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Investment crowdfunding in the visitor economy: the roles of venture quality, uncertainty, and funding amount
Kyung Hee Univ, South Korea.
Linnaeus University, School of Business and Economics, Department of Organisation and Entrepreneurship. Univ Canterbury, New Zealand;Univ Oulu, Finland;Univ Johannesburg, South Africa.ORCID iD: 0000-0002-7734-4587
2019 (English)In: Current Issues in Tourism, ISSN 1368-3500, E-ISSN 1747-7603Article in journal (Refereed) Epub ahead of print
Abstract [en]

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.

Place, publisher, year, edition, pages
Taylor & Francis Group, 2019.
Keywords [en]
Tourism investment, venture quality theory, uncertainty theory, word-of-mouth theory, re-participation, visitor economy
National Category
Economics and Business
Research subject
Tourism
Identifiers
URN: urn:nbn:se:lnu:diva-89245DOI: 10.1080/13683500.2019.1656178ISI: 000482100700001OAI: oai:DiVA.org:lnu-89245DiVA, id: diva2:1354087
Available from: 2019-09-24 Created: 2019-09-24 Last updated: 2019-11-26

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Hall, C. Michael

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