Does risk perception influence individual investors' crowdfunding investment decision-making behavior in the metaverse tourism?

Linqiang Wang, Xiuhuan Feng and Luning Zang

Finance Research Letters, 2024, vol. 62, issue PA

Abstract: In the dynamic landscape of the metaverse's rapid growth, the involvement of individual investors in crowdfunding has emerged as a pivotal force propelling innovation in the tourism sector. This study, amalgamating the Technology Acceptance Model (TAM) and Theory of Planned Behavior (TPB) while incorporating the Benefit-Risk Analysis (BRA), establishes a comprehensive integrated model influencing the decisions of individual investors to partake in crowdfunding for metaverse tourism. Utilizing survey data and structural equation modeling, the research highlights the efficacy of the TPB and TAM in understanding investment intentions, with perceived benefits notably boosting investor enthusiasm. Additionally, the study identifies five key perceived risk factors: time, financial, psychological, functional, and social risks, with psychological risk being the most influential on investment attitudes. The research suggests that mitigating these risks through enhanced transparency and trust mechanisms can increase investor confidence in metaverse tourism crowdfunding. These findings not only deepen our understanding of investor behavior in metaverse crowdfunding but also offer valuable insights for scholars, investors, platform operators, and policymakers in navigating this new investment landscape.

Keywords: Crowdfunding; Individual investors; Iisk perception; Theory of planned behavior; Technology acceptance model; Benefit-risk analysis (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001983

DOI: 10.1016/j.frl.2024.105168

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