Community-driven success in equity crowd funding: A study of brand engagement in Bangladesh two-sided markets

https://doi.org/10.35912/gams.v2i2.3662
Published: Nov 20, 2025

Abstract:

Purpose: The aim of this study is to explain how entrepreneurs can benefit from using a brand community (BC) within a two-sided market, especially when they face difficulties in getting financial support. The study focuses on how ideas from Bangladesh-based research can help us understand online financial services, mainly equity crowdfunding.

Methods: This research was carried out in Bangladesh and used netnography and qualitative methods to study an equity crowdfunding platform (ECFP). Online observations, community interactions, and qualitative data were collected from users of the platform to understand how the brand community works and supports the system.

Results: The study found that in a two-sided market, the brand community around an equity crowdfunding platform (BCB) provides much more than digital funding. Community members also offer skills, social support, personal and professional contacts, and networking opportunities. These non-financial contributions strengthen the whole platform and help both entrepreneurs and investors.

Conclusion: The findings show that a brand community embedded within an equity crowdfunding platform functions as a strategic resource that reinforces digital financing, promotes cooperative interactions, and supports ecosystem sustainability for entrepreneurs, investors, and platform managers.

Limitation: The study is limited to qualitative data from one country and one type of crowdfunding platform, which may not fully represent other regions or financial systems.

Contribution: This study shows how traditional ideas about brand communities can be adapted for modern digital financial services. It contributes to research in marketing, entrepreneurship, and digital finance, and gives managers practical insights for improving investor loyalty and business development in two-sided markets, especially in Bangladesh.


Keywords:
1. Brand Community Benefits
2. Digital Financial Services
3. Equity Crowdfunding
4. Entrepreneurship
5. Two-Sided Platform
Authors:
1 . Md. Al Sabahel 
University of Dhaka, Bangladesh
https://orcid.org/0009-0001-6512-8502
2 . Murshed Alam 
University of Dhaka, Bangladesh
https://orcid.org/0009-0002-7095-3360
3 . Shahadat Hossain
University of Dhaka, Bangladesh
https://orcid.org/0009-0002-3418-2503
4 . Sultan Mahmud
University of Dhaka, Bangladesh
https://orcid.org/0009-0001-5449-6801
5 . Md. Karimul   Alam
University of Dhaka, Bangladesh
https://orcid.org/0009-0001-7934-3115
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How to Cite
Sabahel ,M.A., Alam ,M., Hossain, S. ., Mahmud, S. ., & Alam,M.K. . (2025). Community-driven success in equity crowd funding: A study of brand engagement in Bangladesh two-sided markets. Global Academy of Multidisciplinary Studies, 2(2), 93–106. https://doi.org/10.35912/gams.v2i2.3662
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Vol. 2 No. 2 (2025): November
Articles
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References

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    Ali, S. N. (2017). Moving towards community driven Islamic finance. Journal of Islamic Business and Management (JIBM), 7(1). doi:https://doi.org/10.26501/jibm/2017.0701-002

    Alrwashdeh, M. (2025). How do social media marketing activities enhance online purchase intention among Jordanian consumers? The role of brand trust and brand engagement. Innovative marketing, 21(2), 291-302. doi:http://dx.doi.org/10.21511/im.21(2).2025.23

    Ashley, C., & Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & marketing, 32(1), 15-27. doi:https://doi.org/10.1002/mar.20761

    Best, J., Neiss, S., Swart, R., Lambkin, A., & Raymond, S. (2013). Crowdfunding’s potential for the developing world. InfoDev. Washington DC, 1, 1-9. doi:https://doi.org/10.1596/17626

    Bledsoe, R. K. (2025). From Setback to Success: A Restorative Momentum Model of Success for Students Returning From Academic Dismissal. Community College Review, 53(2), 159-191. doi:https://doi.org/10.1177/00915521241294018

    Boik, A. (2018). Prediction and identification in two-sided markets. Available at SSRN 3104846. doi:https://dx.doi.org/10.2139/ssrn.3104846

    Bretschneider, U., Knaub, K., & Wieck, E. (2014). Motivations for crowdfunding: what drives the crowd to invest in start-ups? Association for Information Systems AIS Electronic Library (AISeL), 4(4).

    Bretschneider, U., & Leimeister, J. M. (2017). Not just an ego-trip: Exploring backers’ motivation for funding in incentive-based crowdfunding. The Journal of Strategic Information Systems, 26(4), 246-260. doi:https://doi.org/10.1016/j.jsis.2017.02.002

    Burhanudin, B., & Febryanti, B. (2023). The role of brand love on brand satisfaction, brand engagement, and brand loyalty. Jurnal Manajemen Maranatha, 23(1), 67-78. doi:https://doi.org/10.28932/jmm.v23i1.7610

    Castillo?Abdul, B., Pérez?Escoda, A., & Núñez?Barriopedro, E. (2022). Promoting social media engagement via branded content communication: A fashion brands study on Instagram. Media and Communication, 10(1), 185-197. doi:https://doi.org/10.17645/mac.v10i1.4728

    Chen, M.-H., & Tsai, K.-M. (2020). An empirical study of brand fan page engagement behaviors. Sustainability, 12(1), 1-19. doi:https://doi.org/10.3390/su12010434

    Choi, J. P., Jullien, B., & Lefouili, Y. (2017). Tying in two?sided markets with multi?homing: Corrigendum and comment. The Journal of Industrial Economics, 65(4), 872-886. doi:https://doi.org/10.1111/joie.12156

    Creswell, J., Yasin, Z., Sahu, S., & Khan, A. J. (2012). Public–private mix in tuberculosis–Authors' reply. The Lancet Infectious Diseases, 12(12), 909-910. doi:https://doi.org/10.1016/s1473-3099(12)70262-1

    Dessart, L., Veloutsou, C., & Morgan-Thomas, A. (2015). Consumer engagement in online brand communities: a social media perspective. Journal of product & brand management, 24(1), 28-42. doi:https://doi.org/10.1108/JPBM-06-2014-0635

    Dewenter, R. (2006). Two-sided markets. MedienWirtschaft, 3(2), 57-63. doi:https://doi.org/10.15358/1613-0669-2006-2

    Fernandes, T., & Moreira, M. (2019). Consumer brand engagement, satisfaction and brand loyalty: a comparative study between functional and emotional brand relationships. Journal of product & brand management, 28(2), 274-286. doi:https://doi.org/10.1108/JPBM-08-2017-1545

    Garaus, C., Izdebski, N., & Lettl, C. (2020). What do crowd equity investors do? Exploring postinvestment activities in equity crowd funding. IEEE Transactions on Engineering Management, 70(9), 3116-3127. doi:https://doi.org/10.1109/TEM.2020.3041073

    Geissinger, A., & Laurell, C. (2016). User engagement in social media–an explorative study of Swedish fashion brands. Journal of Fashion Marketing and Management, 20(2), 177-190. doi:https://doi.org/10.1108/JFMM-02-2015-0010

    Gulo, P. D., & Kusmayadi, A. (2025). Pengaruh Brand Engagement terhadap Brand Loyalty Dimediasi oleh Brand Trust dan Brand Experience. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 13(1), 297-315. doi:https://doi.org/10.30640/ekonomika45.v13i1.5286

    Hollebeek, L. D., Glynn, M. S., & Brodie, R. J. (2014). Consumer brand engagement in social media: Conceptualization, scale development and validation. Journal of Interactive Marketing, 28(2), 149-165. doi:https://doi.org/10.1016/j.intmar.2013.12.002

    Hu, X., & Hutchings, Q. (2023). The costs of completion: Student success in community college by Robin G. Isserles. Journal of College Student Development, 64(5), 606-609. doi:https://doi.org/10.1353/csd.2023.a911795

    Ireland, R., Bunn, C., Chambers, S., Reith, G., & Viggars, M. (2022). How unhealthy commodity industries find a global audience in the English Premier League: three case studies of brand engagement. Soccer & Society, 23(4-5), 334-348. doi:https://doi.org/10.1080/14660970.2022.2059861

    Islam, J. U., & Rahman, Z. (2016). Linking customer engagement to trust and word-of-mouth on Facebook brand communities: An empirical study. Journal of Internet Commerce, 15(1), 40-58. doi:https://doi.org/10.1080/15332861.2015.1124008

    Ismael, A. S., Amin, M. B., Ali, M. J., Hajdú, Z., & Péter, B. (2025). Relationship between social media marketing and young customers’ purchase intention towards online shopping. Cogent Social Sciences, 11(1), 1-16. doi:https://doi.org/10.1080/23311886.2025.2459881

    Ismail, A. R., Nguyen, B., Chen, J., Melewar, T., & Mohamad, B. (2021). Brand engagement in self-concept (BESC), value consciousness and brand loyalty: a study of generation Z consumers in Malaysia. Young Consumers, 22(1), 112-130. doi:https://doi.org/10.1108/YC-07-2019-1017

    Kasraoui, N., Ben-Ahmed, K., & Feidi, A. (2024). The impact of green innovation on the financial performance of companies: context of MENA countries Digital technology and changing roles in managerial and financial accounting: theoretical knowledge and practical application (pp. 87-94): Emerald Publishing Limited.

    Kelly, B., Bosward, R., & Freeman, B. (2021). Australian children's exposure to, and engagement with, web-based marketing of food and drink brands: cross-sectional observational study. Journal of medical internet research, 23(7). doi:https://doi.org/10.2196/28144

    Li, K., McNichols, M. F., & Raghunandan, A. (2018). A two-sided matching model of the audit market for IPO firms. SSRN Electronic Journal. doi:https://doi.org/10.2139/ssrn.3117828

    Menzel, K. (2015). Large matching markets as two?sided demand systems. Econometrica, 83(3), 897-941. doi:https://doi.org/10.3982/ECTA12299

    Niragire, D., & Kwena, R. (2024). Effect of project risk management on success of community-based projects: A case of peer driven change project in Burera district, Rwanda. African Quarterly Social Science Review, 1(4), 176-194. doi:https://doi.org/10.51867/aqssr.1.4.16

    Owen, R., Brennan, G., & Lyon, F. (2018). Enabling investment for the transition to a low carbon economy: Government policy to finance early stage green innovation. Current Opinion in Environmental Sustainability, 31, 137-145. doi:https://doi.org/10.1016/j.cosust.2018.03.004

    Rachmanu, E. D., Purnomo, F., & Hartini, S. (2024). Peran social brand engagement Dan product quality Terhadap Peningkatan brand awareness, brand association, Dan purchase intention. Jurnal ilmu manajemen, 198-210. doi:https://doi.org/10.26740/jim.v12n1.p198-210

    Sigit, I., & Atmaja, F. T. (2024). Analysis of the Influence of Brand Attitude and Brand Engagement on Positive Brand Referral Kopiko Brand. Management Analysis Journal, 13(1), 1-10. doi:https://doi.org/10.15294/maj.v13i1.1193

    Sokullu, S. (2016). A Semi?Parametric Analysis of Two?Sided Markets: An Application to the Local Daily Newspapers in the USA. Journal of applied econometrics, 31(5), 843-864. doi:https://doi.org/10.1002/jae.2464

    Spitler, H. D., Kemper, K. A., & Parker, V. G. (2002). Promoting success for at-risk African-American youth: perceived barriers and resources in using community-based success criteria. Family & Community Health, 25(2), 37-52. doi:https://doi.org/10.1097/00003727-200207000-00006

    Terason, S., Zhao, S., & Pattanayanon, P. (2021). Customer value and customer brand engagement: Their effects on brand loyalty in automobile business. Innovative marketing, 17(2), 90-101. doi:https://dx.doi.org/10.21511/im.17(2).2021.09

    Thodla, R., & Kundu, S. G. (2017). A Study on Equity Crowd Funding as a viable option to pre-seed Capital in IT Startups. Ushus Journal of Business Management, 16(1), 77-85. doi:https://doi.org/10.12725/ujbm.38.5

    Van Nguyen, L. T., Nguyen, P. N. D., Nguyen, T. Q., & Nguyen, K. T. (2021). Employee engagement in brand value co-creation: An empirical study of Vietnamese boutique hotels. Journal of Hospitality and Tourism Management, 48, 88-98. doi:https://doi.org/10.1016/j.jhtm.2021.05.015

    Verdier, M. (2013). One sided access in two-sided markets. Available at SSRN 2209379. doi:https://dx.doi.org/10.2139/ssrn.2209379

    Wang, W., Mahmood, A., Sismeiro, C., & Vulkan, N. (2019). The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research policy, 48(8). doi:https://doi.org/10.1016/j.respol.2019.01.003

    Wong, H. Y., & Merrilees, B. (2015). An empirical study of the antecedents and consequences of brand engagement. Marketing Intelligence & Planning, 33(4), 575-591. doi:https://doi.org/10.1108/MIP-08-2014-0145

    Wright, J. (2003). One-sided logic in two-sided markets. Available at SSRN 459362. doi:https://doi.org/10.2139/ssrn.459362

    Yalegama, S., Chileshe, N., & Ma, T. (2016). Critical success factors for community-driven development projects: A Sri Lankan community perspective. International Journal of Project Management, 34(4), 643-659. doi:https://doi.org/10.1016/j.ijproman.2016.02.006

    Yuniari, W., Yasa, N. N. K., Giantari, I., Ekawati, N. W., & Setini, M. (2020). The role of customer brand engagement and affective brand commitment in mediating the relationship between value congruity and brand loyalty. Journal of Advanced Research in Dynamical and Control Systems, 12(4), 1963-1973. doi:https://doi.org/10.5373/jardcs/v12sp4/20202071

    Yunishafira, A., Sugiat, M. A., & Hidayah, R. T. (2025). The Influence Of Social Media Marketing Activities On Brand Loyalty Through Cognitive Engagement, Emotional Engagement, Brand Trust And Brand Equity. Enrichment: Journal of Multidisciplinary Research and Development, 3(5), 936-948. doi:https://doi.org/10.55324/enrichment.v3i5.432

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  2. Ali, S. N. (2017). Moving towards community driven Islamic finance. Journal of Islamic Business and Management (JIBM), 7(1). doi:https://doi.org/10.26501/jibm/2017.0701-002
  3. Alrwashdeh, M. (2025). How do social media marketing activities enhance online purchase intention among Jordanian consumers? The role of brand trust and brand engagement. Innovative marketing, 21(2), 291-302. doi:http://dx.doi.org/10.21511/im.21(2).2025.23
  4. Ashley, C., & Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & marketing, 32(1), 15-27. doi:https://doi.org/10.1002/mar.20761
  5. Best, J., Neiss, S., Swart, R., Lambkin, A., & Raymond, S. (2013). Crowdfunding’s potential for the developing world. InfoDev. Washington DC, 1, 1-9. doi:https://doi.org/10.1596/17626
  6. Bledsoe, R. K. (2025). From Setback to Success: A Restorative Momentum Model of Success for Students Returning From Academic Dismissal. Community College Review, 53(2), 159-191. doi:https://doi.org/10.1177/00915521241294018
  7. Boik, A. (2018). Prediction and identification in two-sided markets. Available at SSRN 3104846. doi:https://dx.doi.org/10.2139/ssrn.3104846
  8. Bretschneider, U., Knaub, K., & Wieck, E. (2014). Motivations for crowdfunding: what drives the crowd to invest in start-ups? Association for Information Systems AIS Electronic Library (AISeL), 4(4).
  9. Bretschneider, U., & Leimeister, J. M. (2017). Not just an ego-trip: Exploring backers’ motivation for funding in incentive-based crowdfunding. The Journal of Strategic Information Systems, 26(4), 246-260. doi:https://doi.org/10.1016/j.jsis.2017.02.002
  10. Burhanudin, B., & Febryanti, B. (2023). The role of brand love on brand satisfaction, brand engagement, and brand loyalty. Jurnal Manajemen Maranatha, 23(1), 67-78. doi:https://doi.org/10.28932/jmm.v23i1.7610
  11. Castillo?Abdul, B., Pérez?Escoda, A., & Núñez?Barriopedro, E. (2022). Promoting social media engagement via branded content communication: A fashion brands study on Instagram. Media and Communication, 10(1), 185-197. doi:https://doi.org/10.17645/mac.v10i1.4728
  12. Chen, M.-H., & Tsai, K.-M. (2020). An empirical study of brand fan page engagement behaviors. Sustainability, 12(1), 1-19. doi:https://doi.org/10.3390/su12010434
  13. Choi, J. P., Jullien, B., & Lefouili, Y. (2017). Tying in two?sided markets with multi?homing: Corrigendum and comment. The Journal of Industrial Economics, 65(4), 872-886. doi:https://doi.org/10.1111/joie.12156
  14. Creswell, J., Yasin, Z., Sahu, S., & Khan, A. J. (2012). Public–private mix in tuberculosis–Authors' reply. The Lancet Infectious Diseases, 12(12), 909-910. doi:https://doi.org/10.1016/s1473-3099(12)70262-1
  15. Dessart, L., Veloutsou, C., & Morgan-Thomas, A. (2015). Consumer engagement in online brand communities: a social media perspective. Journal of product & brand management, 24(1), 28-42. doi:https://doi.org/10.1108/JPBM-06-2014-0635
  16. Dewenter, R. (2006). Two-sided markets. MedienWirtschaft, 3(2), 57-63. doi:https://doi.org/10.15358/1613-0669-2006-2
  17. Fernandes, T., & Moreira, M. (2019). Consumer brand engagement, satisfaction and brand loyalty: a comparative study between functional and emotional brand relationships. Journal of product & brand management, 28(2), 274-286. doi:https://doi.org/10.1108/JPBM-08-2017-1545
  18. Garaus, C., Izdebski, N., & Lettl, C. (2020). What do crowd equity investors do? Exploring postinvestment activities in equity crowd funding. IEEE Transactions on Engineering Management, 70(9), 3116-3127. doi:https://doi.org/10.1109/TEM.2020.3041073
  19. Geissinger, A., & Laurell, C. (2016). User engagement in social media–an explorative study of Swedish fashion brands. Journal of Fashion Marketing and Management, 20(2), 177-190. doi:https://doi.org/10.1108/JFMM-02-2015-0010
  20. Gulo, P. D., & Kusmayadi, A. (2025). Pengaruh Brand Engagement terhadap Brand Loyalty Dimediasi oleh Brand Trust dan Brand Experience. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 13(1), 297-315. doi:https://doi.org/10.30640/ekonomika45.v13i1.5286
  21. Hollebeek, L. D., Glynn, M. S., & Brodie, R. J. (2014). Consumer brand engagement in social media: Conceptualization, scale development and validation. Journal of Interactive Marketing, 28(2), 149-165. doi:https://doi.org/10.1016/j.intmar.2013.12.002
  22. Hu, X., & Hutchings, Q. (2023). The costs of completion: Student success in community college by Robin G. Isserles. Journal of College Student Development, 64(5), 606-609. doi:https://doi.org/10.1353/csd.2023.a911795
  23. Ireland, R., Bunn, C., Chambers, S., Reith, G., & Viggars, M. (2022). How unhealthy commodity industries find a global audience in the English Premier League: three case studies of brand engagement. Soccer & Society, 23(4-5), 334-348. doi:https://doi.org/10.1080/14660970.2022.2059861
  24. Islam, J. U., & Rahman, Z. (2016). Linking customer engagement to trust and word-of-mouth on Facebook brand communities: An empirical study. Journal of Internet Commerce, 15(1), 40-58. doi:https://doi.org/10.1080/15332861.2015.1124008
  25. Ismael, A. S., Amin, M. B., Ali, M. J., Hajdú, Z., & Péter, B. (2025). Relationship between social media marketing and young customers’ purchase intention towards online shopping. Cogent Social Sciences, 11(1), 1-16. doi:https://doi.org/10.1080/23311886.2025.2459881
  26. Ismail, A. R., Nguyen, B., Chen, J., Melewar, T., & Mohamad, B. (2021). Brand engagement in self-concept (BESC), value consciousness and brand loyalty: a study of generation Z consumers in Malaysia. Young Consumers, 22(1), 112-130. doi:https://doi.org/10.1108/YC-07-2019-1017
  27. Kasraoui, N., Ben-Ahmed, K., & Feidi, A. (2024). The impact of green innovation on the financial performance of companies: context of MENA countries Digital technology and changing roles in managerial and financial accounting: theoretical knowledge and practical application (pp. 87-94): Emerald Publishing Limited.
  28. Kelly, B., Bosward, R., & Freeman, B. (2021). Australian children's exposure to, and engagement with, web-based marketing of food and drink brands: cross-sectional observational study. Journal of medical internet research, 23(7). doi:https://doi.org/10.2196/28144
  29. Li, K., McNichols, M. F., & Raghunandan, A. (2018). A two-sided matching model of the audit market for IPO firms. SSRN Electronic Journal. doi:https://doi.org/10.2139/ssrn.3117828
  30. Menzel, K. (2015). Large matching markets as two?sided demand systems. Econometrica, 83(3), 897-941. doi:https://doi.org/10.3982/ECTA12299
  31. Niragire, D., & Kwena, R. (2024). Effect of project risk management on success of community-based projects: A case of peer driven change project in Burera district, Rwanda. African Quarterly Social Science Review, 1(4), 176-194. doi:https://doi.org/10.51867/aqssr.1.4.16
  32. Owen, R., Brennan, G., & Lyon, F. (2018). Enabling investment for the transition to a low carbon economy: Government policy to finance early stage green innovation. Current Opinion in Environmental Sustainability, 31, 137-145. doi:https://doi.org/10.1016/j.cosust.2018.03.004
  33. Rachmanu, E. D., Purnomo, F., & Hartini, S. (2024). Peran social brand engagement Dan product quality Terhadap Peningkatan brand awareness, brand association, Dan purchase intention. Jurnal ilmu manajemen, 198-210. doi:https://doi.org/10.26740/jim.v12n1.p198-210
  34. Sigit, I., & Atmaja, F. T. (2024). Analysis of the Influence of Brand Attitude and Brand Engagement on Positive Brand Referral Kopiko Brand. Management Analysis Journal, 13(1), 1-10. doi:https://doi.org/10.15294/maj.v13i1.1193
  35. Sokullu, S. (2016). A Semi?Parametric Analysis of Two?Sided Markets: An Application to the Local Daily Newspapers in the USA. Journal of applied econometrics, 31(5), 843-864. doi:https://doi.org/10.1002/jae.2464
  36. Spitler, H. D., Kemper, K. A., & Parker, V. G. (2002). Promoting success for at-risk African-American youth: perceived barriers and resources in using community-based success criteria. Family & Community Health, 25(2), 37-52. doi:https://doi.org/10.1097/00003727-200207000-00006
  37. Terason, S., Zhao, S., & Pattanayanon, P. (2021). Customer value and customer brand engagement: Their effects on brand loyalty in automobile business. Innovative marketing, 17(2), 90-101. doi:https://dx.doi.org/10.21511/im.17(2).2021.09
  38. Thodla, R., & Kundu, S. G. (2017). A Study on Equity Crowd Funding as a viable option to pre-seed Capital in IT Startups. Ushus Journal of Business Management, 16(1), 77-85. doi:https://doi.org/10.12725/ujbm.38.5
  39. Van Nguyen, L. T., Nguyen, P. N. D., Nguyen, T. Q., & Nguyen, K. T. (2021). Employee engagement in brand value co-creation: An empirical study of Vietnamese boutique hotels. Journal of Hospitality and Tourism Management, 48, 88-98. doi:https://doi.org/10.1016/j.jhtm.2021.05.015
  40. Verdier, M. (2013). One sided access in two-sided markets. Available at SSRN 2209379. doi:https://dx.doi.org/10.2139/ssrn.2209379
  41. Wang, W., Mahmood, A., Sismeiro, C., & Vulkan, N. (2019). The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research policy, 48(8). doi:https://doi.org/10.1016/j.respol.2019.01.003
  42. Wong, H. Y., & Merrilees, B. (2015). An empirical study of the antecedents and consequences of brand engagement. Marketing Intelligence & Planning, 33(4), 575-591. doi:https://doi.org/10.1108/MIP-08-2014-0145
  43. Wright, J. (2003). One-sided logic in two-sided markets. Available at SSRN 459362. doi:https://doi.org/10.2139/ssrn.459362
  44. Yalegama, S., Chileshe, N., & Ma, T. (2016). Critical success factors for community-driven development projects: A Sri Lankan community perspective. International Journal of Project Management, 34(4), 643-659. doi:https://doi.org/10.1016/j.ijproman.2016.02.006
  45. Yuniari, W., Yasa, N. N. K., Giantari, I., Ekawati, N. W., & Setini, M. (2020). The role of customer brand engagement and affective brand commitment in mediating the relationship between value congruity and brand loyalty. Journal of Advanced Research in Dynamical and Control Systems, 12(4), 1963-1973. doi:https://doi.org/10.5373/jardcs/v12sp4/20202071
  46. Yunishafira, A., Sugiat, M. A., & Hidayah, R. T. (2025). The Influence Of Social Media Marketing Activities On Brand Loyalty Through Cognitive Engagement, Emotional Engagement, Brand Trust And Brand Equity. Enrichment: Journal of Multidisciplinary Research and Development, 3(5), 936-948. doi:https://doi.org/10.55324/enrichment.v3i5.432