Influence of Entrepreneur’s Action Logics on His Intention to Adopt Crowdfunding: A Pecking Order Theory Perspective

Abstract

Crowdfunding (CF), a new funding channel, is prompting more research on the non-financial determinants of its adoption. This paper is part of this emerging current and aims to explain using the logic of entrepreneurial action, the entrepreneur intention to adopt CF. The binomial logistic regression test on a simplified intention model based on the Unified Theory of Acceptance and Use of Technology model (UTAUT) reveals that the intention to adopt CF varies according to the entrepreneur’s commitment to entrepreneurial act logic and his management logic. These results reveal the validity of the pecking order theory and highlight the importance of incitation to risk-taking and entrepreneurial transparency, catalyst factors for participation in CF.