Crowdfunding for entrepreneurship and digital technologies in the emerging markets: The role of informal and formal institutions

IF 10.9 1区管理学 Q1 ENGINEERING, INDUSTRIAL

Technovation Pub Date : 2025-09-03 DOI:10.1016/j.technovation.2025.103353

Ioanna Stylianou , Christiana Anaxagorou , Anthi Avloniti , Christos Anagnostopoulos , Monika Wieczorek-Kosmala

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引用次数: 0

Abstract

Crowdfunding has become a global phenomenon and a significant source for funding entrepreneurial ventures. For the emerging markets in particular, crowdfunding has emerged as an alternative significant financing tool given the restricted access to financial resources. At the same time, during the last decade digital technology has drastically changed the global economy especially for the emerging markets. The aim of the paper is to investigate if and how the adoption of digital technologies in infrastructure, usage and empowerment in the emerging markets enhances crowdfunding target achievement and crowdfunding success. Further, we explore how the presence of strong sociocultural (informal), economic and political institutions (formal) in the emerging markets is related with the adoption of digital technologies and, their direct impact on crowdfunding initiatives. Using a sample of 44 emerging economies over the period 2009–2023, our results indicate that the adoption of digital technologies support crowdfunding target achievement and success rate in emerging markets. Further, formal and informal institutions support crowdfunding investments, moderating at the same time the relationship between digital technology and crowdfunding target achievement and success. Our results bridge the gap in empirical research on crowdfunding adoption, shedding light on the role and importance of sociocultural, political and economic institutions in the emerging markets.

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新兴市场中创业和数字技术的众筹：非正式和正式机构的作用

众筹已经成为一种全球现象，也是创业企业融资的重要来源。特别是对于新兴市场，由于融资渠道有限，众筹已成为另一种重要的融资工具。与此同时，在过去十年中，数字技术极大地改变了全球经济，特别是对新兴市场而言。本文的目的是调查新兴市场在基础设施、使用和授权方面采用数字技术是否以及如何提高众筹目标的实现和众筹的成功。此外，我们探讨了新兴市场中强大的社会文化（非正式）、经济和政治机构（正式）的存在与数字技术的采用及其对众筹计划的直接影响之间的关系。以2009-2023年44个新兴经济体为样本，我们的研究结果表明，数字技术的采用支持新兴市场众筹目标的实现和成功率。此外，正式和非正式机构支持众筹投资，同时调节数字技术与众筹目标实现和成功之间的关系。我们的研究结果填补了众筹采用实证研究的空白，揭示了新兴市场中社会文化、政治和经济制度的作用和重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.