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

Hospitality enterprises’ revival through crowdfunding: a cross-country study 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/approachTo 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).FindingsFindings 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/implicationsThis 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 implicationsThe 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/valueHospitality 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Consumer Behavior in Tourism and Hospitality Emerald Publishing

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

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
2752-6666
eISSN
2752-6674
DOI
10.1108/cbth-09-2021-0213
Publisher site
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Abstract

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/approachTo 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).FindingsFindings 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/implicationsThis 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 implicationsThe 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/valueHospitality 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.

Journal

Consumer Behavior in Tourism and Hospitality – Emerald Publishing

Published: Nov 17, 2022

Keywords: Crowdfunding; Theory of planned behaviour; Hospitality; COVID-19

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