Determinants of participation in equity-based crowdfunding activities: The Case of Türkiye

The purpose of this study is to determine the factors that affect investors' intention to participate in equity-based crowdfunding. Understanding the motivation sources of investors is very important for the sustainability of crowdfunding, which has a very recent history in developing economies. In this framework, financial and non-financial motivation sources of equity-based crowdfunding investors were examined. The effect of demographic variables such as gender, income level and investor type on the intention to participate in crowdfunding has also been investigated. The determinants of investors' intention to participate in crowdfunding are the main theme of the research, and the nature of entrepreneurship and the details of the crowdfunding method are generally exhibited. The study consists of three parts within the scope of the determined framework. After the explanation of the models used in entrepreneurship financing, theoretical information on the crowdfunding method nationally and globally is explained. Within the scope of the research method, equity-based crowdfunding investors were determined as the universe and the survey study was implemented between July 01 and August 30, 2024. The assumptions were tested by conducting pre-tests and analyzes with the data set containing 488 responses obtained from investors. In equity-based crowdfunding activities; it was determined that when investors' self-sufficiency, innovative levels and emotional motivations are high, their intention to participate is also positive. When the evaluations regarding the campaigns are examined; the satisfactory nature of the campaign features and the effective role of the platforms affect the participation positively. It was seen that the level of trust in the initiative team in the use of funds and the financial and commercial advantages of the initiative are the most effective factors on the intention to participate. The monetary benefits of crowdfunding and the sense of belonging to the community were not found to have any effect on participation. While gender did not have a moderating effect on participation intention, income level was found to have a moderating effect on emotional motivation, trust level, campaign features, and investor type was found to have a moderating effect on the role of platforms.