Loyalty and well-being explain serial crowdfunding backing behavior: an empirical test of complementary theories

PurposeDespite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.Design/methodology/approachThe study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.FindingsThe findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.Originality/valueThis study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.