Yu, H. orcid.org/0000-0002-1492-4250, Attah-Boakye, R., Zhang, Y. orcid.org/0000-0002-8694-4576 et al. (2 more authors) (2025) Home–country technological legitimacy in crowdfunding: the moderating role of positive psychological capital language. Technovation, 141. 103185. ISSN 0166-4972
Abstract
This study uses the legitimacy theory as the theoretical lens to investigate how and under what circumstances home-country technological legitimacy affects the performance of crowdfunding campaigns in emerging markets. A dataset of 758 technology crowdfunding campaigns from Kickstarter was analysed. Our findings reveal that higher home-country technological legitimacy (measured by the Global Innovation Index) affects crowdfunding performance (measured by the ratio of funds raised to the pledged goal). We also find that positive psychological capital language (optimism, insistence, and tenacity) plays a crucial moderating role in strengthening this relationship. This study extends the legitimacy theory by demonstrating that country-level technological legitimacy is an external signal that shapes backer perceptions and funding decisions. Our results highlight the importance of campaign narratives in overcoming institutional voids and enhancing entrepreneurial success in global crowdfunding initiatives. These insights offer practical implications for entrepreneurs, policymakers, and investors seeking to navigate the complex dynamics of crowdfunding in emerging economies.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2025 The Authors. This is an Open Access article distributed under the terms of the Creative Commons Attribution Licence (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. |
Keywords: | Crowdfunding; Technological legitimacy; Emerging economies; Global innovation index; Funding performance |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 13 Feb 2025 09:23 |
Last Modified: | 13 Feb 2025 09:23 |
Published Version: | https://doi.org/10.1016/j.technovation.2025.103185 |
Status: | Published |
Publisher: | Elsevier BV |
Refereed: | Yes |
Identification Number: | 10.1016/j.technovation.2025.103185 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:223255 |