| Keywords [eng] |
Crowdfunding, Risk, Motivation, Intention, Investor, Impact, Relationship, Influence, Type. |
| Abstract [eng] |
IMPACT OF RISK AND MOTIVATION TYPES ON AN INTENTION TO INVEST IN CROWDFUNDING Mikhail Mikhadziuk Master Thesis Marketing and Integrated Communication Programme Faculty of Economics and Business Administration, Vilnius University Supervisor – prof. V. Dikčius, Vilnius, 2022 SUMMARY 82 pages, 35 tables, 1 figure, 2 pictures, 122 References The aim of this paper – to figure out the relations between risk and motivations factors and the intention to invest in crowdfunding among different type of investors. The research includes three main parts – literature analysis and the theoretical background for the research; methodological part and the questionnaire; analytical part and the results analysis. The literature analysis was aimed to focus on the phenomenon of crowdfunding and the analysis of crowdfunding against relevant factors. In addition, the theoretical part covers the investor’s types and roles in the process of investing. As well as, the main motivation and risk types were escribed from the previous research. Thus, the chosen types of crowdfunding, experienced and non-experienced investors and the special motivation and risk types can be considered as the main outcomes of the first part and the theoretical background for the research. After the literature analysis using the TPB (Theory of Planned Behavior) and the TAM (Technology Acceptance Model) we developed the relevant hypothesis and the research model. The aim of the research was highlighted – to check and evaluate the relationships between several motivation and risk factors and the intention to invest in crowdfunding through mediating variables of attitude and trust. The quantitative research method was chosen. The data collection technique used in this study wаs а survey method, by distributing а research instrument in the form of а questionnaire to respondents. The questionnaire was online and it was shared to the target respondents via internet channels. The survey includes 2 questionnaires which were answered by 290 respondents but only 267 were chosen for the results interpretation. The results of a survey were analyzed using statistical software programs PSPP and SPSS. The analysis proved the previous research conclusions about non-financial motivation types and their influence on the intention to invest in crowdfunding. Thus, the most significant motivation factor for the whole sample of respondents is enjoyment. Separate analysis of different investor’s groups confirmed that financial motives have big impact on the intention to invest in crowdfunding among the experienced investors of the reward-based crowdfunding. Unfortunately, risk factors and the mediating variable trust did not show relationship with the intention. We stated several limitations of the research which can explain the lack of risk and intention relationships, The main of them: underperformance of the Belarusian crowdfunding market, small sample and the lack of experienced respondents in the research, low coefficient of reliability of some risk variables. More precise reasoning is described in the limitations of the research. |
