Crowdfunding, Industry 4.0, and Entrepreneurial Success: A Theory of Planned Behavior Approach in Emerging Markets

Abstract

The main purpose of this study is to probe into the influence of crowdfunding on the entrepreneurial performance of small and medium-sized enterprises (SMEs) in Pakistan and to investigate the influence of Industry 4.0 technologies and the regulatory environment as the mediators and moderator, respectively. Within the context of the Theory of Planned Behavior (TPB), this study investigates how attitude, subjective norm and perceived behavioral control on part of entrepreneurs jointly affect entrepreneurs’ intentions to use crowdfunding and Industry 4.0 technologies. Findings, based on data from 250 SME entrepreneurs, show that entrepreneurial performance improves significantly because of crowdfunding, and that the increased adoption of Industry 4.0 technologies reinforces the effect. In addition, the moderating effect of regulatory environment on the relationship between Industry 4.0 technologies and entrepreneurial performance is positive. By highlighting the function of digital finance and technological innovation in encouraging sustainable business practices, this research also has theoretical implications for the research on sustainable entrepreneurship and practical implications for policymakers and managers.

Keywords: crowdfunding, Industry 4.0, Entrepreneurial Performance, Theory of Planned Behavior