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Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.

The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.

The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.

This study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

The economic crisis triggered by the COVID-19 pandemic seriously jeopardized small businesses. To survive, many small businesses turned to their networks by launching crowdfunding “rescue” campaigns, which were very successful in eliciting both funding and community support. This study aims to explain this success from the backers' perspective by addressing support intentions in uncertain times. The authors examine backers' paradoxical behavior by investigating the influence of ambiguity aversion (individual uncertainty), business-level uncertainty and environmental uncertainty on backers' intentions to support small businesses and the interaction of uncertainty with backers' well-being.

Survey data from 230 backers of small business rescue campaigns were analyzed using structural equation modeling.

The findings indicate that ambiguity aversion negatively dominates backers' support intentions. However, under the mediating effect of well-being, business-level and environmental uncertainties positively impact backers' intentions, whereas ambiguity aversion becomes non-significant.

Uncertainties are supposed to have a negative influence on individual well-being. By contrast, this study shows that backers' well-being is influenced by the context of the crowdfunding campaign. Uncertain conditions can provide value in addition to the benefits gained by backers from supporting crowdfunding campaigns.