Validation of the Participation Model in the Development of Knowledge-Based Companies Based on Crowdfunding Models: A Quantitative Factor Analysis Approach
Keywords:
Knowledge-based companies, crowdfunding, Model validation, factor analysis, modern financingAbstract
Crowdfunding, as a modern financing method, plays a significant role in the development of knowledge-based companies, which, due to their technological and innovative nature, require flexible and extensive financial resources. This study was conducted with the aim of designing and validating a participation model in the development of knowledge-based companies based on crowdfunding models, using a quantitative–qualitative factor analysis approach. In the qualitative section, through semi-structured interviews and grounded theory analysis, key concepts, main categories, and the initial conceptual model were extracted. In the quantitative stage, a sample of 379 managers and practitioners in the field of knowledge-based companies and crowdfunding was selected using cluster random sampling, and the relevant data were collected through a questionnaire. Data analysis included descriptive statistical tests, reliability and validity testing, exploratory and confirmatory factor analysis, and structural equation modeling, which demonstrated that key factors such as information transparency, legal and institutional frameworks, managerial team capabilities, the design of transparent and reliable investment platforms, as well as strategic mechanisms for investor exit, have significant effects on increasing investor participation and the development of knowledge-based companies. The model fit indices (CFI = 0.96, RMSEA = 0.03, and χ²/df = 1.64) indicated a good alignment of the model with the data. The results of this study can provide a scientific and practical basis for policymakers, managers, and developers of the crowdfunding ecosystem, contributing to the improvement of capital attraction processes in knowledge-based companies. It also shows that, in order to enhance the efficiency of these financing models, legal, cultural, and technological infrastructures must be strengthened in a synergistic manner.
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