Causal model of factors influencing the fundraising in Thai sports industry: Investment ecosystem evaluation for scale-up to innovation-driven enterprises

This pioneering research aimed to verify the causal model of factors influencing fundraising in Thai sports industry. Investment ecosystem and theory of planned behavior were employed to obtain understanding of investment situations in this industry. A mixed-method research approach was also utilized. In qualitative, seven experts were interviewed to drawing the structure of the causal model. In quantitative, the top 798 sport investors responded to modified rating-scale questionnaires for confirming indicators of underlying factors in the causal model. Analysis based on grounded theory revealed in the causal model that policy, market, culture, finance, supports, and human capital are antecedent factors that induce attitude, perceived value, and behavioral intention. Fundraising behavior was directly affected by behavioral intention. Confirmatory factor analysis supported that all indicators were appropriately loaded into 10 factors. Structural equation modelling of the causal model indicated that finance, human capital, and attitudes played a vital role in fundraising. The causal model showed that policymakers and entrepreneurs in Thailand will benefit from scaling the industry to innovation-driven enterprises.