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Explaining reward crowdfunding backers' intentions and behavior

Prince Baah-Peprah (Department of Management, School of Business and Law, University of Agder, Kristiansand, Norway)

Baltic Journal of Management

ISSN: 1746-5265

Article publication date: 24 January 2023

Issue publication date: 24 March 2023




Earlier research into crowdfunding adoption has drawn on social psychology, trust, signaling and well-being theories. Despite its wide appeal and use, the technology acceptance model (TAM) has received little attention in terms of explaining the adoption of crowdfunding platforms. The current study examines the applicability of two versions of this framework: the original TAM1 and the extended TAM2 frameworks.


Data were collected through a survey distributed to the users of Finland's leading reward crowdfunding website, Mesenaatti, who have backed crowdfunding campaigns previously. The authors employed structural equation modelling (SEM–lavaan package) and conducted a series of quality tests to alleviate concerns with certain biases.


Analyses of 556 observations exhibit support for all hypotheses underlying both TAM frameworks, with two exceptions. Contrary to expectations, voluntariness does not moderate the effect of subjective norms on contribution intentions, and the effect of perceived ease-of-use is primarily mediated by perceived usefulness, rather than directly influencing intentions.


First, the study extends the generalizability of TAM to the context of crowdfunding and with respect to financial contribution behavior. Second, it shows that backers' perceptions of platform usefulness and ease-of-use are important antecedents of crowdfunding contribution behavior, and that the former exerts greater influence than the latter. Third, it further clarifies the influences of relevant antecedents of crowdfunding backers' contribution intentions and behaviors. Specifically, the authors show that experience only weakly moderates the influence of subjective norms on contribution intentions, and voluntariness does not moderate this association. The authors discuss explanations for these findings and their implications for research and practice.



The author would like to thank Professor Rotem Shneor, Dr. Ziaul H. Munim, Dr. Samuel Anokye Nyarko, the UiA Crowdfunding Research Centre and the anonymous reviewers for their constructive feedbacks.


Baah-Peprah, P. (2023), "Explaining reward crowdfunding backers' intentions and behavior", Baltic Journal of Management, Vol. 18 No. 2, pp. 262-281.



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