How Does Age Moderate the Determinants of Crowdfunding Adoption by SMEs’s: Evidences from Morocco?

Soukaina Laaouina, Sara El Aoufi () and Mimoun Benali
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Soukaina Laaouina: Laboratory of Research and Studies in Management, Entrepreneurship and Finance (LAREMEF), National School of Commerce and Management of Fez, Sidi Mohamed Ben Abdellah University, Fes 30050, Morocco
Sara El Aoufi: Faculty of Legal, Economic and Social Sciences Ain-chock, Hassan II University of Casablanca, Casablanca 20470, Morocco
Mimoun Benali: Laboratory of Research and Studies in Management, Entrepreneurship and Finance (LAREMEF), National School of Commerce and Management of Fez, Sidi Mohamed Ben Abdellah University, Fes 30050, Morocco

JRFM, 2024, vol. 17, issue 1, 1-16

Abstract: In recent years, crowdfunding has emerged as a new fundraising technique for start-up ventures; however, Moroccan small and medium-sized businesses are still wary of this novel source of funding. This is confirmed by the low adoption rate of this financial innovation as well as the limited number of crowdfunding platforms in Morocco. This study aims to identify the impact of performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), and perceived risk (PR) on SMEs’s intention to use crowdfunding platforms using a research model based on the Unified Theory of Acceptance and Use of Technology (UTAUT). Empirical data were collected from 241 respondents through a survey, and structural equation modelling was used to analyze the findings. The results show that performance expectancy (PE), effort expectancy (EE), and facilitating conditions (FE) affect SMEs’s intentions to use crowdfunding. However, social influences (SI) and perceived risk (PR) were not found to be significant determinants. Regarding the moderating effect of age, our study has highlighted that this variable has moderated the relationship between the three independents variables: performance expectancy, facilitating conditions and perceived risk. Finally, this paper offers recommendations for how to increase SMEs’s intention to use crowdfunding platforms.

Keywords: crowdfunding; UTAUT model; small and medium-sized enterprises; Morocco (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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