Building trust among muslim donors on Islamic social finance crowdfunding platforms: the role of financial disclosure and social presence

Frank Aligarh; Didik Prasetyanto; Bayu Sindhu Raharja; Anissa Hakim Purwantini; Vela Retna Widyastuti

doi:10.21580/jiafr.2026.8.1.31548

Authors

Frank Aligarh Universitas Islam Negeri Raden Mas Said Surakarta, Sukoharjo, Indonesia
Didik Prasetyanto Universitas Muhammadiyah Surakarta, Sukoharjo, Indonesia
Bayu Sindhu Raharja Universitas Islam Negeri Raden Mas Said Surakarta, Sukoharjo, Indonesia
Anissa Hakim Purwantini Universitas Muhammadiyah Magelang, Magelang, Indonesia
Vela Retna Widyastuti Nalanda University, India

DOI:

https://doi.org/10.21580/jiafr.2026.8.1.31548

Keywords:

Financial Disclosure, Crowdfunding Platform, Social Presence, SOR Framework, Trust

Abstract

Purpose - This study aims to address this gap by integrating the Stimulus-Organism-Response (SOR) framework to examine the determinants of the intention to donate on crowdfunding platforms, with a particular focus on financial disclosure and social presence.

Method - This research employed both online and direct face-to-face survey methods for data collection. A total of 282 respondents from various regions across Indonesia were successfully obtained for data analysis. To predict the model, Structural Equation Modeling-Partial Least Squares (SEM-PLS) was employed to evaluate both the inner and outer models.

Result - The research findings indicate that stimulus factors, such as financial disclosure, can serve as key predictors of trust and reputation. Meanwhile, social presence also positively influences trust, empathy, and reputation. Organizational factors, including trust, empathy, and reputation, have been shown to motivate individuals to donate through crowdfunding platforms. As a result, all the proposed hypotheses are supported.

Implication - The study highlights the need for crowdfunding platforms to continuously improve financial transparency to sustain trust and reputation, while also encouraging traditional philanthropic organizations to adopt technology that enhances transparency and accountability.

Originality - This study offers novelty by introducing financial disclosure as a key stimulus in the Stimulus–Organism–Response (SOR) framework to explain donation intention on crowdfunding platforms. It also extends prior research by demonstrating how financial transparency and social presence simultaneously shape donors’ trust, empathy, and perceived platform reputation in the context of donation-based crowdfunding in Indonesia.

Downloads

Download data is not yet available.

References

Abdeldayem, M., & Aldulaimi, S. (2023). Developing an Islamic crowdfunding model: a new innovative mechanism to finance SMEs in the Middle East. International Journal of Organizational Analysis, 31(6), 2623–2644.

Aji, H. M., & Muslichah, I. (2023). Online cross-religion donation during COVID-19: mediating role of empathy and trust. Journal of Islamic Marketing, 14(6), 1531–1550. https://doi.org/10.1108/JIMA-09-2021-0316

Al-Daihani, M., Che Abdullah, A. S., & Madun, A. (2024). Donors’ intentions to use crowdfunding-based waqf model in Kuwait: application of unified theory on acceptance and use of technology (UTAUT) model. Journal of Islamic Marketing.

Aligarh, F., Probohudono, A. N., Widarjo, W., & Sudaryono, E. A. (2025). Village government's financial system: Investigating the impact of the technology–organization–environment (TOE) framework on performance, accountability, and transparency. Information Development, 02666669251352106. https://doi.org/10.1177/02666669251352106

Allah Pitchay, A., Aboue Eliz, N. M., Ganesan, Y., Mydin, A. A., Ratnasari, R. T., & Mohd Thas Thaker, M. A. (2022). Self-determination theory and individuals’ intention to participate in donation crowdfunding. International Journal of Islamic and Middle Eastern Finance and Management, 15(3), 506–526. https://doi.org/10.1108/IMEFM-08-2020-0424

Aw, E. C.-X., Thomas, S., Patel, R., Bhatt, V., & Cham, T.-H. (2024). Click to contribute: understanding donation behaviour and well-being in donation-based crowdfunding mobile apps. International Journal of Bank Marketing.

Bargoni, A., Giachino, C., Battisti, E., & Iaia, L. (2023). The effects of influencer endorsement services on crowdfunding campaigns. Journal of Services Marketing, 37(1), 40–52. https://doi.org/10.1108/JSM-12-2021-0444

CAF. (2024). World Giving Index Tracking global trends in generosity.

Chen, Y., Dai, R., Yao, J., & Li, Y. (2019). Donate time or money? The determinants of donation intention in online crowdfunding. Sustainability (Switzerland), 11(16). https://doi.org/10.3390/su11164269

Cumming, D., Hornuf, L., Karami, M., & Schweizer, D. (2021). Disentangling crowdfunding from fraudfunding. Journal of Business Ethics, 1–26.

Cummings, J. J., Tsay-Vogel, M., Cahill, T. J., & Zhang, L. (2022). Effects of immersive storytelling on affective, cognitive, and associative empathy: The mediating role of presence. New Media & Society, 24(9), 2003–2026.

Elsotouhy, M. M., Mobarak, A. M. A., Dakrory, M. I., Ghonim, M. A., & Khashan, M. A. (2023). Integrating ISS and SOR models to investigate the determinants of continuance intention toward using m-payment for donations (Sadaqah): the moderating role of Islamic religiosity. International Journal of Bank Marketing, 41(7), 1640–1670.

Felnhofer, A., Kothgassner, O. D., Hauk, N., Beutl, L., Hlavacs, H., & Kryspin-Exner, I. (2014). Physical and social presence in collaborative virtual environments: Exploring age and gender differences with respect to empathy. Computers in Human Behavior, 31, 272–279.

Ferreira, V., Papaoikonomou, E., & Terceño, A. (2022). Unpeel the layers of trust! A comparative analysis of crowdfunding platforms and what they do to generate trust. Business Horizons, 65(1), 7–19. https://doi.org/10.1016/j.bushor.2021.08.004

Furneaux, C., & Wymer, W. (2015). Public trust in Australian charities: Accounting for cause and effect. Third Sector Review, 21(2), 99–127.

Ghoorah, U., Talukder, A. K. M. M. H., & Khan, A. (2021). Donors’ perceptions of financial disclosures and links to donation intentions. Accounting Forum, 45(2), 142–170.

Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24.

Hamidah, N. N., Aligarh, F., Setiawan, A., Usnan, U., & Hilmi, F. (2024). Why do Indonesian Muslims Donate through Crowdfunding Platforms? An Integration of UTAUT, Transparency, and Trust. International Journal of Islamic Economics and Finance (IJIEF), 7(2).

Hariwibowo, I. N. (2024). Crowdfunding from the perspective of young people. Journal of Accounting and Investment, 25(1), 172–192.

Herrera, F., Bailenson, J., Weisz, E., Ogle, E., & Zaki, J. (2018). Building long-term empathy: A large-scale comparison of traditional and virtual reality perspective-taking. PloS One, 13(10), e0204494.

Huang, Zhengwei, Ouyang, Jing, Huang, Xiaohong, Yang, Yanni, & Lin, Ling. (2021). Explaining Donation Behavior in Medical Crowdfunding in Social Media. Sage Open, 11(2), 21582440211014520. https://doi.org/10.1177/21582440211014520

Jiang, C., Rashid, R. M., & Wang, J. (2019). Investigating the role of social presence dimensions and information support on consumers’ trust and shopping intentions. Journal of Retailing and Consumer Services, 51, 263–270. https://doi.org/10.1016/j.jretconser.2019.06.007

Kasri, R. A., & Indriani, E. (2022). Empathy or perceived credibility? An empirical study of Muslim donating behaviour through online charitable crowdfunding in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 15(5), 829–846. https://doi.org/10.1108/IMEFM-09-2020-0468

Kenang, I. H., & Gosal, G. (2021). Factors affecting online donation intention in donation-based crowdfunding. The Winners, 22(2), 97–104.

Kocollari, U., Girardi, A., Cavicchioli, M., & Pedrazzoli, A. (2024). Crowdability: a new configuration of accountability forms in crowdfunding campaigns of non-profit organisations. Journal of Applied Accounting Research. https://doi.org/10.1108/JAAR-08-2023-0257

Kuo, Y.-F., Lin, C. S., & Liu, L.-T. (2022). The effects of framing messages and cause-related marketing on backing intentions in reward-based crowdfunding. Journal of Retailing and Consumer Services, 64, 102799.

Li, H., & Cao, E. (2023). Competitive crowdfunding under asymmetric quality information. Annals of Operations Research, 329(1–2), 657–688. https://doi.org/10.1007/s10479-021-03939-y

Li, Y.-Z., He, T.-L., Song, Y.-R., Yang, Z., & Zhou, R.-T. (2018). Factors impacting donors’ intention to donate to charitable crowd-funding projects in China: a UTAUT-based model. Information, Communication & Society, 21(3), 404–415.

Lootah, M., Gleason, K., Smith, D., & Zoubi, T. (2024). Fraud risk of sovereign wealth funds: fraud triangle and agency theory perspectives. Journal of Financial Crime. https://doi.org/10.1108/JFC-05-2024-0155

Lu, B., Fan, W., & Zhou, M. (2016). Social presence, trust, and social commerce purchase intention: An empirical research. Computers in Human Behavior, 56, 225–237. https://doi.org/10.1016/j.chb.2015.11.057

Masrizal, Sukmana, R., Trianto, B., & Zaimsyah, A. M. (2023). Determinant factor of crowdfunders’ behavior in using crowdfunding waqf model in Indonesia: two competing models. Journal of Islamic Marketing, 14(7), 1793–1816. https://doi.org/10.1108/JIMA-08-2021-0246

Mohd Thas Thaker, M. A., Mohd Thas Thaker, H., & Allah Pitchay, A. (2018). Modeling crowdfunders’ behavioral intention to adopt the crowdfunding-waqf model (CWM) in Malaysia: The theory of the technology acceptance model. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 231–249. https://doi.org/10.1108/IMEFM-06-2017-0157

Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2022). Cash waqf from the millennials’ perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, 14(1), 20–37.

Pholphirul, Piriya, & Bhatiasevi, Veera. (2023). IT usage and fundraising performance in nonprofit organizations: Empirical evidence from Buddhist temples in Thailand. Information Development, 40(4), 577–589. https://doi.org/10.1177/02666669231152259

Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879.

Qalati, S. A., Yuan, L. W., Khan, M. A. S., & Anwar, F. (2021). A mediated model on the adoption of social media and SMEs’ performance in developing countries. Technology in Society, 64. https://doi.org/10.1016/j.techsoc.2020.101513

Salido-Andres, N., Rey-Garcia, M., Alvarez-Gonzalez, L. I., & Vazquez-Casielles, R. (2021). Mapping the field of donation-based crowdfunding for charitable causes: systematic review and conceptual framework. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 32, 288–302.

Salido-Andres, N., Rey-Garcia, M., Alvarez-Gonzalez, L. I., & Vazquez-Casielles, R. (2022). When the winner takes it all: online campaign factors influencing the success of donation-based crowdfunding for charitable causes. International Review on Public and Nonprofit Marketing, 19(4), 763–780.

Sarea, A., & Bin-Nashwan, S. A. (2021). Guide to giving during the COVID-19 pandemic: the moderating role of religious belief on donor attitude. International Journal of Ethics and Systems, 37(1), 90–104.

Sarea, A., Raza Rabbani, M., Rahiman, H. U., & Echchabi, A. (2023). Donors’ attitude towards fundraising efforts in UAE during COVID-19 pandemic: the moderating role of ethics. Journal of Islamic Accounting and Business Research, 14(2), 249–266.

Shneor, R., Munim, Z. H., Zhu, H., & Alon, I. (2021). Individualism, collectivism and reward crowdfunding contribution intention and behavior. Electronic Commerce Research and Applications, 47, 101045.

Tajudeen, F. P., Jaafar, N. I., & Ainin, S. (2018). Understanding the impact of social media usage among organizations. Information and Management, 55(3), 308–321. https://doi.org/10.1016/j.im.2017.08.004

Teichmann, F., Boticiu, S. R., & Sergi, B. S. (2024). Compliance risks for crowdfunding. A neglected aspect of money laundering, terrorist financing and fraud. Journal of Financial Crime, 31(3), 575–582.

Theerthaana, P., & Manohar, H. L. (2021). How a doer persuade a donor? Investigating the moderating effects of behavioral biases in donor acceptance of donation crowdfunding. Journal of Research in Interactive Marketing, 15(2), 243–266.

Wang, T., Li, Y., Kang, M., & Zheng, H. (2019). Exploring individuals’ behavioral intentions toward donation crowdfunding: evidence from China. Industrial Management and Data Systems, 119(7), 1515–1534. https://doi.org/10.1108/IMDS-10-2018-0451

Wulansari, U., & Hendratmi, A. (2021). The Role Of Crowdfunding Based Donation Mechanism In Al-Qur’an Education Development. Airlangga Journal of Innovation Management (AJIM), 2(1), 38–52.

Xiao, S., & Yue, Q. (2021). The role you play, the life you have: Donor retention in online charitable crowdfunding platform. Decision Support Systems, 140, 113427.

Zenone, M., & Snyder, J. (2019). Fraud in medical crowdfunding: A typology of publicized cases and policy recommendations. Policy & Internet, 11(2), 215–234.

Zhang, Y., Tan, C. D., Sun, J., & Yang, Z. (2020). Why do people patronize donation-based crowdfunding platforms? An activity perspective of critical success factors. Computers in Human Behavior, 112. https://doi.org/10.1016/j.chb.2020.106470