From novice to serial entrepreneur : how institutions influence relaunching decisions on international crowdfunding platforms
Sewaid, Ahmed (Mohammed bin Salman College of Business and Entrepreneurship (MBSC))
Zahra, Shaker A. (University of Minnesota)
Aparicio, Sebastián (Universitat Autònoma de Barcelona. Departament d'Empresa)

Date:	2025
Description:	15 pàg.
Abstract:	We examine the relationship between formal institutions and entrepreneurs' campaign launching decisions, drawing on institutional economics and using data from 177,499 crowdfunding campaigns across developed and developing countries. The findings highlight the significant influence of institutions in the use of crowdfunding platforms, with novice entrepreneurs considering policies governing local credit conditions and resolving insolvency in their initial decision to reuse the platform. However, the effect of local credit conditions diminishes after developing a record of accomplishment on the platform. Additionally, laws protecting minority investors and resolving insolvency have a greater impact for serial entrepreneurs. Our study provides insights into the role of institutions in entrepreneurial finance and serial entrepreneurship for both advanced and emerging economies.
Grants:	Agencia Estatal de Investigación PID2022-141777NB-I00 Agència de Gestió d'Ajuts Universitaris i de Recerca 2021/SGR-00719
Rights:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original.
Language:	Anglès
Document:	Article ; recerca ; Versió publicada
Subject:	Crowdfunding ; Formal institutions ; International platforms ; Serial entrepreneurship
Published in:	Technovation, Vol. 149 (2026) , art. 103355, ISSN 1879-2383

DOI: 10.1016/j.technovation.2025.103355

15 p, 1019.5 KB

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