Information Systems Review (경영정보학연구)

The Korea Society of Management Information Systems (한국경영정보학회)
권호 표지
DOI QR코드

DOI QR Code

Intention to Participate Crowdfunding based on Trust and Perceived Risk: An Exploratory Study with Comparison between Korea and Austria

이용자의 신뢰와 위험인지에 따른 크라우드펀딩(Crowdfunding) 참여의도: 한국과 오스트리아 탐색적 비교 연구

  • JiHyun Lee (Framing) ;
  • SangAh Park (GLOMIS (Global Studies on Management Information Science) Graduate School, Chungbuk National University) ;
  • DongBack Seo (Department of Management Information Systems, Chungbuk National University)
  • Received : 2019.10.01
  • Accepted : 2020.01.06
  • Published : 2020.02.29
Download PDF
⟨ Previous Next ⟩

Abstract

With the penetration of the Internet and e-commerce, a 'crowdfunding' has emerged as a new way of financing. Crowdfunding has the advantage for a person to able to a simple way to finance her/his an innovative product or service from crowd. However, the success rate for crowdfunding projects is less than half. In this study, we introduce social exchange theory to explore the impact of trust and perceived psychological risk on the intention to participate in a crowdfunding website. Different from previous studies that have focused on a crowdfunding creator, we consider two different perspectives of a project creator and a project supporter. In addition, we compare perceptions of crowdfunding in different cultural contexts by conducting survey in two different countries Korea and Austria. Result shows that trust in recommendation and trust in website have different impacts on the intention to participate from two different perspectives. It also shows that perception of the quality and transparency of information provided by crowdfunding website has greater impact on trust in Korea than that in Austria. In case of perception of psychological risk, it has a negative impact on Austria's intention to create or support a project. On the other hand, it has relatively small impact on the intention to support and does not affect the intention to create a project in Korea.

인터넷의 보급 및 전자상거래의 확산에 따라 기업 및 개인의 자금조달 방식에도 '크라우드펀딩(crowdfunding)'이라는 새로운 기법이 등장하였다. 크라우드펀딩은 프로젝트 개설자에게는 간단한 자금조달을 가능하게 하고 프로젝트 후원자에게는 혁신적인 제품이나 서비스를 제공할 수 있다는 장점이 있다. 그러나 크라우드펀딩 프로젝트의 목표달성 성공률은 절반에도 미치지 못하는 실정이다. 이에 본 연구에서는 사회적 교환 이론을 도입하여 크라우드펀딩 참여자의 크라우드펀딩 웹사이트에 대한 신뢰와 위험 인지가 참여 의도에 미치는 영향에 대하여 알아보고자 한다. 크라우드펀딩 후원자를 중심으로 연구해 온 기존의 연구와는 차별적으로 본 연구에서는 크라우드펀딩의 많은 참여자가 개설자로서 그리고 후원자로서 참여하기에 크라우드펀딩 웹사이트에 대한 인식을 서로 다른 두 입장을 고려하여 연구하였다. 또한, 한국과 오스트리아라는 다른 문화적 맥락을 가진 두 나라의 대학생들에게 설문을 진행함으로써 크라우드펀딩에 대한 두 집단의 인식을 비교해 보았다. 연구 결과, 개설자 입장과 후원자 입장에 따라 후기에 대한 신뢰와 웹사이트에 대한 신뢰가 크라우딩펀딩 참여의도에 다르게 영향을 주는 것으로 나타났다. 또한 오스트리아보다 한국에서 크라우드펀딩 웹사이트가 제공하는 정보의 질과 투명성에 대한 인식이 신뢰에 더 크게 영향을 미치는 것으로 나타났다. 게다가 크라우드펀딩 웹사이트를 사용하면서 느끼는 심리적 위험의 경우, 오스트리아의 개설자 입장과 후원자 입장에서 각각 프로젝트를 개설하거나 후원하려는 의도에 부정적인 영향을 미쳤다. 반면, 이같은 심리적 위험은 한국 개설자 입장에서 프로젝트를 개설하려는 의도에는 영향을 미치지 않으며 후원자 입장에서 프로젝트를 후원하려는 의도에서도 상대적으로 영향이 작은 것으로 나타났다.

Keywords

References

  1. 신현산, 김평중, "건강정보 웹사이트의 소비자 중심 품질요인에 대한 연구", Journal of the Korea Society of Computer and Information, 제17권, 제7호, 2012, pp. 129-138. https://doi.org/10.9708/jksci.2012.17.7.129
  2. 육은영, 배현숙, 강인숙, "의류제품 품질표시에 대한 소비자와 판매자의 인식에 관한 연구", 생활과학연구, 제4권, 2000, pp. 7-19.
  3. 이수영, "웹 탐색과정에서 이용자들의 정보의 판단과 선택: 정보의 질 및 권위를 중심으로", 한국문헌정보학회지, 제36권, 제2호, 2002, pp. 191-138.
  4. 펀딩성공현황, Crowdnet, 2019, Available at: https://www.crowdnet.or.kr/statistics/success_outline.jsp.
  5. Ahn, T., S. Ryu, and I. Han, "The impact of web quality and playfulness on user acceptance of online retailing", Information & Management, Vol.44, No.3, 2007, pp. 363-375.
  6. Art of Kickstart, http://artofthekickstart.com/crowdfunding-demographics-understand-kickstarter-and-indiegogo-backers, 2017/03/02.
  7. Awad, N. F. and M. S. Krishnan, "The personalization privacy paradox: An empirical evaluation of information transparency and the willingness to be profiled online for personalization", MIS Quarterly, Vol.30, No.1, 2006, pp. 13-28. https://doi.org/10.2307/25148715
  8. Bagozzi, R. P. and Y. Yi, "On the evaluation of structural equation models", Journal of the Academy of Marketing Science, Vol.1, No.1, 1988, pp. 74-94. https://doi.org/10.1007/BF02723327
  9. Belleflamme, P., T. Lambert, and S. Armin, "Crowdfunding: Tapping the right crowd", Journal of Business Venturing, Vol. 29, No.5, 2014, pp. 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
  10. Bruntje, D. and O. Gajda, Crowdfunding in Europe: State of the Art in Theory and Practice, Berlin, Springer, 2016.
  11. Burtch, G., A. Ghose, and S. Wattal, "Cultural differences and geography as determinants of online pro-social lending", MIS Quarterly, Vol.38, No.3, 2013, pp. 14-21. https://doi.org/10.25300/MISQ/2014/38.3.07
  12. Chevalier, J. and D. Mayzlin, "The effect of word of mouth on sales: Online book reviews", Journal of Marketing Research, Vol. 43, No.3, 2006, pp. 345-354. https://doi.org/10.1509/jmkr.43.3.345
  13. Chin, W. W. and A. Gopal, "Adoption intention in GSS: Relative importance of beliefs", ACM SIGMIS Database, Vol.26, No.2-3, 1995, pp. 42-64. https://doi.org/10.1145/217278.217285
  14. Corbitt, B. J., T. Thanasankit, and H. Yi, "Trust and e-commerce: A study of consumer perceptions", Electronic Commerce Research and Applications, Vol.2, No.3, 2003, pp. 203-215. https://doi.org/10.1016/S1567-4223(03)00024-3
  15. Cordova, A., J. Dolci, and G. Gianfrate, "The determinants of crowdfunding success: Evidence from technology projects", Procedia - Social and Behavioral Sciences, Vol.181, 2015, pp. 115-124. https://doi.org/10.1016/j.sbspro.2015.04.872
  16. Falk, R. F. and N. B. Miller, A primer for soft modeling, University of Akron Press, Akon: OH, 1992.
  17. Featherman, M. S. and P. A. Pavlou, "Predicting e-services adoption: A perceived risk facets perspective", International Journal of Human-Computer Studies, Vol.59, No.4, 2003, pp. 451-474. https://doi.org/10.1016/S1071-5819(03)00111-3
  18. Fornell, C. and D. F. Larcker, "Structural equation models with unobservable variables and measurement error: Algebra and statistics", Journal of Marketing Research, Vol.18, No.3, 1981, pp. 328-388. https://doi.org/10.1177/002224378101800313
  19. Fornell, C. and L. F. Bookstein, "Two structural equation models: LISREL and PLS applied to consumer exit-voice theory", Journal of Marketing Research, Vol.19, No.4, 1982, pp. 440-452. https://doi.org/10.1177/002224378201900406
  20. Fram, E. H. and D. B. Grady, "Internet shoppers: Is there a surfer gender gap?", Direct Marketing-Garden City, Vol.59, 1997, pp. 46-51.
  21. Fung, R. and M. Lee, "EC-trust (trust in electronic commerce): Exploring the antecedent factors", AMCIS 1999 Proceedings, 1999, p. 179.
  22. Galkiewicz, D. P. and M. Galkiewicz, Crowdfunding Monitor 2018: An Overview of European Projects Financed on Startnext and Kickstarter Platforms between 2010 and mid-2017, Bermag: Szczecin, 2018.
  23. George, D. and P. Mallery, SPSS for Windows Step by Step: A Simple Guide and reference 11.0 Update, Boston: Allyn & Bacon, 4th ed, 2003.
  24. Gerber, E. M. and J. Hui, "Crowdfunding: Motivations and deterrents for participation", ACM Transactions on Computer-Human Interaction (TOCHI), Vol.20, No.6, 2013, p. 34.
  25. Hart, P. and C. Saunders, "Power and trust: Critical factors in the adoption and use of electronic data interchangs", Organization Science, Vol.8, No.1, 1997, pp. 23-42. https://doi.org/10.1287/orsc.8.1.23
  26. Hofstede, G., G. J. Hofstede, and M. Minkov, Cultures and Organizations: Software of the Mind, New York, NY: McGraw-Hill, 2010.
  27. Homans, G. C., "Social behavior as exchange", American Journal of Sociology, Vol.63, No.6, 1958, pp. 597-606. https://doi.org/10.1086/222355
  28. Hong, I. B. and H. S. Cha, "The mediating role of consumer trust in an online merchant in predicting purchase intention", International Journal of Information Management, Vol.33, No.6, 2013, pp. 927-939. https://doi.org/10.1016/j.ijinfomgt.2013.08.007
  29. Hong, Y., Y. Hu, and G. Burtch, "Embeddedness, prosociality, and social influence: Evidence from online crowdfunding", MIS Quarterly, Vol.42, No.2, 2018, pp. 1211-1224.
  30. Hsiao, K. L., "Antecedents and consequences of trust in online product recommendations: An empirical study in social shopping", Online Information Review, Vol.34, No.6, 2010, pp. 935-953. https://doi.org/10.1108/14684521011099414
  31. Jarvenpaa, S. L., N. Tractinsky, and L. Saarinen, "Consumer trust in an internet store: A cross-cultural validation", Journal of Computer-Mediated Communication, Vol.5, No.2, 1999.
  32. Jiang, Y., Y. C. Ho, X. Yan, and Y. Ta, "Investor platform choice: Herding, platform attributes, and regulations", Journal of Management Information Systems, Vol.35, No.1, 2018, pp. 86-118. https://doi.org/10.1080/07421222.2018.1440770
  33. John, T. W. and H. H. Kelley, The Social Psychology of Groups, New York: John Wiley & Sons, Inc., 1959.
  34. Kahai, S. S. and R. B. Cooper, "Exploring the core concepts of media richness theory: The impact of cue multiplicity and feedback immediacy on decision quality", Journal of Management Information Systems, Vol.20, No.1, 2003, pp. 263-299. https://doi.org/10.1080/07421222.2003.11045754
  35. Kang, M., Y. Gao, T. Wang, and H. Zheng, "Understanding the determinants of funders' investment intentions on crowdfunding platforms: A trust-based perspective", Industrial Management & Data Systems, Vol.116, No.8, 2016, pp. 1800-1819. https://doi.org/10.1108/IMDS-07-2015-0312
  36. Keil, M., B. C. Y. Tan, K. Wei, and T. Saarinen, "A cross-cultural study on escalation of commitment behavior in software projects", MIS Quarterly, Vol.24, No.2, 2000, pp. 299-325. https://doi.org/10.2307/3250940
  37. Keil, M., B. C. Y. Tan, K. Wei, T. Saarinen, V. Tuunainen, and A. Wassenaar, "A cross-cultural study on escalation of commitment behavior in software projects", MIS Quarterly, Vol.24, No.2, 2000, pp. 299-325. https://doi.org/10.2307/3250940
  38. Kim, D. J., D. L. Ferrin, and H. R. Rao, "A trust-based consumer decision model in electronic commerce: The role of trust, risk, and their antecedents", Decision Support System, Vol.44, No.2, 2008, pp. 544-564. https://doi.org/10.1016/j.dss.2007.07.001
  39. Kleemann, F., G. G. Voss, and K. Rieder, "Un (der) paid Innovators: The commercial utilization of consumer work through crowdsourcing", Science, Technology & Innovation Studies, Vol.4, No.1, 2008, pp. 5-26.
  40. Lu, Y., L. Zhao, and B. Wang, "From virtual community members to C2C e-commerce buyers: Trust in virtual communities and its effect on consumers' purchase intention", Electronic Commerce Research and Applications, Vol.9, No.4, 2010, pp. 346-360. https://doi.org/10.1016/j.elerap.2009.07.003
  41. Massolution, Crowdsourcing.org, 2015, Available at: www.crowdsourcing.org/editorial/global-crowdfunding-market-to-reach-344b-in-2015-predicts-massolutions-2015cf-indusrty-report/45376.
  42. Miranda, S. M. and C. S. Saunders, "The social construction of meaning: An alternative perspective on information sharing", Information Systems Research, Vol.14, No.1, 2003, pp. 87-106. https://doi.org/10.1287/isre.14.1.87.14765
  43. Mitchell, V. W., "Consumer perceived risk: Conceptualisations and models", European Journal of Marketing, Vol.33, No.1, 1999, pp. 163-195. https://doi.org/10.1108/03090569910249229
  44. Mollick, E., "The dynamics of crowdfunding: An exploratory study", Journal of Business Venturing, Vol.29, No.1, 2014, pp. 1-16. https://doi.org/10.1016/j.jbusvent.2013.06.005
  45. Nicolaou, A. I. and D. Mcknight, "Perceived information quality in data exchanges: Effects on risk, trust, and intention to use", Information Systems Research, Vol.17, No.4, 2006, pp. 332-351. https://doi.org/10.1287/isre.1060.0103
  46. Ordanini, A., L. Miceli, M. Pizzetti, and P. A. Parasuraman, "Crowd-funding: Transforming customers into investors through innovative service platforms", Journal of Service Management, Vol.22, No.4, 2011, pp. 443-470. https://doi.org/10.1108/09564231111155079
  47. Park, D. H., J. Lee, and I. Han, "The effect of on-line consumer reviews on consumer purchasing intention: The moderating role of involvement", International Journal of Electronic Commerce, Vol.11, No.4, 2007, pp. 125-148. https://doi.org/10.2753/JEC1086-4415110405
  48. Park, J., S. J. Lennon, and L. Stoel, "On-line product presentation: Effects on mood, perceived risk, and purchase intention", Psychology & Marketing, Vol.22, No.9, 2005, pp. 695-719. https://doi.org/10.1002/mar.20080
  49. Quelch, J. A. and R. L. Kelin, "Opinion: The internet and international marketing", Sloan Management Review, Vol.37, No.3, 1996, p. 60.
  50. Schwienbacher, A. and B. Larralde, "Crowdfunding of small entrepreneurial ventures", Handbook Of Entrepreneurial Finance, Oxford University Press, Forthcoming, 2010.
  51. Tenenhaus, M. and E. V. Vinzi, "PLS regression, PLS path modeling and generalized procrustean analysis: A combined approach for multiblock analysis", Journal of Chemometrics, Vol.19, No.3, 2005. pp. 145-153. https://doi.org/10.1002/cem.917
  52. Vijayasarathy, L. R. and J. M. Jones, "Intentions to shop using internet catalogues: Exploring the effects of product types, shopping orientations, and attitudes towards computers", Electronic Markets, Vol.10, No.1, 2000, pp. 29-38. https://doi.org/10.1080/10196780050033953
  53. Wetzels, M., G. Odekerken-Schroder, and C. Oppenvan, "Using PLS path modeling for assessing hierarchical construct models: Guidelines and emperical illustration", MIS Qaurterly, Vol.33, No.1, 2009, pp. 177-195. https://doi.org/10.2307/20650284
  54. Zheng, H., D. Li, J. Wu, and Y. Xu, "The role of multidimensional social capital in crowdfunding: A comparative study in China and US", Information & Management, Vol.51, No.4, 2014, pp. 488-496. https://doi.org/10.1016/j.im.2014.03.003
  55. Zhu, K., "Information transparency in electronic marketplaces: Why data transparency may hinder the adoption of B2B exchanges", Electronic Markets, Vol.12, No.2, 2002, pp. 92-99. https://doi.org/10.1080/10196780252844535