Sustainability-oriented crowdfunding: do opportunities and threats of COVID-19 to SDGs matter?

Purpose In recent years, crowdfunding as an innovative financial source for sustainability initiatives and sustainable development goals (SDGs) has increased in popularity – more so during the COVID-19 crisis, where crowdfunding has been used as an effective means to fund several projects aimed at the achievement of UN SDGs. Although, as a topic it has received considerable attention, little research has been undertaken on sustainability-oriented crowdfunding (SOC). To conceptualise the implications of SOC, this study aims to propose a viable integrated model of value-attitude-behaviour (VAB)-risk theory and COVID-19 opportunities and threats to SDGs to examine consumer crowdfunding behaviour for sustainability with respect to UN 17 SDGs. Design/methodology/approach The study relies on 510 valid responses retrieved from the crowdfunders surveyed, which were then analysed using SmartPLS software. Findings The results show that values on sustainability are a strong driver for funders’ attitudes as well as personal and social norms, leading to a substantial effect on participation in crowdfunding for sustainability. Furthermore, positive and negative environmental effects of COVID-19 on SDGs exert a significant moderating effect on the associations between perceived risk, social norms and attitude, with participation in SOC. Practical implications The outcomes could provide practical relevance to a range of SDG-related crowdfunding stakeholders for a better understanding of consumer behaviour decisions. Originality/value To the best of the authors’ knowledge, this work is among the first to investigate consumers’ behaviour regarding sustainability crowdfunding using SDGs as indicators for both crowdfunding and sustainability initiatives.