The role of trust and e-WOM in the crowdfunding participation: the case of equity crowdfunding platforms in financial services in Iran

PurposeThe aim of this research is to examine the roles of trust and electronic word-of-mouth (e-WOM) in crowdfunding (CF) participation for equity CF by taking into account the following antecedents of trust and e-WOM: intrinsic motivation (IM), extrinsic motivation (EM), deterrents, venture quality (VQ), third-party seal (TPS), value congruence (VC) and perceived accreditation (PA).Design/methodology/approachIn this research, a survey among 408 active and potential funders in Iran was conducted. The statistical analysis used partial least squares structural equation modeling (PLS-SEM).FindingsThe results of this research revealed a significant influence of trust and e-WOM on participation in CF for equity CF. Extrinsic motivation had the greatest impact on trust and VC had the greatest impact on e-WOM.Originality/valueThis research extends the equity CF research area to CF success and considers the effects of some parameters on CF participation. This research provides many theoretical and practical implications.