Rational or Impulsive? Early Backers’ Investment Behavior in Agri-Food Crowdfunding from 4P–4C Perspectives

Lack of funds and poor agricultural-product sales are the main problems that limit agricultural development, which can be well solved by agri-food crowdfunding. How to attract more backers invest in early stage a project is extremely crucial for Using unique sample comprising 1,136 crowdfunding campaigns on Crowdfunding Net, among most influential platforms China, model constructed includes five dimensions people, product, promotion, cost, convenience. Drawing classic 4P 4C marketing theories, multiple regression analysis used examine mechanism through project’s presentation information influences number backers. The results reveal factors three convenience positively impact In contrast, cost-dimension factor negatively related promotion-dimension fail pass significance test. Additionally, first-day partially moderates effect initiator category, investment threshold, lottery effects trademark registration reward categories completely moderated evidence also shows backers’ rational decisions based reliable lucrative rewards. research conclusions offer practical enlightenment initiators, crowd-funding platforms, regulators industry.