Home region orientation, international intensity, and funding performance of international crowdfunding projects

This paper investigates whether international reward crowdfunding campaigns effectively attract global backers by testing the global market penetration level and explores the impact of home region orientation and international intensity on crowdfunding performance. Utilising 24,100 Kickstarter reward crowdfunding campaigns in the technology sector across the triad from 2009 to 2019, we find that home-region-specific advantages are important determinants of fundraising success. Our evidence also indicates that home region orientation positively moderates the multi-nationality-crowdfunding performance relationship. Lastly, cross-sectional tests reveal heterogeneous impacts of home-region advantages across backers’ home-country levels of financial inclusion and investor protection.

https://doi.org/10.1016/j.technovation.2024.103164