Beyond Signed T-Shirts: A Socio-Technological Model of Equity Crowdfunding Adoption

Par Carmen Escudero Guirado, Carlos Martínez de Ibarreta Zorita, Carmen Goytre Castro


This paper analyses the degree of relevance of certain factors in the intention of adopting technological innovation that equity crowdfunding involves. We propose a holistic and integrated model, which incorporates different theoretical frameworks consistent with the object of study. An online survey was conducted among contributors to campaigns on the largest reward crowdfunding platform in Spain. The empirical framework of analysis is based on structural equation modelling, as most of the relationships proposed in the hypothesis involve latent variables or constructs. The results emphasize the relevance of the perceived ease of use (above utility) in the intention to participate in equity crowdfunding. This factor mediates the role of perceived utility in the adoption of this innovation, compared to the Technology Acceptance Model (in its different versions). Likewise, the confidence of the potential adopter, based on different elements, does not directly determine participation in equity crowdfunding, unlike what happens with other online investment scenarios.
JEL Codes: O33, G11


  • equity crowdfunding
  • adoption decision
  • Perceived Usefulness
  • Perceived Ease of Use
  • trust
  • empathy
  • personal innovativeness
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