Investment crowdfunding in the visitor economy: the roles of venture quality, uncertainty, and funding amount

Myung Ja Kim and C. Michael Hall

Current Issues in Tourism, 2020, vol. 23, issue 20, 2533-2554

Abstract: Investment crowdfunding is a growing means to finance startups and small businesses, including in the visitor economy (tourism, leisure, sports, creative media, arts, and culture). However, research on investor behaviour in investment crowdfunding is extremely limited in this area, particularly with respect to the impacts of venture quality, uncertainty, and funding amounts. To investigate this gap, a comprehensive and integrated model on the effects of venture quality and uncertainty level is developed and tested on crowdfunding participation in investing in visitor economy projects in South Korea. Results show that venture quality and uncertainty level had significantly positive impacts on crowdfunding participation which, in turn, highly influences word-of-mouth and re-participation. The funding amount invested was found to moderate the relationships among those constructs in the research model. Consequently, this study offers new insights for researchers and industry stakeholders in investment crowdfunding in the tourism and leisure sectors.

Date: 2020
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DOI: 10.1080/13683500.2019.1656178

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