Publication

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

Publication Date
2025-03
End of Embargo
Supervisor
Rights
(c) 2025 The Authors. This is an Open Access article distributed under the Creative Commons CC-BY license (http://creativecommons.org/licenses/by/4.0/)
Peer-Reviewed
Yes
Open Access status
openAccess
Accepted for publication
2025-01-24
Institution
Department
Awarded
Embargo end date
Additional title
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.
Version
Published version
Citation
Adams K (2025) Home–country technological legitimacy in crowdfunding: The moderating role of positive psychological capital language. Technovation. 141: 103185.
Link to publisher’s version
Link to published version
Type
Article
Qualification name
Notes