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How the interplay of gender and culture shapes crowdfunding performance: a multilevel study

Yalin Wang (School of Management, Hefei University of Technology, Hefei, China)
Yaokuang Li (School of Management, Hefei University of Technology, Hefei, China)
Juan Wu (School of Humanistic Medicine, Anhui Medical University, Hefei, China)
Lihua Fu (School of Management, Hefei University of Technology, Hefei, China)
Ruixin Liang (School of Management, Hefei University of Technology, Hefei, China)

International Journal of Entrepreneurial Behavior & Research

ISSN: 1355-2554

Article publication date: 5 December 2022

32

Abstract

Purpose

Emerging evidence regarding crowdfunding challenges long-standing “gender gap” views of traditional entrepreneurial financing and indicates that female entrepreneurs may have an advantage in crowdfunding. Yet, the literature primarily focuses on influences at the individual level, largely overlooking the interaction between gender and higher-level culture. Drawing on Hofstede's cultural dimensions, this paper aims to investigate the associations among entrepreneurs' gender, culture and crowdfunding performance, particularly in how entrepreneurs' gender and culture interact to affect crowdfunding performance.

Design/methodology/approach

Leveraging a sample of 21,730 Kickstarter crowdfunding campaigns and combining these data with data from Hofstede's study, the World Bank (WB) and the International Telecommunication Union (ITU), this study applies multilevel models to empirically investigate this question across 22 countries/regions.

Findings

This study confirms that the advantageous effect, that female entrepreneurs are likely to obtain better fundraising performance over their male counterparts, does exist in crowdfunding. Furthermore, the findings reveal that this advantageous effect of female entrepreneurs on crowdfunding performance would be reinforced when cultures of individualism and indulgence are high and culture of long-term orientation is low.

Originality/value

This study contributes to the literature on gender gaps in crowdfunding and entrepreneurial financing by adding an important culture-related boundary condition to the gender preference reported in earlier crowdfunding work. Moreover, the paper extends the knowledge about the impact of culture on crowdfunding performance and enlightens future research on leveraging multilevel modeling approach to examine the complex interplay between individuals and situations in crowdfunding.

Keywords

Acknowledgements

The authors would like to thank Crowdfunding Net (www.Kickstarter.com) for supplying the data. Besides, the authors thank the anonymous reviewers for their guidance.

Citation

Wang, Y., Li, Y., Wu, J., Fu, L. and Liang, R. (2022), "How the interplay of gender and culture shapes crowdfunding performance: a multilevel study", International Journal of Entrepreneurial Behavior & Research, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJEBR-05-2022-0401

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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