Home–country technological legitimacy in crowdfunding: The moderating role of positive psychological capital language

IF 11.1 1区管理学 Q1 ENGINEERING, INDUSTRIAL

Technovation Pub Date : 2025-02-12 DOI:10.1016/j.technovation.2025.103185

Honglan Yu , Rexford Attah-Boakye , Yameng Zhang , Kweku Adams , Diana Owusu-Yirenkyi

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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.

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来源期刊

Technovation 管理科学-工程：工业

CiteScore

15.10

自引率

11.20%

发文量

208

审稿时长

91 days

期刊介绍： The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.