However, intrinsic (γ = 0.109, t-value = 1.749, p >0.05) as well as extrinsic motivation (γ = 0.012, t-value= 0.192, p > 0.05) had insignificant effects on perceivedrisk. In addition, crowdfunding participation wasinsignificantly affected by perceived risk (β = −0.017,t-value = 0.572, p > 0.05). Thus, contrary to our expectationsand prior literature, H2, H4, andH8 were not supported.Interestingly, regarding the two sub-constructsof the second-order factor, perceived trust was found tobe more highly and significantly related to trust in platform(β = 0.958, t-value = 186.442, p < 0.001) than totrust in fundraiser (β = 0.949, t-value = 127.224, p <0.001). Importantly, the strongest relationship in thisresearch model was between perceived trust andcrowdfunding participation, followed by the relationshipbetween deterrents and perceived risk in thetourism crowdfunding context.Table 2. Confirmatory factor analysis of measurement model.ConstructsFactorloadingtvalueVIFaIntrinsic motivation1. Tourism crowdfunding is fun. 0.893 77.602 2.7462. Tourism crowdfunding develops my interest. 0.882 66.372 2.6553. Tourism crowdfunding satisfies my curiosity. 0.873 56.327 2.6574. Tourism crowdfunding keeps me happy. 0.844 51.425 2.076Extrinsic motivation1. I want to get rewards from the tourism crowdfunding. 0.827 36.252 2.0952. I want to be part of the community via the tourism crowdfunding. 0.804 31.478 1.8843. I want to support a specific goal associated with the tourism crowdfunding. 0.849 46.935 2.1204. Overall, the tourism crowdfunding benefits me 0.842 49.965 1.987Deterrents1. I question the tourism crowdfunding fundraisers’ use of funds. 0.829 44.644 1.8612. I am afraid of the tourism crowdfunding project failing. 0.749 32.113 1.5943. I do not know enough about the tourism crowdfunding. 0.781 26.603 1.8804. I do not have enough time for the tourism crowdfunding. 0.747 23.256 1.8835. I do not have enough money for the tourism crowdfunding. 0.721 19.586 1.6836. I do not have enough interest in the tourism crowdfunding. 0.761 29.744 1.941Perceived trust1. I trust the tourism crowdfunding platform. 0.922 82.817 3.0292. I believe that the tourism crowdfunding platform is trustworthy. 0.907 70.636 2.7113. I believe the tourism crowdfunding platform keeps its promises. 0.901 71.648 2.5494. I believe that the tourism crowdfundraiser will be successful. 0.869 47.152 2.0035. I believe that the tourism crowdfundraiser is honest. 0.853 55.291 1.7966. I believe that the tourism crowdfundraiser does his/her best for the project. 0.878 60.301 2.063Perceived risk1. The project may be different from that shown in the tourism crowdfunding platform. 0.790 31.414 1.6512. If I invest in the tourism crowdfunding platform, I may suffer monetary loss due to fraud. 0.805 40.634 1.7513. I would be concerned about whether the tourism crowdfunding platform appropriately manages funders’private information.0.862 62.166 2.0974. If I support a project from the tourism crowdfunding platform, I would be concerned about whether theproject is successful.0.821 39.634 1.919Participation1. I would like to support a project from the tourism crowdfunding platform. 0.902 75.958 2.9642. I would like to recommend my close circle (e.g. friends, family) to support a project from the tourismcrowdfunding platform.0.816 31.914 1.9693. If there is a project that I am interested in, I would like to invest in the tourism crowdfunding platform. 0.870 58.148 2.5204. If a project has value to me, I would sponsor it on the tourism crowdfunding platform. 0.882 59.361 2.663aVariance inflation factor.