기업가적 지향성과 크라우드 펀딩 자금조달 성과 간의 관계: 창업자 성공 경험의 조절효과를 중심으로

The global crowdfunding industry is experiencing significant growth as a funding source for entrepreneurs. As backers of crowdfunding campaigns increasingly assess not only the quality but also the behavioral orientation of project descriptions, interest in behavioral signals influencing entrepreneurial success is growing. Previous studies suggest that the challenging nature of entrepreneurs has a complex relationship with behavioral orientation and entrepreneurial performance. Crowdfunding, characterized by high information asymmetry, can see positive interaction effects between various entrepreneurial signals and funding performance. This study examines the nonlinear effects between entrepreneurial orientation and funding performance, focusing on the moderating role of the founder’s success experience. For empirical analysis, data from 19,088 projects in the technology category of the prominent crowdfunding platform Kickstarter were collected and analyzed using logistic regression. The results indicate an inverted U-shaped relationship between entrepreneurial orientation and funding performance, with this relationship iminishing as the founder’s success experience increases. This study contributes to the entrepreneurial finance literature and signaling theory by highlighting the interaction effects of behavioral and success signals in the high-information-asymmetry crowdfunding market.