The antecedents and consequences of crowdfunding investors’ citizenship behaviors: An empirical study of motivations and stickiness

Based on the theory of customer citizenship behavior (CCB), the purpose of this paper is to explore the antecedents and consequences of investor citizenship behavior in the field of crowdfunding and have an in-depth study of the interaction effect between investors’ perceptions of novelty and investors’ motivations.

Based on the CCB theory and self-determination theory, the authors develop hypotheses and collect questionnaire data (a sample of 226 crowdfunding investors) from crowdfunding websites to test models and get conclusions by SPSS and smartPLS 2.0.

The results indicate that internal and external motivations significantly influence investors’ citizenship behavior, which further affects investors’ stickiness intentions. Furthermore, results show that investors’ perceptions of novelty moderate the relationships between internal/external motivations and citizenship behaviors.

This paper offers an in-depth explanation of the citizenship behaviors in crowdfunding, which could be an example for studying the motivations of investors’ citizenship behaviors and could also serve as a starting point to introduce the stickiness intention theory of e-commerce and virtual community into crowdfunding area. In addition, this study also made an empirical analysis of how the perceived project novelty affects the relationships between investors’ motivations and citizenship behaviors.