Catalini, and A. Goldfarb, "Some simple economics of crowdfunding", Innovation Policy and the Economy, Vol.14, No.1, 2014, pp. 63-97. https://doi.org/10.1086/674021
  2. Allison, T. H., B. C. Davis, J. C. Short, and J. W. Webb, "Crowdfunding in a prosocial micro-lending environment: Examining the role of intrinsic versus extrinsic cues", Entrepreneurship Theory and Practice, Vol.39, No.1, 2015, pp. 53-73, Available at https://doi.org/10.1111/etap.12108.
  3. Allison, T. H., B. C. Davis, J. W. Webb, and J. C. Short, "Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance", Journal of Business Venturing, Vol.32, No.6, 2017, pp. 707-725. https://doi.org/10.1016/j.jbusvent.2017.09.002
  4. Bandura, A., "Exercise of personal and collective efficacy in changing societies", Cambridge University Press, 1995.
  5. Bandura, A., "Social cognitive theory of mass communication", In Media effects (pp. 110-140). Routledge, 2009.
  6. Barbi, M. and M. Bigelli, "Crowdfunding practices in and outside the US", Research in International Business and Finance, Vol.42, 2017, pp. 208-223, Available at https://doi.org/10.1016/j.ribaf.2017.05.013.
  7. Bhattacherjee, A. and C. Sanford, "Influence processes for information technology acceptance: An elaboration likelihood model", MIS Quarterly, Vol.30, No.4, 2006, pp. 805-825. https://doi.org/10.2307/25148755
  8. Bi, S., Z. Liu, and K. Usman, "The influence of online information on investing decisions of reward-based crowdfunding", Journal of Business Research, Vol.71, 2017, pp. 10-18, Available at https://doi.org/10.1016/j.jbusres.2016.10.001.
  9. Buerger, B., A. Mladenow, N. M. Novak, and C. Strauss, "Equity crowdfunding: Quality signals for online-platform projects and supporters' motivations", International Conference on Research and Practical Issues of Enterprise Information Systems, Prague, Czech Republic, 2018.
  10. Calic, G. and E. Mosakowski, "Kicking off social entrepreneurship: How a sustainability orientation influences crowdfunding success", Journal of Management Studies, Vol.53, No.5, 2016, pp. 738-767, Available at https://doi.org/10.1111/joms.12201.
  11. Celsi, R. L. and J. C. Olson, "The role of involvement in attention and comprehension processes", Journal of Consumer Research, Vol.15, No.2, 1988, pp. 210-224. https://doi.org/10.1086/209158
  12. Chaiken, S., "Heuristic versus systematic information processing and the use of source versus message cues in persuasion", Journal of Personality and Social Psychology, Vol.39, No.5, 1980, p. 752.
  13. Chaiken, S. and A. Ledgerwood, "A theory of heuristic and systematic information processing", In P. A. M. Van Lange, A. W. Kruglanski, & E. T. Higgins (Eds.), Handbook of Theories of Social Psychology (Vol. 1), SAGE Publishing, 2012, pp. 246-166.
  14. Chen, S., K. Duckworth, and S. Chaiken, "Motivated heuristic and systematic processing", Psychological Inquiry, Vol.10, No.1, 1999, pp. 44-49. https://doi.org/10.1207/s15327965pli1001_6
  15. Colombo, M. G., C. Franzoni, and C. Rossi-Lamastra, "Internal social capital and the attraction of early contributions in crowdfunding", Entrepreneurship Theory and Practice, Vol.39, No.1, 2015, pp. 75-100, Available at https://doi.org/10.1111/etap.12118.
  16. Courtney, C., S. Dutta, and Y. Li, "Resolving information asymmetry: Signaling, endorsement, and crowdfunding success", Entrepreneurship Theory and Practice, Vol.41, No.2, 2017, pp. 265-290. https://doi.org/10.1111/etap.12267
  17. Davies, W. E. and E. Giovannetti, "Signalling experience & reciprocity to temper asymmetric information in crowdfunding evidence from 10,000 projects", Technological Forecasting and Social Change, Vol.133, 2018, pp. 118-131, Available at https://doi.org/10.1016/j.techfore.2018.03.011.
  18. Eastin, M. S. and R. LaRose, "Internet self-efficacy and the psychology of the digital divide", Journal of Computer-Mediated Communication, Vol.6, No.1, 2000, Available at https://doi.org/10.1111/j.1083-6101.2000.tb00110.x.
  19. Edmunds, A. and A. Morris, "The problem of information overload in business organisations: A review of the literature", International Journal of Information Management, Vol.20, No.1, 2000, pp. 17-28. https://doi.org/10.1016/S0268-4012(99)00051-1
  20. Flavian, C., R. Gurrea, and C. Orus, "Choice confidence in the webrooming purchase process: The impact of online positive reviews and the motivation to touch", Journal of Consumer Behaviour, Vol.15, No.5, 2016, pp. 459-476. https://doi.org/10.1002/cb.1585
  21. Fornell, C. R. and D. F. Larcker, "Evaluating structural equation models with unobservable variables and measurement error", Journal of Marketing Research, Vol.18, No.1, 1981, pp. 39-50. https://doi.org/10.1177/002224378101800104
  22. Frydrych, D., A. J. Bock, T. Kinder, and B. Koeck, "Exploring entrepreneurial legitimacy in reward-based crowdfunding", Venture Capital, Vol.16, No.3, 2014, pp. 247-269, Available at https://doi.org/10.1080/13691066.2014.916512.
  23. Gefen, D., D. Straub, and M.-C. Boudreau, "Structural equation modeling and regression: Guidelines for research practice", Communications of the Association for Information Systems, Vol.4, 2000, Available at https://doi.org/10.17705/1cais.00407.
  24. Ghuge, S., The role of personal relevance and mood on the persuasive impact of gain and loss frames in advertising messages about a vaccine against alcohol addiction [Master's thesis, Iowa State University]. Ames, Iowa, 2010.
  25. Gierczak, M., U. Bretschneider, and J. M. Leimeister, "Is all that glitters gold? Exploring the effects of perceived risk on backing behavior in reward-based crowdfunding", Thirty Fifth International Conference on Information Systems, Auckland, New Zealand, 2014.
  26. Grise, M.-L. and R. B. Gallupe, "Information overload: Addressing the productivity paradox in face-to-face electronic meetings", Journal of Management Information Systems, Vol.16, No.3, 1999, 1999/12/01, pp. 157-185, Available at https://doi.org/10.1080/07421222.1999.11518260.
  27. Herrero, A., B. Hernandez-Ortega, and H. San Martin, "Potential funders' motivations in reward-based crowdfunding: The Influence of Project Attachment and business viability", Computers in Human Behavior, Vol.106, 2020, Available at https://doi.org/10.1016/j.chb.2019.106240.
  28. Hoyer, W. D., D. J. MacInnis, R. Pieters, E. Chan, and G. Northey, Consumer Behaviour: Asia-Pacific Edition, Cengage AU, 2017.
  29. Hu, J., B. A. Huhmann, and M. R. Hyman, "The Relationship between task complexity and information search: The role of self-efficacy", Psychology & Marketing, Vol.24, No.3, 2007, pp. 253-270. https://doi.org/10.1002/mar.20160
  30. Kaminski, J. C. and C. Hopp, "Predicting outcomes in crowdfunding campaigns with textual, visual, and linguistic signals", Small Business Economics, 2019, pp. 1-23.
  31. Lee, J. and I. B. Hong, "The influence of situational constraints on consumers' evaluation and use of online reviews: A heuristic-systematic model perspective", J. Theor. Appl. Electron. Commer. Res., Vol.16, 2021, pp. 1517-1536, Available at https://doi.org/https://doi.org/10.3390/jtaer16050085.
  32. Lei, Y., A. A. Yayla, and S. Kahai, "Guiding the herd: The effect of reference groups in crowdfunding decision making", Proceedings of the 50th Hawaii International Conference on System Sciences, 2017.
  33. Lelo de Larrea, G., M. Altin, and D. Singh, "Determinants of success of restaurant crowdfunding", International Journal of Hospitality Management, Vol.78, 2019, pp. 150-158, Available at https://doi.org/10.1016/j.ijhm.2018.10.003.
  34. Liang, T.-P., S. P.-J. Wu, and C.-C. Huang, "Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective", Information & Management, Vol.56, No.1, 2019, pp. 70-84, Available at https://doi.org/10.1016/j.im.2018.07.002.
  35. Liberman, A. and S. Chaiken, "The direct effect of personal relevance on attitudes", Personality and Social Psychology Bulletin, Vol.22, No.3, 1996, pp. 269-279. https://doi.org/10.1177/0146167296223005
  36. Luszczynska, A. and R. Schwarzer, "Social cognitive theory", In M. Conner & P. Norman (Eds.), Predicting and changing health behaviour: Research and practice with social cognition models (3rd ed.), McGraw-Hill, 2015, pp. 225-251.
  37. Metzger, M. J., A. J. Flanagin, and R. B. Medders, "Social and heuristic approaches to credibility evaluation online", Journal of Communication, Vol.60, No.3, 2010, pp. 413-439. https://doi.org/10.1111/j.1460-2466.2010.01488.x
  38. Meyer, R. J., "A descriptive model of consumer information search behavior", Marketing Science, Vol.1, No.1, 1982, pp. 93-121. https://doi.org/10.1287/mksc.1.1.93
  39. Mitchell, V. W., "Consumer perceived risk: Conceptualisations and models", European Journal of Marketing, Vol.33, No.1/2, 1999, pp. 163-195. https://doi.org/10.1108/03090569910249229
  40. Mollick, E., "The dynamics of crowdfunding: An exploratory study", Journal of Business Venturing, Vol.29, No.1, 2014, pp. 1-16. Available at https://doi.org/10.1016/j.jbusvent.2013.06.005.
  41. Moorthy, S., B. T. Ratchford, and D. Talukdar, "Consumer information search revisited: Theory and empirical analysis", Journal of Consumer Research, Vol.23, No.4, 1997, pp. 263-277. https://doi.org/10.1086/209482
  42. Moy, N., H. F. Chan, and B. Torgler, "How much is too much? The effects of information quantity on crowdfunding performance", PLoS One, Vol.13, No.3, 2018, p. e0192012, Available at https://doi.org/10.1371/journal.pone.0192012.
  43. Petty, R. E. and J. T. Cacioppo, "The elaboration likelihood model of persuasion", In L. Berkowitz (Ed.), Advances in experimental social psychology (Vol. 19), Academic Press, 1986, pp. 123-205.
  44. Podsakoff, P. M., S. B. MacKenzie, J. Y. Lee, and N. P. Podsakoff, "Common method biases in behavioral research: A critical review of the literature and recommended remedies", Journal of Applied Psychology, Vol.88, No.5, 2003, pp. 879-903, Available at https://doi.org/10.1037/0021-9010.88.5.879.
  45. Qureshi, I. and D. Compeau, "Assessing between-group differences in information systems research: A comparison of covariance-and componet-based SEM", MIS Quarterly, Vol.33, No.1, 2009, pp. 197-214. https://doi.org/10.2307/20650285
  46. Ren, W.-H., "Self-efficacy and the search for government information: A study of small-business executives", Reference & User Services Quarterly, 1999, pp. 283-291.
  47. Sanchez, G., PLS Path Modeling with R (Trowchez Editions ed.), Berkeley, 2013, Available at http://www.gastonsanchez.com/PLSPathModelingwithR.pdf.
  48. Schmidt, J. B. and R. A. Spreng, "A proposed model of external consumer information search", Journal of the Academy of Marketing Science, Vol.24, No.3, 1996, pp. 246-256. https://doi.org/10.1177/0092070396243005
  49. Shneor, R. and Z. H. Munim, "Reward crowdfunding contribution as planned behaviour: An extended framework", Journal of Business Research, Vol.103, 2019, pp. 56-70, Available at https://doi.org/10.1016/j.jbusres.2019.06.013.
  50. Srinivasan, N. and B. T. Ratchford, "An empirical test of a model of external search for automobiles", Journal of Consumer Research, Vol.18, No.2, 1991, pp. 233-242. https://doi.org/10.1086/209255
  51. Thies, F., M. Wessel, and A. Benlian, "Effects of social interaction dynamics on platforms", Journal of Management Information Systems, Vol.33, No.3, 2016, pp. 843-873. Available at https://doi.org/10.1080/07421222.2016.1243967.
  52. van Knippenberg, D., S. R. Giessner, E. Sleebos, and W. P. van Ginkel, "A motivated information processing perspective on the antecedents of empowering leadership", Journal of Applied Social Psychology, Vol.51, No.2, 2021, pp. 79-89. https://doi.org/10.1111/jasp.12718
  53. Wang, Z. and X. Yang, "Understanding backers' funding intention in reward crowdfunding: An elaboration likelihood perspective", Technology in Society, Vol.58, 2019, Available at https://doi.org/10.1016/j.techsoc.2019.101149.
  54. Wetzels, M., G. Odekerken-Schroder, and C. V. Oppean, "Using PLS path modeling for assessing hierarchical construct models: Guidelines and empirical illustration", MIS Quarterly, Vol.33, No.1, 2009, pp. 177-195. https://doi.org/10.2307/20650284
  55. Yang, X., K. Zhao, X. Tao, and E. Shiu, "Developing and validating a theory-based model of crowdfunding investment intention-Perspectives from social exchange theory and customer value perspective", Sustainability, Vol.11, No.9, 2019, p. 2525.
  56. Yoo, Y. and M. Alavi, "Media and group cohesion: relative influences on social present, task participation, and group consensus", MIS Quarterly, Vol.25, No.3, 2001, pp. 371-390. https://doi.org/10.2307/3250922
  57. Zafar, S., J. Waddingham, M. Zachary, and J. Short, "Search behavior and decision confidence in equity crowdfunding: an information search process model perspective", Journal of Small Business Management, 2021, pp. 1-34.
  58. Zhao, Q., C.-D. Chen, J.-L. Wang, and P.-C. Chen, "Determinants of backers' funding intention in crowdfunding: Social exchange theory and regulatory focus", Telematics and Informatics, Vol.34, No.1, 2017, pp. 370-384. Available at https://doi.org/10.1016/j.tele.2016.06.006.
  59. Zhou, M. J., B. Lu, W. P. Fan, and G. A. Wang, "Project description and crowdfunding success: an exploratory study", Inf Syst Front, Vol.20, No.2, 2018, pp. 259-274. Available at https://doi.org/10.1007/s10796-016-9723-1.
  60. Zuckerman, A. and S. Chaiken, "A heuristic-systematic processing analysis of the effectiveness of product warning labels", Psychology & Marketing, Vol.15, No.7, 1998, pp. 621-642. https://doi.org/10.1002/(SICI)1520-6793(199810)15:7<621::AID-MAR2>3.0.CO;2-H