Fan shareholding and the boundaries of attitudinal factors of consumer behaviors

Purpose Research in consumer and financial markets suggests that holding ownership stakes may be associated with stronger engagement. However, evidence on the relevance of fan shareholding relative to established attitudinal factors of sport consumption remains limited. This study examines whether fan shareholding retains independent behavioral relevance once established attitudinal factors, team identification (TI) and psychological ownership (PO), are taken into account in explaining selected consumer behaviors. Design/methodology/approach Cross-sectional survey data were collected from supporters of a single professional football club that conducted equity crowdfunding campaigns. Structural equation modeling was used to estimate associations between TI, PO, fan shareholding, and self-reported consumer behaviors, including tests of potential moderation effects. Findings TI showed the most consistent association with the selected behavioral outcomes. Fan shareholding showed a marginal positive association with match attendance but was unrelated to word-of-mouth behavior and did not systematically condition the effects of TI or PO. These findings suggest that the observed pattern is consistent with interpreting fan shareholding as a bounded, symbolic, status-based mechanism whose behavioral relevance depends on the outcome considered rather than as a general predictor of sport consumer behavior. Originality/value The study contributes at three levels. Conceptually, it refines the ownership-effect literature by suggesting that fan shareholding functions primarily as a bounded symbolic status rather than a continuously stronger behavioral mechanism. Empirically, it jointly models TI, PO, and fan shareholding within a single structural equation modelling framework. Methodologically, it combines dual operationalizations of ownership with a sentiment-weighted measure of word-of-mouth.