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Does too much or too little entrepreneurial experience benefit crowdfunding performance? A social learning theory perspective

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  • Guo, Feng
  • Li, Qing
  • Fan, Qihui
  • Zheng, Qiyun

Abstract

How does prior entrepreneurial experience influence crowdfunding performance? Drawing on social learning theory, this study examines how prior success and failure experiences affect crowdfunding performance while accounting for the moderating roles of peer influence and government digital support. Using a sample of 5,335 crowdfunding projects initiated by 2,322 entrepreneurs on the Modian platform, the empirical analysis reveals that success experience demonstrates an inverted U-shaped effect, and failure experience exhibits a U-shaped effect on crowdfunding performance. The two types of experience interact complementarily to enhance performance outcomes. Additionally, peer influence accentuates the curvilinear effect of success experience on crowdfunding performance, while government digital support amplifies the curvilinear effect of failure experience on crowdfunding performance. These findings contribute to the literature on social learning theory, advance understanding of the mechanisms shaping crowdfunding performance, and offer practical implications for entrepreneurs, platform operators, and policymakers.

Suggested Citation

  • Guo, Feng & Li, Qing & Fan, Qihui & Zheng, Qiyun, 2026. "Does too much or too little entrepreneurial experience benefit crowdfunding performance? A social learning theory perspective," Journal of Business Research, Elsevier, vol. 203(C).
    • Handle: RePEc:eee:jbrese:v:203:y:2026:i:c:s0148296325006538
    DOI: 10.1016/j.jbusres.2025.115830
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