Do Learning Benefits Accrue Equally Over Successive Fundraising Attempts? Strategic Change and the Moderating Role of Experience
研究战略变革对连续筹资绩效的影响，发现改变行业会损害绩效，因为部分学习经验无法迁移；创业经验可缓解此负面效应，而失败经历会加剧。
Abstract In the management literature, the role of learning from experience and its effect on performance has been highlighted. However, little is known about the effects of strategic change on performance due to aspects pertaining to the mobility of learning. Building on different learning theories, we theorize about the effect of strategic change on performance when: (i) strategic change does not require the mobilizing of resources; (ii) strategic change does not involve exposure to a new set of stakeholders; and (iii) time commitment to previous strategies is low. We confront our contentions with data on serial campaign launchers in crowdfunding. The data indicates that changing industry adversely affects fundraising performance due to the specificity of a portion of the accrued learning. This adverse effect is mitigated by venture launching experience and exacerbated following failure. Implications for practitioners and scholars are discussed.