Subjective Norms and Intention- A Study of Crowdfunding in India

The study is aimed to explore the factors of subjective norms and their influence on shaping the intention of people to participate in crowdfunding. Data was collected from 155 respondents who have been involved in one or many crowdfunding campaigns as a contributor or fundraiser. Data was analyzed using various statistical tools like data reliability test, factor analysis, correlation, and regression. It was found that intention to participate in crowdfunding is shaped by the influence of family and friends and people have high motivation to comply with the approval of these reference groups. Influence of other reference groups like a supervisor, teacher, neighbor, social network friend, etc. has no impact on shaping the intention of people towards crowdfunding. The study will be useful for crowdfunding platforms to understand the influence of referent groups on people regarding crowdfunding participation.