Designing a Crowdfunding Investment Marketing Model for Enhancing Sustainable Urban Revenues: A Case Study of Tehran Municipality
Keywords:
Crowdfunding Investment Marketing, Sustainable Urban Revenue, Innovation Drivers, Tehran Municipality, Urban FinanceAbstract
This study aimed to design and validate a crowdfunding investment marketing model for enhancing sustainable urban revenues in Tehran Municipality, with emphasis on the role of innovation drivers. This applied study was conducted using a mixed-methods exploratory–confirmatory design. In the qualitative phase, the Delphi technique was used to identify and validate the main dimensions and indicators of the model based on the opinions of 15 experts in urban management, municipal finance, innovation, investment, and crowdfunding. In the quantitative phase, a structured questionnaire was administered to 250 managers and senior experts of Tehran Municipality who were involved in financial, investment, planning, innovation, and public participation domains. Data were analyzed using exploratory factor analysis, confirmatory factor analysis, reliability testing, and structural equation modeling through SPSS and SmartPLS/AMOS. Inferential findings confirmed the adequacy of the measurement model. The KMO values for innovation in urban management, crowdfunding investment marketing, and sustainable urban revenue were 0.874, 0.884, and 0.893, respectively, and Bartlett’s tests were significant at p < 0.001. The extracted factors explained 57.45% of the variance in innovation, 68.30% of the variance in crowdfunding investment marketing, and 72.63% of the variance in sustainable urban revenue. Reliability was also confirmed, with Cronbach’s alpha coefficients of 0.907, 0.931, and 0.923, respectively. Structural equation modeling showed that innovation drivers had a positive and significant effect on crowdfunding investment marketing (β = 0.78, t = 8.45). Crowdfunding investment marketing significantly affected sustainable urban revenue (β = 0.65, t = 6.12). The direct effect of innovation drivers on sustainable urban revenue was also significant (β = 0.32, t = 3.11), and the indirect effect through crowdfunding investment marketing was confirmed (β = 0.51, t = 5.88). The results indicate that innovation drivers provide the institutional, technological, and organizational foundation for effective crowdfunding investment marketing, while crowdfunding marketing functions as a strategic mechanism for converting citizen trust and participation into sustainable municipal revenues.
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Copyright (c) 2026 Abolghasem Yousef Soltanieh (Author); Mahmoud Ahmadi Sharif; Arezo Ahmadi Danyali, Nader Gharibnavaz (Author)
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