| Crowdfunding is an emerging online channel for entrepreneurs/individuals to raise money for their projects from a large number of people.It overcomes the limitations of traditional financing channels,which make it become the more attractive financing way.For entrepreneur,investor’s participation is a key to improve the success rate of funding.However,the number of supporters in crowdfunding activity is decreasing.And we find that the current research on the motivation of participation is still fragmented,and lacking a systematic analysis and exploration.Investor’s participation is determined by internal mental motivation,with being influenced by external environment factors.Our study considers the reward-based crowdfunding-investors provide money and receive products or service as a reward – as research context to explore the influence of the entrepreneur’s effort and platform’s characteristics on investors’ perceived value and further participation intention from the perspective of integration.Data were collected via a survey of investors on JingDong Crowdfunding,the biggest crowdfunding platform in China,to test the proposed model.Analysis by 218 sample data,we find that all four perceived values are positively associated with the investor’s intention of future participation.The entrepreneur’s efforts to provide quality content,encourage interaction,as well as the platform’s characteristics of institutional mechanisms are of great importance to facilitate investor’s perceived functional,price,emotional and social values.In addition,the information transparency has a positive effect on investor’s perception of the price,functional,and emotional values.Based on the empirical results,this study gives suggestions for sponsors and platform,with the wish to contribute to the theoretical and practical fields. |
