Behavioral Influences on Crowdfunding SDG Initiatives: The Importance of Personality and Subjective Well-Being
Abstract
:1. Introduction
2. Literature Review
2.1. Theoretical Framework
2.1.1. Crowdfunding
2.1.2. Sustainability Crowdfunding
2.1.3. Personality Theory
2.1.4. Ethics and Pro-Social Behavior as Value on SDGs
2.1.5. Attachment
2.1.6. Subjective Well-Being
2.2. Hypotheses Development
3. Methods
3.1. Measurement
3.2. Data Collection
3.3. Data Analysis
4. Results
4.1. Grouping Check
4.2. Respondents’ Profile
4.3. Measurement Model
4.4. Structural Model
4.5. Moderating and Mediating Roles
5. Discussion and Conclusions
5.1. Discussion
5.2. Theoretical Implications
5.3. Practical Implications
5.4. Limitations and Future Research Directions
Supplementary Materials
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Characteristics | FD (%) | EA (%) | SS (%) | Characteristics | FD (%) | EA (%) | SS (%) |
---|---|---|---|---|---|---|---|
Gender | Experienced types ** | ||||||
Male | 46.9 | 56.8 | 47.1 | Donation | 54.0 | 44.9 | 54.8 |
Female | 53.1 | 43.2 | 52.9 | Reward | 64.0 | 64.9 | 69.2 |
Age | Investment (stocks, bonds) | 35.5 | 51.9 | 30.8 | |||
Under 20 years old | 4.7 | 5.4 | 14.4 | Lending | 14.7 | 24.3 | 18.3 |
20–29 years old | 25.2 | 25.9 | 26.9 | Other | 0.9 | 0.0 | 0.0 |
30–39 years old | 23.7 | 25.9 | 29.8 | Frequency of crowdfunding | |||
40–49 years old | 24.6 | 28.7 | 21.2 | Monthly or more frequently | 54.5 | 52.5 | 54.8 |
50–59 years old | 16.6 | 11.4 | 7.7 | Quarterly or less frequently | 45.5 | 47.5 | 45.2 |
60 years old and over | 5.2 | 2.7 | 0.0 | Investment amount | |||
Educational level | Less than 100,000 KRW | 62.9 | 55.1 | 70.1 | |||
Less than or high school diploma | 15.6 | 14.1 | 19.2 | From 100,000 to 999,999 KRW | 31.9 | 35.2 | 27.0 |
2-year college | 9.0 | 6.5 | 6.7 | 1,000,000 KRW or more | 5.2 | 9.7 | 2.9 |
University | 59.8 | 59.9 | 58.7 | Frequency of sustainability crowdfunding | |||
Graduate school or higher | 15.6 | 19.5 | 15.4 | Monthly or more frequently | 44.5 | 41.0 | 43.3 |
Marital status | Quarterly or less frequently | 55.4 | 59.0 | 56.7 | |||
Single | 44.5 | 56.8 | 65.4 | Investment amount for sustainability | |||
Married | 52.7 | 42.7 | 34.6 | Less than 100,000 KRW | 72.1 | 63.8 | 78.9 |
Divorce, separate, or widow/er | 2.8 | 0.5 | 0.0 | From 100,000 to 999,999 KRW | 24.2 | 32.0 | 20.1 |
Monthly household income | 1,000,000 KRW or more | 3.7 | 4.2 | 1.0 | |||
Less than 2.00 million KRW* | 5.7 | 2.7 | 1.0 | Reason for sustainability crowdfunding | |||
From 2.00 to 3.99 million KRW | 21.8 | 31.4 | 26.9 | Donation | 34.6 | 15.7 | 37.5 |
From 4.00 to 5.99 million KRW | 24.6 | 25.9 | 32.7 | Reward | 41.8 | 40.5 | 43.3 |
From 6.00 to 7.99 million KRW | 20.4 | 18.9 | 17.3 | Investment (stocks, bonds) | 17.5 | 34.6 | 15.4 |
From 8.00 to over million KRW | 27.5 | 21.1 | 22.1 | Lending | 5.2 | 9.2 | 3.8 |
Occupation | Other | 0.9 | 0.0 | 0.0 | |||
Professionals | 12.3 | 18.9 | 11.5 | Participated projects in the 17 SDGs | |||
Business owner | 5.2 | 8.6 | 5.8 | 1. Poverty reduction | 20.4 | ||
Service worker | 3.3 | 5.4 | 1.0 | 2. Reducing hunger/sustainable agriculture/food | 10.9 | ||
Office worker | 42.2 | 46.6 | 54.8 | 3. Public health and well-being | 31.3 | ||
Civil servant | 6.6 | 2.2 | 2.9 | 4. Ensure equitable quality education for all | 4.7 | ||
Home maker | 10.0 | 3.8 | 1.0 | 5. Achieve gender equality | 10.4 | ||
Retiree | 0.5 | 0.5 | 0.0 | 6. Clean water and public sanitation | 21.2 | ||
Student | 13.7 | 11.9 | 19.2 | 7. Ensure access to sustainable energy | 14.6 | ||
Unemployed | 2.4 | 1.6 | 1.9 | 8. Green business practices/employment | 24.9 | ||
Other | 3.8 | 0.5 | 1.9 | 9. Build resilient infrastructure | 22.7 | ||
Residential district | 10. Reduce inequality within/among countries | 9.5 | |||||
Metropolitan areas | 66.0 | 66.5 | 67.3 | 11. Build resilient and sustainable cities | 13.5 | ||
Non-metropolitan areas | 34.0 | 33.5 | 32.7 | 12. Waste reduction and recycling | 24.3 | ||
Participation length | 13. Urgent action on climate change | 20.2 | |||||
Less than 7 months | 44.5 | 42.8 | 53.7 | 14. Conserve marine ecosystems | 22.1 | ||
7 or more months | 55.5 | 57.2 | 46.3 | 15. Conserve terrestrial ecosystems | 36.5 | ||
Overseas funding | 16. Promote peaceful societies/reduce violence | 8.1 | |||||
Yes | 20.4 | 17.3 | 25.0 | 17. Strengthen global partnership | 4.7 | ||
No | 79.6 | 82.7 | 75.0 | Characteristics of sustainability crowdfunding | |||
Overseas sustainability funding | Profit crowdfunding project | 36.5 | 51.9 | 23.1 | |||
Yes | 14.2 | 10.3 | 14.4 | Non-profit crowdfunding project | 46.4 | 27.6 | 53.8 |
No | 85.8 | 89.7 | 85.6 | Don’t know | 17.1 | 20.5 | 23.1 |
Used platforms | Non-crowdfunding for sustainability | ||||||
OhMyCompnay | 10.9 | 8.1 | 3.8 | Yes | 14.2 | 10.3 | 14.4 |
Wadiz | 38.4 | 59.5 | 42.4 | No | 85.8 | 89.7 | 85.6 |
Crowdy | 7.6 | 7.0 | 4.8 | Participated overseas projects in the 17 SDGs | |||
Tumblebug | 8.5 | 5.4 | 20.2 | Fair distribution (SDGs 1, 2, 3, 4, 5, 10,16, 17) | 46.7 | 36.8 | 26.7 |
HappyBean | 24.6 | 11.9 | 24.0 | Efficient allocation (SDGs 7, 8, 9, 11, 12) | 33.3 | 57.9 | 20.0 |
Other | 10.0 | 8.1 | 4.8 | Sustainable scale (SDGs 6, 13, 14, 15) | 20.0 | 5.3 | 53.3 |
Construct | Correlation of the Constructs | ||||||||
---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
1. Openness | |||||||||
2. Conscientiousness | 0.640 | ||||||||
3. Extraversion | 0.649 | 0.668 | |||||||
4. Agreeableness | 0.688 | 0.703 | 0.789 | ||||||
5. Neuroticism | 0.168 | 0.110 | 0.101 | 0.132 | |||||
6. Perceived ethics on SDGs | 0.425 | 0.346 | 0.210 | 0.477 | 0.069 | ||||
7. Pro-social behavior on SDGs | 0.481 | 0.498 | 0.364 | 0.604 | 0.076 | 0.639 | |||
8. Attachment to sustainability crowdfunding | 0.319 | 0.475 | 0.430 | 0.442 | 0.094 | 0.286 | 0.499 | ||
9. Subjective well-being | 0.347 | 0.503 | 0.373 | 0.458 | 0.069 | 0.735 | 0.600 | 0.759 | |
Cronbach’s alpha ≥ 0.7 | 0.849 | 0.821 | 0.830 | 0.757 | 0.768 | 0.870 | 0.836 | 0.910 | 0.881 |
Rho_A (reliability coefficient) ≥ 0.7 | 0.859 | 0.825 | 0.872 | 0.792 | 0.781 | 0.871 | 0.846 | 0.913 | 0.881 |
Composite reliability ≥ 0.7 | 0.892 | 0.875 | 0.875 | 0.833 | 0.841 | 0.911 | 0.891 | 0.937 | 0.918 |
AVE ≥ 0.5 | 0.625 | 0.583 | 0.584 | 0.632 | 0.515 | 0.720 | 0.672 | 0.788 | 0.736 |
Effect size (Q2) > 0 | 0.544 | 0.521 | 0.120 | 0.367 |
H9 | Group | Path Coefficient | t-Value | p-Value | Result |
---|---|---|---|---|---|
H9a: Openness → Value on SDGs | Fair distribution | 0.259 ** | 3.089 | <0.01 | The sustainable scale group has the highest positive effect. |
Efficient allocation | 0.085 ns | 0.896 | >0.05 | ||
Sustainable scale | 0.338 *** | 3.438 | <0.001 | ||
H9b: Conscientiousness → Value on SDGs | Fair distribution | 0.127 ns | 1.614 | >0.05 | The efficient allocation group has the highest positive effect. |
Efficient allocation | 0.291 *** | 3.673 | <0.001 | ||
Sustainable scale | 0.168 ns | 1.500 | >0.05 | ||
H9c: Extraversion → Value on SDGs | Fair distribution | −0.230 * | 2.438 | <0.05 | The fair distribution group has the highest negative effect. |
Efficient allocation | −0.114 ns | 1.313 | >0.05 | ||
Sustainable scale | −0.224 ns | 1.829 | >0.05 | ||
H9d: Agreeableness → Value on SDGs | Fair distribution | 0.474 *** | 4.727 | <0.001 | The fair distribution group has the highest positive effect. |
Efficient allocation | 0.415 *** | 4.540 | <0.001 | ||
Sustainable scale | 0.285 * | 2.076 | <0.05 | ||
H9e: Neuroticism → Value on SDGs | Fair distribution | −0.128 ns | 1.242 | >0.05 | All the three groups have insignificant effects. |
Efficient allocation | 0.009 ns | 0.118 | >0.05 | ||
Sustainable scale | 0.115 ns | 1.003 | >0.05 | ||
H9f: Value on SDGs → Attachment to sustainability crowdfunding | Fair distribution | 0.410 *** | 7.303 | <0.001 | The sustainable scale group has the highest positive effect. |
Efficient allocation | 0.365 *** | 5.518 | <0.001 | ||
Sustainable scale | 0.440 *** | 5.384 | <0.001 | ||
H9g: Value on SDGs → Subjective well-being | Fair distribution | 0.253 *** | 3.879 | <0.001 | The efficient allocation group has the highest positive effect. |
Efficient allocation | 0.291 *** | 4.993 | <0.001 | ||
Sustainable scale | 0.171 ns | 1.848 | >0.05 | ||
H9h: Attachment to sustainability Crowdfunding → Subjective well-being | Fair distribution | 0.571 *** | 11.597 | <0.001 | The efficient allocation group has the highest positive effect. |
Efficient allocation | 0.599 *** | 11.395 | <0.001 | ||
Sustainable scale | 0.596 *** | 6.271 | <0.001 |
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Kim, M.J.; Hall, C.M.; Han, H. Behavioral Influences on Crowdfunding SDG Initiatives: The Importance of Personality and Subjective Well-Being. Sustainability 2021, 13, 3796. https://doi.org/10.3390/su13073796
Kim MJ, Hall CM, Han H. Behavioral Influences on Crowdfunding SDG Initiatives: The Importance of Personality and Subjective Well-Being. Sustainability. 2021; 13(7):3796. https://doi.org/10.3390/su13073796
Chicago/Turabian StyleKim, Myung Ja, C. Michael Hall, and Heejeong Han. 2021. "Behavioral Influences on Crowdfunding SDG Initiatives: The Importance of Personality and Subjective Well-Being" Sustainability 13, no. 7: 3796. https://doi.org/10.3390/su13073796