From novice to serial entrepreneur: How institutions influence relaunching decisions on international crowdfunding platforms
研究了正式制度与创业者众筹项目启动决策的关系，发现新手和连续创业者受不同制度因素影响，对理解制度在创业融资中的作用有参考价值。
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.