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Elaboration of The Variation of Participants’ Values Within Different Crowdfunding Categories In Indonesia

Nadya Larasati, Reza Ashari Nasution

Abstract


Abstract. Background: Nowadays, crowdfunding has become a valuable alternative source of funding for seeking external financing and there is impressive growing volume of money collected through crowdfunding. Despite a growing practical importance, most of the crowdfunding research focused more on general motivation aspect in crowdfunding participation, none of them using value approach to explain this phenomenon further, even though research suggest that values play important role in determining motivational behavior and it is the key of motivations. Purpose: The purpose of this study is to recognize the role of values in crowdfunding practice and also analyze the variations of participants’ values within different crowdfunding categories in Indonesia. Methods: The scope of this study covers specific type of crowdfunding, which is donation crowdfunding, using Kitabisa, as an object. This study will use Schwartz et al., (2012) PVQ5X to measure individual respondents value. The questionnaire distributed to 387 respondents and analyzed using descriptive and means difference analysis. Findings: The first findings of this research reveals that category of crowdfunding that are mostly preferred by Kitabisa users are: Child Medication (19%), Medical Fundraising (18%), Natural Disaster (17%). Child Medication, Medical Fundraising, and Natural Disaster category chosen as a category basis for analyzing each value because of the appropriate sample representativeness and have the least margin of error. The second findings of this study identify the dominant values among people who share the same crowdfunding category preferences based on Schwartz 19 refined value and 10 original value. The third findings reveal that there are differences between type of crowdfunding category preference by participants’ based on their value priority in and also age demographic. While the last findings examine how value affects users preferences in determining crowdfunding category in Kitabisa. Originality/value: This study provides insights into the nature of personal value of Indonesia crowdfunding practice and identifies variation of values that contribute to interest and preference in choosing different type of crowdfunding category. The results of this study are expected to help organizations in attracting more audience to participate and to more involved in crowdfunding project and could lead to improvement of crowdfunding factor to influence the success of crowdfunding projects.

Keywords: crowdfunding; donation; participants’ values; crowdfunding category

 


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