A Study on the Effects of Crowdfunding Values on the Intention to Visit Local Festivals: Focusing on Mediating Effects of Perceived Risk and e-WOM

Abstract

Information technology is recognized as an important means of expanding the sustainability of local festivals, but most research and practices only focus on existing information technologies such as websites and social network services. This study examines the potential of crowdfunding platforms to ensure the success of local festivals and assesses how emerging information technologies impact the sustainability of the tourism industry. This study proposed four values based on the value theory that is frequently applied in consumer research. We also applied inner innovativeness as a personal characteristic and examined the effects of economic, emotional, social, altruistic, and inner innovativeness regarding film festival crowdfunding on the intention to visit the film festival. We applied perceived risk and the intention to use electronic word of mouth (e-WOM) as mediating variables. As a result, emotional, social, and altruistic values were found to significantly affect the intention to visit film festivals by mediating perceived risk. In addition, the social value was found to have positive effects on the dependent variable through the intention to use e-WOM. The results show that crowdfunding platforms are considered an important tool for promoting the festival. It is also important to develop value in favor of the festival by increasing value through marketing strategies.