The Importance of Social Identity for positive post-financial behaviour in Crowdfunding - An Approach to Analyse Investor Behaviour

According to the principle of collecting small amounts of money from many private donors, crowdfunding is an attractive financing alternative, especially for young companies. Thereby, the project success as well as the subsequent company success depends on the donors. Despite this relevance for corporate success, the effect from crowdfunding participation on the investor's post-funding behaviour has been rarely researched. In particular, to possible differences depending on the type of crowdfunding, there exist no empirical insights so far. The present study aims to contribute to an understanding of these two points. This article considers crowdfunding as a financing form for young companies and examines psychological as well as behavioural effects of crowdfunding participation in equity-based as well as reward-based crowdfunding on their intention to recommend a company as an investment opportunity.