Does a Past Category’s Success Influence Existing Entrepreneurial Fundraising?: A Legitimacy Spillover Perspective
研究了众筹平台上同一行业类别内项目的合法性溢出效应对焦点项目融资的影响，发现稳定合法性比暂时合法性溢出效应更强，且创业者过往成功会削弱该效应。
Research on entrepreneurial crowdfunding has focused limited attention to the role of category in investors’ decisions. We examine the legitimacy spillover effect of projects within the same category of industry on the focal project’s fundraising. We decompose category legitimacy into two types—stable versus transient—and investigate their distinct effects on fundraising. Our dataset, derived from 31,767 projects on Kickstarter from 2010 to 2020, confirms the spillover effect of category legitimacy on entrepreneurial fundraising. Furthermore, the spillover effect of stable legitimacy is much stronger than that of transient legitimacy, and this effect weakens when entrepreneurs have greater past successes.