Investors’ acceptance and use of investment-based crowdfunding platforms: an integrated perspective

Felix Friederich (), Ramon Palau-Saumell (), Jorge Matute () and José Luis Sánchez-Torelló ()
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Felix Friederich: Universitat Ramon Llull
Ramon Palau-Saumell: Universitat Ramon Llull
Jorge Matute: Universitat Ramon Llull
José Luis Sánchez-Torelló: Universitat Ramon Llull

Journal of Financial Services Marketing, 2024, vol. 29, issue 4, No 6, 1303 pages

Abstract: Abstract Investment-based crowdfunding platforms (IBCP) have revolutionized the financial landscape by providing viable investment opportunities for non-institutional investors. Nonetheless, only a limited amount of attention has been focused on the factors that shape investors’ adoption of these platforms. Therefore, we primarily explore investors’ adoption of IBCP by employing an integrated model combining the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and the Task-technology Fit model (TTF) while incorporating network externalities and trust. Drawing on a sample of current IBCP investors (n = 303), we found that investors’ behavioural intentions and use behaviour can be explained by performance expectancy, effort expectancy, facilitating conditions, habit, network externalities, trust and the TTF. The integrated model explained a higher variance in the endogenous variables than the two baseline models. We contribute to the emerging literature by delivering a new integrated model and provide platform operators with valuable insights into encouraging investors’ adoption behaviour.

Keywords: Crowdfunding; UTAUT2; Task-technology fit; Network externalities; Trust (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41264-024-00278-4

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