Donation Crowdfunding as an Alternative Finance Model for Sustainable Rural Development in Zimbabwe

Alexander Maune
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Alexander Maune: Department of Business Management, CEMS, University of South Africa (SA) and Department of Banking and Finance, BUSE, University of Bindura, Zimbabwe

Economia Internazionale / International Economics, 2026, vol. 79, issue 3, 437-462

Abstract: Crowdfunding has become synonymous with alternative finance and this study examined donation crowdfunding as an alternative finance model sustainable rural development in Zimbabwe. The major aim of this study was to establish critical paths that determine individual`s donation crowdfunding contribution “intention” and “behaviour” in sustainable rural development in Zimbabwe. The Partial Least Squares-Structural Equation Modeling was used to examine the extended Theory of Planned Behaviour. Primary data was collected from 210 respondents who were randomly selected in Harare’s Central Business District. The results show that all the model’s variables, that is, attitude, self-efficacy, and subjective norms had positive significant effects on donation crowdfunding contribution intention as predicted by the theory with the exception of social norms and perceived behaviour control variables that had negative insignificant effects on donation crowdfunding contribution intention. The path model shows an R2 of 0.603 (donation contribution intention), and 0.343 (donation contribution behaviour) and a Q2 of 0.433 and 0.212 for donation contribution intention and behaviour respectively. This study is of significance to policy-makers, researchers and the community at large as it provides an alternative financing model for sustainable rural development in Zimbabwe and beyond.

Keywords: Crowdfunding; Alternative Finance; Theory of Planned Behaviour; Attitude; Self-Efficacy; Perceived Behavioural Control; Subjective Norms; Social Norms (search for similar items in EconPapers)
JEL-codes: D01 D03 D80 D83 G02 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:023527

DOI: 10.65644/EIIE.079.03.0437

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