Home region orientation, international intensity, and funding performance of international crowdfunding projects
研究了国际奖励众筹项目如何吸引全球支持者，发现母地区域导向和国际强度对融资绩效有显著影响，且母地区域优势因支持者所在国的金融包容性和投资者保护水平而异。
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. • We examine crowdfunding campaigns and the impact of home region orientation on performance. • Home-region-specific advantages are important determinants of fundraising success. • Home region orientation moderates the multinationality-crowdfunding performance relationship. • Heterogeneous effects of home-region advantages on home-country levels of financial inclusion and investor protection .