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Hospitality enterprises’ revival through crowdfunding: a cross-country study

Hasnan Baber (Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates)
Haywantee Ramkissoon (College of Business, Law, and Social Sciences, University of Derby, Derby, UK; UniSA Business, University of South Australia, Johannesburg Business School, Johannesburg, South Africa and Centre for Research and Innovation in Tourism, Taylor’s University, Selangor, Malaysia)
Islam Elbayoumi Salem (Department of Business Administration, College of Economics and Business Administration, University of Technology and Applied Sciences, Salalah, Oman and Department of Hotel Management, Faculty of Tourism and Hotels, Alexandria University, Alexandria, Egypt)
Vahid Ghasemi (Faculty of Social Sciences and Technology, Universidade Europeia, Lisboa, Portugal and CEFAGE-UE, Evora, Portugal)
Ziaul Haque Munim (Department of Maritime Operations, Faculty of Technology, Natural Sciences and Maritime Sciences, University of South-Eastern Norway, Horten, Norway)

Consumer Behavior in Tourism and Hospitality

ISSN: 2752-6666

Article publication date: 8 November 2022

Issue publication date: 17 November 2022

270

Abstract

Purpose

The purpose of this study is to suggest a reward-based crowdfunding approach and test customers’ financial contribution behaviour (FCB) as a fundraising strategy for hospitality enterprises.

Design/methodology/approach

To investigate this initiative, a conceptual model motivated by the theory of planned behaviour, integrating economic, emotional, social and altruistic values, perceived risk and electronic word of mouth has been considered. Partial least square structural equation modelling is applied to test the model. Data was collected from 263 respondents across three regions – Europe, Asia and Middle East and North Africa (MENA).

Findings

Findings revealed that attitude, self-efficacy and subjective norm of the customers positively influence their financial contribution intention. Further, Asian customers demonstrate significantly higher FCB in comparison to MENA.

Research limitations/implications

This study will be helpful for the hospitality players to raise the funds during the crisis and survive to pay the reward back to the customers. This study will be helpful to the crowdfunding platforms to understand the factors which influence the contribution behaviour.

Practical implications

The results of this study can encourage hoteliers and other hospitality players looking to approach their funding needs through crowdfunding by providing them a guide to maximise their possibility and level of success.

Originality/value

Hospitality businesses demand new approaches and strategies to keep operating during COVID-19 and post-COVID-19 time. This research is original to provide insights into customer contribution intentions during COVID-19.

Keywords

Acknowledgements

This work is financed by national funds through the FCT – Foundation for Science and Technology, I.P., under the project UIDB/04007/2020.

Citation

Baber, H., Ramkissoon, H., Salem, I.E., Ghasemi, V. and Munim, Z.H. (2022), "Hospitality enterprises’ revival through crowdfunding: a cross-country study", Consumer Behavior in Tourism and Hospitality, Vol. 17 No. 4, pp. 396-412. https://doi.org/10.1108/CBTH-09-2021-0213

Publisher

:

Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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