DETERMINANTS OF CROWDFUNDING PARTICIPATION: THE INTERPLAY OF PERCEIVED USEFULNESS, TECHNOLOGY READINESS, AND FINANCIAL LITERACY
DOI:
https://doi.org/10.71146/kjmr768Keywords:
Crowdfunding Adoption, Financial Literacy, Technology Readiness, Digital Financial Services, Perceived UsefulnessAbstract
This study investigates the determinants of crowdfunding in Pakistan through an integrated moderating and mediating model. In this study, trust in crowdfunding serves as a mediating variable, while financial literacy acts as a moderating variable. Data were collected from 314 respondents using a structured online questionnaire distributed to entrepreneurs, small business owners, and digital finance users. The data were analyzed using SPSS and SmartPLS, employing Partial Least Squares Structural Equation Modeling (PLS-SEM) for measurement and structural analysis. Results reveal that smart device usage readiness and digital financial services significantly influence crowdfunding adoption, while perceived usefulness and perceived ease of use were not significant predictors. Trust in crowdfunding mediated the relationships between smart device readiness, technology readiness, and digital financial services with adoption, whereas financial literacy moderated only the link between digital financial services and adoption. The findings highlight that infrastructural and trust factors outweigh traditional technology acceptance constructs in shaping crowdfunding behavior in developing contexts. The study contributes to the theoretical refinement of TAM and UTAUT in FinTech research and offers practical implications for policymakers and platform developers aiming to enhance digital trust, financial literacy, and inclusive crowdfunding ecosystems in Pakistan.
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Copyright (c) 2025 Muhammad Yasir Tahir, Muhammad Sadiq Shahid, Khawar Naheed (Author)
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