Title: Using the analytical hierarchy process to evaluate investment opportunities intended to activate crowdfunding

Authors: Heon Baek; Eui-Bang Lee

Addresses: Graduate School of Business Administration, Sogang University, Mapo-gu, Seoul, South Korea ' Data Science Department, Hwasung Medi-Science University (HSMU), Namyang-eup, Hwaseong-si, South Korea

Abstract: This study focuses on equity crowdfunding related research, which is becoming more important along with its rapid spread. By integrating studies on venture capital investment decisions, we propose a research model that conjoins VC investment decision criteria. We used the analytical hierarchy process (AHP) method to develop two research models that identify the ways in which decision criteria are prioritised. Through these findings, this study offers timely insights into the development of equity crowdfunding. The results also demonstrate the need for integrative decision criteria for not only investors, but also investees, to determine the suitability of particular investments.

Keywords: analytical hierarchy process; fintech; crowdfunding; evaluate investment opportunities.

DOI: 10.1504/IJBIS.2026.153636

International Journal of Business Information Systems, 2026 Vol.52 No.1, pp.22 - 45

Received: 09 Mar 2022
Accepted: 02 Jul 2022
Published online: 19 May 2026 *

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