Investor behavior towards crowdfunding projects in Turkey

This thesis aims to examine the behaviors, motivations, and decision-making processes of individuals who invest in crowdfunding projects in Turkey. The crowdfunding model, which has emerged as an alternative to traditional financing methods, has gained significant importance in the entrepreneurial ecosystem with the influence of digitalization. In this context, the study analyzes factors such as trust, financial return expectations, social impact, and ideological motivations that influence investors' decisions. The research is based on data collected through an online questionnaire administered via Google Forms. The survey targeted individuals who had previously invested in at least one crowdfunding project, and 139 valid responses were analyzed. Descriptive statistics, factor analysis, reliability tests (Cronbach's Alpha), and chi-square tests were utilized in the statistical analysis process. The results reveal four primary dimensions of investor behavior: perceived financial return and risk, trust in platform and entrepreneur, social/ideological motivations, and external social influence (herd behavior). Trust in both the platform and entrepreneur emerged as the most critical determinant in investment decisions, while value-based criteria such as compliance with Islamic finance principles and support for domestic production were also influential. Conversely, social media and peer influence were found to have limited effect. This study offers an in-depth perspective on the investor profile within Turkey's rapidly developing crowdfunding ecosystem and provides valuable insights for both academic researchers and practitioners. KEYWORDS: Crowdfunding, Investor behavior, Alternative finance, Trust perception, Digital entrepreneurship