IDEAS home Printed from https://ideas.repec.org/a/eee/techno/v145y2025ics0166497225000872.html
   My bibliography  Save this article

Crowdfunding for entrepreneurial orientation in emerging markets: The moderating role of digital transformation

Author

Listed:
  • Xiao, Shufeng
  • AL-Tabbaa, Omar
  • Park, Byung Il

Abstract

This study examines the intricate relationship between crowdfunding models and the entrepreneurial orientation (EO) of new ventures in emerging markets, with a particular focus on the moderating role of digital transformation. Grounded in Agency Theory and Resource Dependence Theory, we analyze data from 239 new venture firms in China to offer novel insights into how crowdfunding models—equity, reward, donation, and lending—shape entrepreneurial behaviors. Our findings reveal that equity-, reward-, and donation-based crowdfunding positively influence EO, fostering greater innovativeness, proactiveness, and risk-taking. Conversely, lending-based crowdfunding constrains entrepreneurial activities due to the repayment pressures it imposes. Digital transformation emerges as a pivotal factor, amplifying the benefits of equity- and reward-based crowdfunding while mitigating the negative impact of lending-based crowdfunding on EO. Surprisingly, digital transformation exerts limited influence on donation-based crowdfunding, underscoring its unique dynamics. This research advances our understanding of entrepreneurial financing by highlighting how crowdfunding, when strategically aligned with digital technologies, can serve as a catalyst for entrepreneurial growth in emerging economies. It offers significant implications for theory and practice, particularly for ventures navigating resource-scarce environments and leveraging digital tools to achieve competitive advantage.

Suggested Citation

  • Xiao, Shufeng & AL-Tabbaa, Omar & Park, Byung Il, 2025. "Crowdfunding for entrepreneurial orientation in emerging markets: The moderating role of digital transformation," Technovation, Elsevier, vol. 145(C).
    • Handle: RePEc:eee:techno:v:145:y:2025:i:c:s0166497225000872
    DOI: 10.1016/j.technovation.2025.103255
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0166497225000872
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.technovation.2025.103255?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Bagheri, Afsaneh & Chitsazan, Hasti & Ebrahimi, Ashkan, 2019. "Crowdfunding motivations: A focus on donors' perspectives," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 218-232.
    2. Howard H. Stevenson & J. Carlos Jarillo, 2007. "A Paradigm of Entrepreneurship: Entrepreneurial Management," Springer Books, in: Álvaro Cuervo & Domingo Ribeiro & Salvador Roig (ed.), Entrepreneurship, pages 155-170, Springer.
    3. Simon J. Blanchard & Theodore J. Noseworthy & Ethan Pancer & Maxwell Poole, 2023. "Extraction of visual information to predict crowdfunding success," Production and Operations Management, Production and Operations Management Society, vol. 32(12), pages 4172-4189, December.
    4. Sahaym, Arvin & (Avi) Datta, Avimanyu & Brooks, Stoney, 2021. "Crowdfunding success through social media: Going beyond entrepreneurial orientation in the context of small and medium-sized enterprises," Journal of Business Research, Elsevier, vol. 125(C), pages 483-494.
    5. Soluk, Jonas & Kammerlander, Nadine & Darwin, Solomon, 2021. "Digital entrepreneurship in developing countries: The role of institutional voids," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    6. Chandna, Vallari, 2022. "Social entrepreneurship and digital platforms: Crowdfunding in the sharing-economy era," Business Horizons, Elsevier, vol. 65(1), pages 21-31.
    7. David Gras & Robert S. Nason & Michael Lerman & Meg Stellini, 2017. "Going offline: broadening crowdfunding research beyond the online context," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 217-237, July.
    8. Denis Frydrych & Adam J. Bock & Tony Kinder & Benjamin Koeck, 2014. "Exploring entrepreneurial legitimacy in reward-based crowdfunding," Venture Capital, Taylor & Francis Journals, vol. 16(3), pages 247-269, July.
    9. Shufeng Simon Xiao & Yong Kyu Lew & Byung Il Park, 2020. "International Network Searching, Learning, and Explorative Capability: Small and Medium-sized Enterprises from China," Management International Review, Springer, vol. 60(4), pages 597-621, August.
    10. Han Jiang & Zhiyi Wang & Lusi Yang & Jia Shen & Jungpil Hahn, 2021. "How Rewarding Are Your Rewards? A Value-Based View of Crowdfunding Rewards and Crowdfunding Performance," Entrepreneurship Theory and Practice, , vol. 45(3), pages 562-599, May.
    11. Thies, Ferdinand & Wessel, Michael & Benlian, Alexander, 2018. "Network Effects on Crowdfunding Platforms: Exploring the Implications of Relaxing Input Control," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 108635, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    12. Jafar Rezaei & Roland Ortt, 2018. "Entrepreneurial orientation and firm performance: the mediating role of functional performances," Management Research Review, Emerald Group Publishing Limited, vol. 41(7), pages 878-900, May.
    13. Hadar Gafni & Dan Marom & Alicia Robb & Orly Sade, 2021. "Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Backers, and Taste-Based Discrimination [Women on the verge of a breakthrough: networking among entrepreneurs in the United," Review of Finance, European Finance Association, vol. 25(2), pages 235-274.
    14. Othmar M. Lehner & Elisabeth Grabmann & Carina Ennsgraber, 2015. "Entrepreneurial implications of crowdfunding as alternative funding source for innovations," Venture Capital, Taylor & Francis Journals, vol. 17(1-2), pages 171-189, April.
    15. Donbesuur, Francis & Zahoor, Nadia & Al-Tabbaa, Omar & Adomako, Samuel & Tarba, Shlomo Y., 2023. "On the performance of platform-based international new ventures: The roles of non-market strategies and managerial competencies," Journal of International Management, Elsevier, vol. 29(2).
    16. Peters, Michael P. & Brush, Candida G., 1996. "Market information scanning activities and growth in new ventures: A comparison of service and manufacturing businesses," Journal of Business Research, Elsevier, vol. 36(1), pages 81-89, May.
    17. Boudreau, Kevin J. & Jeppesen, Lars Bo & Reichstein, Toke & Rullani, Francesco, 2021. "Crowdfunding as Donations to Entrepreneurial Firms," Research Policy, Elsevier, vol. 50(7).
    18. Garry Bruton & Susanna Khavul & Donald Siegel & Mike Wright, 2015. "New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations," Entrepreneurship Theory and Practice, , vol. 39(1), pages 9-26, January.
    19. Satish Nambisan, 2017. "Digital Entrepreneurship: Toward a Digital Technology Perspective of Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 41(6), pages 1029-1055, November.
    20. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    21. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    22. Scuotto, Veronica & Magni, Domitilla & Garcia-Perez, Alexeis & Pironti, Marco, 2024. "The impact of innovation failure: Entrepreneurship adversity or opportunity?," Technovation, Elsevier, vol. 131(C).
    23. Matthew Josefy & Thomas J. Dean & Lumina S. Albert & Markus A. Fitza, 2017. "The Role of Community in Crowdfunding Success: Evidence on Cultural Attributes in Funding Campaigns to “Save the Local Theaterâ€," Entrepreneurship Theory and Practice, , vol. 41(2), pages 161-182, March.
    24. Jancenelle, Vivien E. & Javalgi, Rajshekhar (Raj) G. & Cavusgil, Erin, 2018. "The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital," International Business Review, Elsevier, vol. 27(1), pages 208-217.
    25. V. Kumar & Nandini Nim & Amit Agarwal, 2021. "Platform-based mobile payments adoption in emerging and developed countries: Role of country-level heterogeneity and network effects," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(8), pages 1529-1558, October.
    26. Armin Schwienbacher, 2018. "Entrepreneurial risk-taking in crowdfunding campaigns," Small Business Economics, Springer, vol. 51(4), pages 843-859, December.
    27. Maurer, Joshua D. & Creek, Steven A. & Allison, Thomas H. & Bendickson, Joshua S. & Sahaym, Arvin, 2023. "Affiliation rhetoric and digital orientation in crowdfunding appeals," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    28. Krystallia Moysidou & J. Piet Hausberg, 2020. "In crowdfunding we trust: A trust-building model in lending crowdfunding," Journal of Small Business Management, Taylor & Francis Journals, vol. 58(3), pages 511-543, May.
    29. Berné-Martínez, J.M. & Ortigosa-Blanch, Arturo & Planells-Artigot, Enrique, 2021. "A semantic analysis of crowdfunding in the digital press," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    30. John P. Berns & Maria Figueroa-Armijos & Serge P. da Motta Veiga & Timothy C. Dunne, 2020. "Dynamics of Lending-Based Prosocial Crowdfunding: Using a Social Responsibility Lens," Journal of Business Ethics, Springer, vol. 161(1), pages 169-185, January.
    31. Butticè, Vincenzo & Di Pietro, Francesca & Tenca, Francesca, 2020. "Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors," Journal of Corporate Finance, Elsevier, vol. 65(C).
    32. Thies, Ferdinand & Wessel, Michael & Benlian, Alexander, 2016. "Effects of Social Interaction Dynamics on Platforms," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 84688, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    33. Miwako Nitani & Allan Riding & Beichuan He, 2019. "On equity crowdfunding: investor rationality and success factors," Venture Capital, Taylor & Francis Journals, vol. 21(2-3), pages 243-272, July.
    34. Igor Filatotchev & Roger Strange & Jenifer Piesse & Yung-Chih Lien, 2007. "FDI by firms from newly industrialised economies in emerging markets: corporate governance, entry mode and location," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(4), pages 556-572, July.
    35. Stanislav Mamonov & Ross Malaga & Janet Rosenblum, 2017. "An exploratory analysis of Title II equity crowdfunding success," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 239-256, July.
    36. Stefania Testa & Thaer Atawna & Gino Baldi & Silvano Cincotti, 2022. "The innovation potential of Islamic crowdfunding platforms in contributing to sustainable development," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 25(6), pages 1008-1035, September.
    37. Lumpkin, G. T. & Dess, Gregory G., 2001. "Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle," Journal of Business Venturing, Elsevier, vol. 16(5), pages 429-451, September.
    38. Cai, Wanxiang & Polzin, Friedemann & Stam, Erik, 2021. "Crowdfunding and social capital: A systematic review using a dynamic perspective," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    39. José Luis Ferreras-Méndez & Oscar Llopis & Joaquín Alegre, 2022. "Speeding up new product development through entrepreneurial orientation in SMEs: The moderating role of ambidexterity," Post-Print hal-03603189, HAL.
    40. Stefano Bonini & Vincenzo Capizzi, 2019. "The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities," Venture Capital, Taylor & Francis Journals, vol. 21(2-3), pages 137-175, July.
    41. Byung Il Park & Shufeng (Simon) Xiao, 2020. "Is exploring dynamic capabilities important for the performance of emerging market firms? The moderating effects of entrepreneurial orientation and environmental dynamism," International Studies of Management & Organization, Taylor & Francis Journals, vol. 50(1), pages 57-73, January.
    42. Andrea Caputo & Elisa Schiocchet & Ciro Troise, 2022. "Sustainable business models as successful drivers in equity crowdfunding," Business Strategy and the Environment, Wiley Blackwell, vol. 31(7), pages 3509-3522, November.
    43. Beniamino Callegari & Christophe Feder, 2022. "Entrepreneurship and the systemic consequences of epidemics: A literature review and emerging model," International Entrepreneurship and Management Journal, Springer, vol. 18(4), pages 1653-1684, December.
    44. Di Pietro, Francesca & Butticè, Vincenzo, 2020. "Institutional characteristics and the development of crowdfunding across countries," International Review of Financial Analysis, Elsevier, vol. 71(C).
    45. Nasiri, Mina & Ukko, Juhani & Saunila, Minna & Rantala, Tero, 2020. "Managing the digital supply chain: The role of smart technologies," Technovation, Elsevier, vol. 96.
    46. Armstrong, J. Scott & Overton, Terry S., 1977. "Estimating Nonresponse Bias in Mail Surveys," MPRA Paper 81694, University Library of Munich, Germany.
    47. Wadid Lamine & L. Jack Sarah & Audretsch David & Alain Fayolle, 2023. "Impact of digital technologies on entrepreneurship: taking stock and looking forward," Post-Print hal-04809346, HAL.
    48. Troise, Ciro & Matricano, Diego & Sorrentino, Mario & Candelo, Elena, 2022. "Investigating investment decisions in equity crowdfunding: The role of projects' intellectual capital," European Management Journal, Elsevier, vol. 40(3), pages 406-418.
    49. Xing, Zeyu & Fang, Debin & Wang, Jing & Zhang, Lupeng, 2024. "Digital technology and industry-university-research (IUR) R&D network configurations: An exploration of market participation and market maturity," Technology in Society, Elsevier, vol. 78(C).
    50. Hornuf, Lars & Schwienbacher, Armin, 2018. "Market mechanisms and funding dynamics in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 556-574.
    51. Jerry Coakley & Aristogenis Lazos & Jose Liñares-Zegarra, 2022. "Strategic entrepreneurial choice between competing crowdfunding platforms," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1794-1824, December.
    52. Jeffrey E. Stambaugh & John Martinez & G. T. Lumpkin & Niyati Kataria, 2017. "How well do EO measures and entrepreneurial behavior match?," International Entrepreneurship and Management Journal, Springer, vol. 13(3), pages 717-737, September.
    53. Nguyen, Loan T.Q. & Hoang, Thinh G. & Do, Linh H. & Ngo, Xuan T. & Nguyen, Phuong H.T. & Nguyen, Giang D.L. & Nguyen, Giang N.T., 2021. "The role of blockchain technology-based social crowdfunding in advancing social value creation," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    54. Paolo Roma & Esther Gal-Or & Rachel R. Chen, 2018. "Reward-Based Crowdfunding Campaigns: Informational Value and Access to Venture Capital," Information Systems Research, INFORMS, vol. 29(3), pages 679-697, September.
    55. Zahra, Shaker A. & Liu, Wan & Si, Steven, 2023. "How digital technology promotes entrepreneurship in ecosystems," Technovation, Elsevier, vol. 119(C).
    56. Kazem Mochkabadi & Christine K. Volkmann, 2020. "Equity crowdfunding: a systematic review of the literature," Small Business Economics, Springer, vol. 54(1), pages 75-118, January.
    57. Md. Mukitul Hoque, 2024. "Crowdfunding for innovation: a comprehensive empirical review," Future Business Journal, Springer, vol. 10(1), pages 1-19, December.
    58. Thies, Ferdinand & Wessel, Michael & Benlian, Alexander, 2016. "Effects of Social Interaction Dynamics on Platforms," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 82420, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    59. Calic, Goran & Shevchenko, Anton, 2020. "How signal intensity of behavioral orientations affects crowdfunding performance: The role of entrepreneurial orientation in crowdfunding business ventures," Journal of Business Research, Elsevier, vol. 115(C), pages 204-220.
    60. Ciampi, Francesco & Demi, Stefano & Magrini, Alessandro & Marzi, Giacomo & Papa, Armando, 2021. "Exploring the impact of big data analytics capabilities on business model innovation: The mediating role of entrepreneurial orientation," Journal of Business Research, Elsevier, vol. 123(C), pages 1-13.
    61. Merín-Rodrigáñez, Joan & Dasí, Àngels & Alegre, Joaquín, 2024. "Digital transformation and firm performance in innovative SMEs: The mediating role of business model innovation," Technovation, Elsevier, vol. 134(C).
    62. Gong, Cheng & Ribiere, Vincent, 2021. "Developing a unified definition of digital transformation," Technovation, Elsevier, vol. 102(C).
    63. Erickson, Kristofer & Homberg, Fabian & Kretschmer, Martin, 2024. "The role of openness in creative innovation: Evidence from digital crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 206(C).
    64. Jeffrey G. Covin & Dennis P. Slevin, 1989. "Strategic management of small firms in hostile and benign environments," Strategic Management Journal, Wiley Blackwell, vol. 10(1), pages 75-87, January.
    65. Jafar Rezaei & Roland Ortt, 2018. "Entrepreneurial orientation and firm performance: the mediating role of functional performances," Management Research Review, Emerald Group Publishing Limited, vol. 41(7), pages 878-900, May.
    66. Sana Zafar & Jacob Waddingham & Miles Zachary & Jeremy Short, 2023. "Search behavior and decision confidence in equity crowdfunding: An information search process model perspective," Journal of Small Business Management, Taylor & Francis Journals, vol. 61(4), pages 1638-1671, July.
    67. Korzynski, Pawel & Haenlein, Michael & Rautiainen, Mika, 2021. "Impression management techniques in crowdfunding: An analysis of Kickstarter videos using artificial intelligence," European Management Journal, Elsevier, vol. 39(5), pages 675-684.
    68. Cumming, Douglas & Drobetz, Wolfgang & Momtaz, Paul P. & Schermann, Niclas, 2025. "Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups," Journal of Business Venturing, Elsevier, vol. 40(1).
    69. Zhao, Mengli & Yang, Jianjun & Shu, Chengli & Liu, Jinxin, 2021. "Sustainability orientation, the adoption of 3D printing technologies, and new product performance: A cross-institutional study of American and Indian firms," Technovation, Elsevier, vol. 101(C).
    70. Tatiana Zalan & Elissar Toufaily, 2017. "The Promise of Fintech in Emerging Markets: Not as Disruptive," Contemporary Economics, Vizja University, vol. 11(4), December.
    71. Leone, Daniele & Cristina Pietronudo, Maria & Gabteni, Heger & Rosaria Carli, Maria, 2023. "Reward-based crowdfunding for building a valuable circular business model," Journal of Business Research, Elsevier, vol. 157(C).
    72. Cavallo, Angelo & Ghezzi, Antonio & Dell'Era, Claudio & Pellizzoni, Elena, 2019. "Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 24-35.
    73. Cumming, Douglas & Meoli, Michele & Vismara, Silvio, 2019. "Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    74. Kuppuswamy, Venkat & Bayus, Barry L., 2017. "Does my contribution to your crowdfunding project matter?," Journal of Business Venturing, Elsevier, vol. 32(1), pages 72-89.
    75. Rodríguez-Espíndola, Oscar & Chowdhury, Soumyadeb & Dey, Prasanta Kumar & Albores, Pavel & Emrouznejad, Ali, 2022. "Analysis of the adoption of emergent technologies for risk management in the era of digital manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
    76. Lee, Jeoung Yul & Yang, Young Soo & Ghauri, Pervez N. & Park, Byung Il, 2022. "The Impact of Social Media and Digital Platforms Experience on SME International Orientation: The Moderating Role of COVID-19 Pandemic," Journal of International Management, Elsevier, vol. 28(4).
    77. David W. Parker & Uwe Dressel & Delroy Chevers & Luca Zeppetella, 2018. "Agency theory perspective on public-private-partnerships: international development project," International Journal of Productivity and Performance Management, Emerald Group Publishing Limited, vol. 67(2), pages 239-259, February.
    78. Muhammad Anwar & Thomas Clauss & Wunnam Basit Issah, 2022. "Entrepreneurial orientation and new venture performance in emerging markets: the mediating role of opportunity recognition," Review of Managerial Science, Springer, vol. 16(3), pages 769-796, April.
    79. Randhawa, Krithika & Wilden, Ralf & Gudergan, Siegfried, 2021. "How to innovate toward an ambidextrous business model? The role of dynamic capabilities and market orientation," Journal of Business Research, Elsevier, vol. 130(C), pages 618-634.
    80. Jonathan D. Arthurs & Lowell W. Busenitz, 2003. "The Boundaries and Limitations of Agency Theory and Stewardship Theory in the Venture Capitalist/Entrepreneur Relationship," Entrepreneurship Theory and Practice, , vol. 28(2), pages 145-162, March.
    81. Liang Zhao & Sunghan Ryu, 2020. "Reward-Based Crowdfunding Research and Practice," Springer Books, in: Rotem Shneor & Liang Zhao & Bjørn-Tore Flåten (ed.), Advances in Crowdfunding, edition 1, chapter 6, pages 119-143, Springer.
    82. Dipanjan Chatterjee & T. Ravichandran, 2013. "Governance of Interorganizational Information Systems: A Resource Dependence Perspective," Information Systems Research, INFORMS, vol. 24(2), pages 261-278, June.
    83. Rawhouser, Hans & Webb, Justin W. & Rodrigues, Jason & Waldron, Theodore L. & Kumaraswamy, Arun & Amankwah-Amoah, Joseph & Grady, Azucena, 2022. "“Scaling, blockchain technology, and entrepreneurial opportunities in developing countries”," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    84. Susana Bernardino & J. Freitas Santos, 2021. "Assessing risk in lending crowdfunding: an investor and platform manager perspective," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 13(4), pages 382-403.
    85. Simon Kleinert & Christine Volkmann & Marc Grünhagen, 2020. "Third-party signals in equity crowdfunding: the role of prior financing," Small Business Economics, Springer, vol. 54(1), pages 341-365, January.
    86. Derek Eldridge & Tahir M. Nisar & Mariateresa Torchia, 2021. "What impact does equity crowdfunding have on SME innovation and growth? An empirical study," Small Business Economics, Springer, vol. 56(1), pages 105-120, January.
    87. Lukas Maier & Christian V. Baccarella & Jörn H. Block & Timm F. Wagner & Kai-Ingo Voigt, 2023. "The Legitimization Effect of Crowdfunding Success: A Consumer Perspective," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1389-1420, July.
    88. Mark Anthony Camilleri & Stefano Bresciani, 2022. "Crowdfunding small businesses and startups: a systematic review, an appraisal of theoretical insights and future research directions," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 27(7), pages 2183-2209, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    2. Maiolini, Riccardo & Cappa, Francesco & Franco, Stefano & Quaratino, Giovanni Raimondo, 2024. "The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    3. Saul Estrin & Susanna Khavul & Mike Wright, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," Small Business Economics, Springer, vol. 58(4), pages 1761-1781, April.
    4. Feng Chen & Jian Ding & Mochou Li & Bingqing Wang, 2021. "From self‐entertainment to being appreciated: how does social media transfer talent to business?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6113-6146, December.
    5. Koki KURIHARA & Yuji HONJO, 2022. "Determinants of Campaign Success: Empirical evidence from equity crowdfunding in Japan," Discussion papers 22057, Research Institute of Economy, Trade and Industry (RIETI).
    6. Rocha, Rocío & García-Ramos, Rebeca & Cobo, Ángel, 2025. "Selection of a crowdfunding platform by entrepreneurs using a multi-criteria approach: an application to green energy investment projects," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    7. Yuji Honjo & Koki Kurihara, 2024. "Target for campaign success: an empirical analysis of equity crowdfunding in Japan," The Journal of Technology Transfer, Springer, vol. 49(3), pages 926-958, June.
    8. Francesco Fasano & Maurizio La Rocca & F. Javier Sánchez-Vidal & Yassine Boutouar, 2025. "Why SMEs go to crowdfunding? The role of financial constraints and agency issues," Small Business Economics, Springer, vol. 65(2), pages 1183-1207, August.
    9. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    10. Ciro Troise & Guido Giovando & Fauzia Jabeen & Stefano Bresciani, 2024. "Unveiling the role of entrepreneurial teams in the equity crowdfunding journey," Small Business Economics, Springer, vol. 63(4), pages 1517-1538, December.
    11. Camilla Civardi & Andrea Moro & Joakim Winborg, 2024. "“All that glitters is not gold!”: The (Unexplored) Determinants of Equity Crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 299-324, June.
    12. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    13. Fang, Xing, 2022. "Why we hide good deeds? The selfless and anonymous donation behavior in crowdfunding," Technology in Society, Elsevier, vol. 71(C).
    14. Marcin Suder & Rafał Kusa & Joanna Duda & Jarosław Karpacz, 2025. "Exploring impact of entrepreneurial orientation on firm performance – moderators’ variability under changing market conditions," Review of Managerial Science, Springer, vol. 19(3), pages 797-842, March.
    15. Skare, Marinko & Gavurova, Beata & Polishchuk, Volodymyr, 2023. "A decision-making support model for financing start-up projects by venture capital funds on a crowdfunding platform," Journal of Business Research, Elsevier, vol. 158(C).
    16. Swati Oberoi & Rohit Joshi & Atul Mehta & Smita Srivastava & Vishal K. Gupta, 2024. "Crowdfunding Research: Critical Analysis and Constructive Agenda for Future Inquiry," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 33(3), pages 651-699, August.
    17. Hsieh, Hui-Ching & Nguyen, Dat Thanh & Nguyen, Thien Le-Hoang, 2024. "Betting on success: Unveiling the role of local gambling culture in equity crowdfunding," Journal of Empirical Finance, Elsevier, vol. 78(C).
    18. Vincenzo Butticè & Diego Useche, 2022. "Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital," Small Business Economics, Springer, vol. 59(4), pages 1519-1540, December.
    19. Tanja Jovanović, 2019. "Crowdfunding: What Do We Know So Far?," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(01), pages 1-25, February.
    20. Nikolaus Lipusch & Dominik Dellermann & Ulrich Bretschneider & Philipp Ebel & Jan Marco Leimeister, 2020. "Designing for Crowdfunding Co-creation," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 62(6), pages 483-499, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:techno:v:145:y:2025:i:c:s0166497225000872. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/01664972 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.