Motivations and intentions for equity and reward-based crowdfunding in professional sports

For centuries, people have raised money for many purposes, and funding projects utilizing the Internet began to spread in earnest after 2010. However, there is a notable lack of research on crowdfunding projects, especially those involving sports. Given this background, this study's objective is to compare whether motivational factors may work differently depending on crowdfunding type and to analyze the impact of such factors on investments.

This study was conducted using stimulation through artificially modified newspaper articles to measure crowdfunding motivation and investment intention. To clarify research questions, this study applied multiple regression analysis.

Findings indicate that philanthropic motives and interest in projects influenced the intention to decide on funding and often had positive word-of-mouth effects. In equity-based projects, philanthropic motives and a desire to be recognized acted as drivers for both behaviors. In reward-based projects, philanthropic motives determined investment intentions, and recognition motivation and interest factors influenced word-of-mouth intention.

This study investigated the motivations and consequent intentions for crowdfunding in the field of the professional sports industry, which had substantive future implications for the business of sports.