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PurposeThis study adopts self-determination theory and stimulus-organism-response framework to develop a model that explores the motivations of such donors by considering their self-determination needs and extrinsic and intrinsic motivations.Design/methodology/approachBased on online survey data collected from 436 crowdfunding donors in China, this study follows a structural equation modeling analysis to test hypotheses.FindingsThe results indicate that perceived ease of use, perceived self-efficacy and social connection have positive effects on the donation intentions of backers through a combination of extrinsic and intrinsic motivations.Originality/valueThe findings shed light on various extrinsic and intrinsic motivations advancing knowledge of individual fund motivation in donation-based crowdfunding and provide guidelines for the development of donation-based crowdfunding theory and practice.

Compared with traditional charities, donation-based crowdfunding has many novel characteristics. Among the variety of factors that influence potential donors before they develop a donation intention, which are the main ones influencing the intention to donate online? The purpose of this paper is to investigate the key potential determinants of both time and money donations. This study attempts to combine the theory of planned behavior and norm activation theory with social presence theory to conceptualize and develop an integration framework to measure the donation intention. The results of the structural equation modeling, based on 350 valid questionnaire responses received from November 19 to December 19, 2018, suggest that the dependent variable of time donations is significantly affected by social presence, trust, and perceived behavioral control. As for the dependent variable of money donations, only subjective norm has an insignificant effect. The study results offer practical guidelines about the unique aspects of donation to managers of crowdfunding platform and fundraisers.

This study analyzes the stock performance of bidding firms in China mainland and Hong Kong around the announcement of mergers and acquisitions transaction. The sample consists of 19 bidding firms in mainland and 11 bidding firms in Hong Kong. Hang Seng Index and Shanghai Composite Index are two proxies for market returns. The result that both average abnormal return and cumulative abnormal return to bidders in China mainland are positive whereas AAR to bidders in Hong Kong is positive in the announced date and CAR is negative during the event window (-5, +5). Compare to two regions, the announcement of mergers and acquisitions in mainland regarded as ‘good news’ to its stock price; however, it is not as good as for Hong Kong market. In the total method of payment, there are 8 transactions by stock and up to 22 deals by cash; that above 70% of acquisitions are pure cash payments in the entire sample. Through the regression model, the author finds regions of acquisitions affect the return because it is tested statistical significant at 5 percent significance level. And methods of payment do not affect abnormal returns and cumulative abnormal return to bidding firms during the event period.