Home–country technological legitimacy in crowdfunding: The moderating role of positive psychological capital language
基于合法性理论，研究了母国技术合法性如何影响新兴市场众筹项目绩效，并发现积极心理资本语言（乐观、坚持、坚韧）能增强这一正向关系。
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. • Home-country technological legitimacy significantly enhances crowdfunding performance in emerging economies. • Positive psychological capital language strengthens this legitimacy effect. • Campaigns with lower home-country technological legitimacy compensate by using positive psychological cues. • The study offers practical insights for entrepreneurs and policymakers in supporting crowdfunding.